Geode Capital Management LLC Raises Stock Position in Pinnacle West Capital Co. (NYSE:PNW)

Geode Capital Management LLC increased its holdings in shares of Pinnacle West Capital Co. (NYSE:PNW) by 7.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,880,315 shares of the utilities provider’s stock after purchasing an additional 204,805 shares during the period. Geode Capital Management LLC owned 2.53% of Pinnacle West Capital worth $243,897,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the stock. Centiva Capital LP purchased a new stake in shares of Pinnacle West Capital in the third quarter worth about $462,000. Hilltop Holdings Inc. purchased a new position in Pinnacle West Capital in the 3rd quarter worth approximately $239,000. HighTower Advisors LLC grew its position in Pinnacle West Capital by 1.7% in the third quarter. HighTower Advisors LLC now owns 70,253 shares of the utilities provider’s stock valued at $6,241,000 after acquiring an additional 1,170 shares in the last quarter. Quantinno Capital Management LP raised its stake in shares of Pinnacle West Capital by 36.7% during the third quarter. Quantinno Capital Management LP now owns 19,979 shares of the utilities provider’s stock valued at $1,770,000 after purchasing an additional 5,361 shares during the period. Finally, Stifel Financial Corp lifted its position in shares of Pinnacle West Capital by 5.6% during the third quarter. Stifel Financial Corp now owns 140,765 shares of the utilities provider’s stock worth $12,470,000 after purchasing an additional 7,502 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Pinnacle West Capital Trading Down 4.3 %

NYSE:PNW opened at $91.15 on Friday. The company has a market cap of $10.86 billion, a PE ratio of 17.26, a P/E/G ratio of 3.59 and a beta of 0.42. The business’s 50 day moving average is $91.09 and its two-hundred day moving average is $89.12. 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 52 week low of $70.73 and a 52 week 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) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.31) by $0.25. The firm had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.06 billion. Pinnacle West Capital had a return on equity of 9.60% and a net margin of 12.26%. On average, analysts predict that Pinnacle West Capital Co. will post 5.13 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on PNW. Morgan Stanley raised their price target on shares of Pinnacle West Capital from $84.00 to $88.00 and gave the company an “equal weight” rating in a report on Thursday, March 20th. Jefferies Financial Group lowered their target price on 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. LADENBURG THALM/SH SH upgraded Pinnacle West Capital to a “strong-buy” rating in a research note on Monday, March 17th. Guggenheim reissued a “buy” rating and issued a $100.00 price target on shares of Pinnacle West Capital in a report on Wednesday, February 26th. Finally, Barclays lifted their price objective on Pinnacle West Capital from $87.00 to $94.00 and gave the stock an “equal weight” rating in a report on Tuesday, April 1st. Six analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $95.50.

Pinnacle West Capital 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.