Bridgewater Associates LP Has $13.55 Million Stock Holdings in Pinnacle West Capital Co. (NYSE:PNW)

Bridgewater Associates LP increased its stake in Pinnacle West Capital Co. (NYSE:PNW) by 56.7% in the 4th quarter, HoldingsChannel.com reports. The firm owned 159,804 shares of the utilities provider’s stock after acquiring an additional 57,834 shares during the period. Bridgewater Associates LP’s holdings in Pinnacle West Capital were worth $13,547,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Mesirow Financial Investment Management Inc. increased its position in shares of Pinnacle West Capital by 0.9% during the fourth quarter. Mesirow Financial Investment Management Inc. now owns 13,724 shares of the utilities provider’s stock worth $1,163,000 after acquiring an additional 116 shares in the last quarter. Fortem Financial Group LLC raised its holdings in shares of Pinnacle West Capital by 2.2% in the 4th quarter. Fortem Financial Group LLC now owns 5,717 shares of the utilities provider’s stock valued at $485,000 after purchasing an additional 124 shares during the period. New York Life Investment Management LLC lifted its position in shares of Pinnacle West Capital by 0.9% in the fourth quarter. New York Life Investment Management LLC now owns 14,916 shares of the utilities provider’s stock valued at $1,264,000 after buying an additional 127 shares during the last quarter. Global Retirement Partners LLC boosted its position in Pinnacle West Capital by 10.8% during the fourth quarter. Global Retirement Partners LLC now owns 1,598 shares of the utilities provider’s stock worth $135,000 after purchasing an additional 156 shares during the period. Finally, 1620 Investment Advisors Inc. raised its holdings in Pinnacle West Capital by 3.6% in the 4th quarter. 1620 Investment Advisors Inc. now owns 4,683 shares of the utilities provider’s stock valued at $397,000 after acquiring an additional 162 shares during the period. 91.51% of the stock is owned by institutional investors and hedge funds.

Pinnacle West Capital Stock Performance

NYSE PNW opened at $93.43 on Thursday. The company has a quick ratio of 0.54, a current ratio of 0.71 and a debt-to-equity ratio of 1.20. Pinnacle West Capital Co. has a 12-month low of $71.15 and a 12-month high of $96.50. The firm has a market cap of $11.14 billion, a P/E ratio of 17.70, a price-to-earnings-growth ratio of 3.59 and a beta of 0.42. The company’s 50 day moving average is $91.92 and its 200-day moving average is $89.26.

Pinnacle West Capital (NYSE:PNW) last announced its earnings results on Tuesday, February 25th. The utilities provider reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.31) by $0.25. The business had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.06 billion. Pinnacle West Capital had a net margin of 12.26% and a return on equity of 9.60%. Sell-side analysts predict that Pinnacle West Capital Co. will post 5.13 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on PNW. Jefferies Financial Group dropped their price objective on shares of Pinnacle West Capital from $106.00 to $104.00 and set a “buy” rating for the company in a research note on Tuesday, January 28th. Morgan Stanley lifted their price target on Pinnacle West Capital from $84.00 to $88.00 and gave the company an “equal weight” rating in a research note on Thursday, March 20th. LADENBURG THALM/SH SH raised Pinnacle West Capital to a “strong-buy” rating in a research note on Monday, March 17th. Wells Fargo & Company boosted their target price on Pinnacle West Capital from $92.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 26th. Finally, Guggenheim restated a “buy” rating and issued a $100.00 target price on shares of Pinnacle West Capital in a research report on Wednesday, February 26th. Six equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $95.50.

About Pinnacle West Capital

Pinnacle West Capital Corporation, through its subsidiary, provides retail and wholesale electric services primarily in the state of Arizona. The company engages in the generation, transmission, and distribution of electricity using coal, nuclear, gas, oil, and solar generating facilities. Its transmission facilities include overhead lines and underground lines; and distribution facilities consist of overhead lines and underground primary cables.