Pinnacle West Capital Co. (NYSE:PNW) Holdings Decreased by Xponance Inc.

Xponance Inc. reduced its holdings in Pinnacle West Capital Co. (NYSE:PNW) by 2.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,013 shares of the utilities provider’s stock after selling 262 shares during the period. Xponance Inc.’s holdings in Pinnacle West Capital were worth $765,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the business. Bank of Montreal Can increased its holdings in shares of Pinnacle West Capital by 12.6% in the 2nd quarter. Bank of Montreal Can now owns 203,390 shares of the utilities provider’s stock valued at $15,559,000 after purchasing an additional 22,696 shares during the period. Public Sector Pension Investment Board lifted its position in Pinnacle West Capital by 13.5% in the 2nd quarter. Public Sector Pension Investment Board now owns 19,303 shares of the utilities provider’s stock worth $1,474,000 after buying an additional 2,295 shares in the last quarter. ProShare Advisors LLC lifted its position in Pinnacle West Capital by 7.0% in the 2nd quarter. ProShare Advisors LLC now owns 23,451 shares of the utilities provider’s stock worth $1,791,000 after buying an additional 1,533 shares in the last quarter. Profund Advisors LLC boosted its stake in shares of Pinnacle West Capital by 48.3% during the 2nd quarter. Profund Advisors LLC now owns 6,271 shares of the utilities provider’s stock valued at $479,000 after buying an additional 2,042 shares during the period. Finally, Barrow Hanley Mewhinney & Strauss LLC grew its holdings in shares of Pinnacle West Capital by 24.6% during the 2nd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 6,985,619 shares of the utilities provider’s stock valued at $533,562,000 after acquiring an additional 1,379,368 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Pinnacle West Capital Price Performance

Shares of NYSE:PNW opened at $88.27 on Friday. The company has a market cap of $10.02 billion, a price-to-earnings ratio of 19.23, a PEG ratio of 2.30 and a beta of 0.52. The business has a 50 day moving average price of $87.22 and a 200 day moving average price of $79.59. The company has a quick ratio of 0.48, a current ratio of 0.66 and a debt-to-equity ratio of 1.28. Pinnacle West Capital Co. has a twelve month low of $65.20 and a twelve month high of $91.57.

Pinnacle West Capital (NYSE:PNW) last announced its quarterly earnings data on Thursday, August 1st. The utilities provider reported $1.76 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.31 by $0.45. Pinnacle West Capital had a net margin of 12.65% and a return on equity of 9.75%. The business had revenue of $1.31 billion for the quarter, compared to the consensus estimate of $1.21 billion. During the same quarter last year, the company posted $0.94 earnings per share. Pinnacle West Capital’s quarterly revenue was up 15.7% on a year-over-year basis. Research analysts predict that Pinnacle West Capital Co. will post 4.77 earnings per share for the current year.

Wall Street Analysts Forecast Growth

PNW has been the subject of several recent research reports. Morgan Stanley increased their price objective on Pinnacle West Capital from $78.00 to $83.00 and gave the stock an “equal weight” rating in a report on Wednesday. Jefferies Financial Group initiated coverage on Pinnacle West Capital in a report on Thursday, September 19th. They set a “buy” rating and a $104.00 price target for the company. Barclays dropped their price objective on Pinnacle West Capital from $81.00 to $78.00 and set an “overweight” rating on the stock in a report on Tuesday, July 2nd. LADENBURG THALM/SH SH upgraded shares of Pinnacle West Capital from a “neutral” rating to a “buy” rating and lifted their target price for the company from $74.00 to $83.50 in a research note on Thursday, June 6th. Finally, Wells Fargo & Company increased their price target on shares of Pinnacle West Capital from $80.00 to $87.00 and gave the stock an “equal weight” rating in a research note on Friday, August 2nd. Eight analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $80.54.

Insider Transactions at Pinnacle West Capital

In related news, EVP Robert Edgar Smith sold 4,950 shares of the stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $85.80, for a total value of $424,710.00. Following the completion of the sale, the executive vice president now owns 6,397 shares in the company, valued at $548,862.60. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.23% of the company’s stock.

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.