Magnetar Financial LLC Takes $644,000 Position in Pinnacle West Capital Co. (NYSE:PNW)

Magnetar Financial LLC bought a new stake in Pinnacle West Capital Co. (NYSE:PNW) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 7,592 shares of the utilities provider’s stock, valued at approximately $644,000.

Several other hedge funds have also added to or reduced their stakes in PNW. YANKCOM Partnership bought a new position in Pinnacle West Capital in the fourth quarter valued at about $29,000. Brown Lisle Cummings Inc. bought a new position in Pinnacle West Capital in the fourth quarter valued at about $38,000. Roble Belko & Company Inc bought a new position in Pinnacle West Capital in the fourth quarter valued at about $42,000. Prospera Private Wealth LLC bought a new position in Pinnacle West Capital in the third quarter valued at about $43,000. Finally, Transcendent Capital Group LLC bought a new position in Pinnacle West Capital in the fourth quarter valued at about $46,000. Institutional investors own 91.51% of the company’s stock.

Pinnacle West Capital Trading Down 0.6 %

NYSE:PNW opened at $93.67 on Friday. Pinnacle West Capital Co. has a fifty-two week low of $70.73 and a fifty-two week high of $95.42. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.71 and a quick ratio of 0.54. The stock has a market capitalization of $11.16 billion, a PE ratio of 17.74, a price-to-earnings-growth ratio of 3.59 and a beta of 0.53. The business’s 50-day simple moving average is $89.46 and its 200-day simple moving average is $88.82.

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

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Morgan Stanley raised their price target on Pinnacle West Capital from $84.00 to $88.00 and gave the company an “equal weight” rating in a report on Thursday. LADENBURG THALM/SH SH upgraded Pinnacle West Capital to a “strong-buy” rating in a report on Monday, March 17th. Wells Fargo & Company raised their target price on Pinnacle West Capital from $92.00 to $95.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 26th. Guggenheim restated a “buy” rating and set a $100.00 target price on shares of Pinnacle West Capital in a report on Wednesday, February 26th. Finally, KeyCorp upgraded Pinnacle West Capital from a “sector weight” rating to an “overweight” rating and set a $101.00 target price on the stock in a report on Wednesday, December 4th. Six 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 company’s stock. According to data from MarketBeat, Pinnacle West Capital has an average rating of “Moderate Buy” and a consensus target price of $95.17.

Pinnacle West Capital Company Profile

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.