Clean Energy Transition LLP Buys 763 Shares of Pinnacle West Capital Co. (NYSE:PNW)

Clean Energy Transition LLP raised its position in shares of Pinnacle West Capital Co. (NYSE:PNW) by 1.9% during the fourth quarter, HoldingsChannel reports. The fund owned 41,605 shares of the utilities provider’s stock after acquiring an additional 763 shares during the quarter. Pinnacle West Capital accounts for approximately 0.1% of Clean Energy Transition LLP’s investment portfolio, making the stock its 15th largest holding. Clean Energy Transition LLP’s holdings in Pinnacle West Capital were worth $3,527,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in PNW. Norges Bank bought a new stake in Pinnacle West Capital in the fourth quarter worth about $194,655,000. Invesco Ltd. raised its holdings in shares of Pinnacle West Capital by 32.2% in the fourth quarter. Invesco Ltd. now owns 4,298,009 shares of the utilities provider’s stock worth $364,342,000 after buying an additional 1,045,788 shares during the period. Assenagon Asset Management S.A. lifted its stake in shares of Pinnacle West Capital by 221.7% during the 4th quarter. Assenagon Asset Management S.A. now owns 677,274 shares of the utilities provider’s stock worth $57,413,000 after acquiring an additional 466,736 shares during the last quarter. Renaissance Technologies LLC boosted its holdings in Pinnacle West Capital by 223.1% during the 4th quarter. Renaissance Technologies LLC now owns 614,900 shares of the utilities provider’s stock valued at $52,125,000 after acquiring an additional 424,600 shares during the period. Finally, Jennison Associates LLC bought a new position in Pinnacle West Capital in the 4th quarter valued at $32,078,000. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Pinnacle West Capital Trading Down 0.4 %

Shares of NYSE:PNW opened at $90.28 on Friday. The company has a current ratio of 0.71, a quick ratio of 0.54 and a debt-to-equity ratio of 1.20. The company has a market capitalization of $10.75 billion, a PE ratio of 17.10, a P/E/G ratio of 3.59 and a beta of 0.42. The business’s fifty day simple moving average is $91.46 and its 200-day simple moving average is $89.13. Pinnacle West Capital Co. has a 12-month low of $70.73 and a 12-month high of $96.50.

Pinnacle West Capital (NYSE:PNW) last announced its quarterly earnings data on Tuesday, February 25th. The utilities provider reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.31) by $0.25. The firm 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%. As a group, equities research analysts predict that Pinnacle West Capital Co. will post 5.13 earnings per share for the current fiscal year.

Analyst Ratings Changes

PNW has been the subject of several research analyst reports. LADENBURG THALM/SH SH upgraded Pinnacle West Capital to a “strong-buy” rating in a research report on Monday, March 17th. Jefferies Financial Group decreased 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 report on Tuesday, January 28th. UBS Group upped their target price on shares of Pinnacle West Capital from $96.00 to $99.00 and gave the stock a “neutral” rating in a research note on Friday, March 21st. Guggenheim reaffirmed a “buy” rating and set a $100.00 price target on shares of Pinnacle West Capital in a research note on Wednesday, February 26th. Finally, Wells Fargo & Company increased their price objective 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. Six analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target 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.