Pinnacle West Capital Co. (NYSE:PNW) Stake Increased by First Trust Advisors LP

First Trust Advisors LP raised its stake in shares of Pinnacle West Capital Co. (NYSE:PNW) by 173.1% during the fourth quarter, HoldingsChannel reports. The fund owned 879,551 shares of the utilities provider’s stock after acquiring an additional 557,539 shares during the quarter. First Trust Advisors LP’s holdings in Pinnacle West Capital were worth $74,560,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in the stock. Norges Bank acquired a new stake in shares of Pinnacle West Capital in the 4th quarter valued at about $194,655,000. Invesco Ltd. increased its holdings in Pinnacle West Capital by 32.2% in the fourth quarter. Invesco Ltd. now owns 4,298,009 shares of the utilities provider’s stock valued at $364,342,000 after buying an additional 1,045,788 shares during the last quarter. Assenagon Asset Management S.A. increased its holdings in Pinnacle West Capital by 221.7% in the fourth quarter. Assenagon Asset Management S.A. now owns 677,274 shares of the utilities provider’s stock valued at $57,413,000 after buying an additional 466,736 shares during the last quarter. Renaissance Technologies LLC raised its stake in Pinnacle West Capital by 223.1% during the fourth quarter. Renaissance Technologies LLC now owns 614,900 shares of the utilities provider’s stock valued at $52,125,000 after buying an additional 424,600 shares in the last quarter. Finally, Jennison Associates LLC bought a new position in Pinnacle West Capital during the 4th quarter worth approximately $32,078,000. 91.51% of the stock is currently owned by institutional investors.

Pinnacle West Capital Trading Down 1.3 %

NYSE:PNW opened at $93.22 on Tuesday. The stock has a market cap of $11.11 billion, a price-to-earnings ratio of 17.66, a PEG ratio of 3.59 and a beta of 0.42. The business has a fifty day moving average of $92.25 and a 200-day moving average of $89.36. Pinnacle West Capital Co. has a 1 year low of $72.78 and a 1 year high of $96.50. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.54 and a current ratio of 0.71.

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

Analyst Upgrades and Downgrades

Several research firms recently issued reports on PNW. Morgan Stanley upped their price target on Pinnacle West Capital from $84.00 to $88.00 and gave the company an “equal weight” rating in a research report on Thursday, March 20th. UBS Group lifted their price target on shares of Pinnacle West Capital from $96.00 to $99.00 and gave the company a “neutral” rating in a report on Friday, March 21st. Jefferies Financial Group cut their target price on shares of Pinnacle West Capital from $106.00 to $104.00 and set a “buy” rating on the stock in a report on Tuesday, January 28th. LADENBURG THALM/SH SH raised Pinnacle West Capital to a “strong-buy” rating in a report on Monday, March 17th. Finally, Wells Fargo & Company boosted their price objective on Pinnacle West Capital from $92.00 to $95.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 26th. Six investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Pinnacle West Capital currently 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.