Exchange Traded Concepts LLC Increases Holdings in Pinnacle West Capital Corporation $PNW

Exchange Traded Concepts LLC increased its stake in Pinnacle West Capital Corporation (NYSE:PNW) by 1.3% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 9,846 shares of the utilities provider’s stock after purchasing an additional 122 shares during the quarter. Exchange Traded Concepts LLC’s holdings in Pinnacle West Capital were worth $881,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the stock. Allworth Financial LP grew its position in shares of Pinnacle West Capital by 19.1% in the first quarter. Allworth Financial LP now owns 780 shares of the utilities provider’s stock valued at $74,000 after purchasing an additional 125 shares in the last quarter. AE Wealth Management LLC grew its position in Pinnacle West Capital by 4.9% during the first quarter. AE Wealth Management LLC now owns 2,929 shares of the utilities provider’s stock worth $279,000 after buying an additional 137 shares in the last quarter. IFP Advisors Inc grew its position in Pinnacle West Capital by 4.0% during the first quarter. IFP Advisors Inc now owns 4,062 shares of the utilities provider’s stock worth $387,000 after buying an additional 156 shares in the last quarter. Probity Advisors Inc. grew its position in Pinnacle West Capital by 2.6% during the first quarter. Probity Advisors Inc. now owns 6,214 shares of the utilities provider’s stock worth $592,000 after buying an additional 158 shares in the last quarter. Finally, Atria Wealth Solutions Inc. grew its position in Pinnacle West Capital by 4.8% during the first quarter. Atria Wealth Solutions Inc. now owns 3,619 shares of the utilities provider’s stock worth $345,000 after buying an additional 167 shares in the last quarter. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Pinnacle West Capital

In other news, EVP Jacob Tetlow sold 6,496 shares of the business’s stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $92.37, for a total value of $600,035.52. Following the completion of the sale, the executive vice president owned 56 shares of the company’s stock, valued at approximately $5,172.72. The trade was a 99.15% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.23% of the company’s stock.

Pinnacle West Capital Trading Up 0.8%

Shares of PNW stock opened at $86.91 on Wednesday. The company has a quick ratio of 0.37, a current ratio of 0.52 and a debt-to-equity ratio of 1.25. The business has a 50-day moving average price of $90.18 and a two-hundred day moving average price of $91.10. Pinnacle West Capital Corporation has a 12-month low of $81.47 and a 12-month high of $96.50. The firm has a market cap of $10.38 billion, a P/E ratio of 17.92, a price-to-earnings-growth ratio of 8.91 and a beta of 0.45.

Pinnacle West Capital (NYSE:PNW) last issued its quarterly earnings results on Wednesday, August 6th. The utilities provider reported $1.58 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.58. Pinnacle West Capital had a return on equity of 8.45% and a net margin of 10.96%.The firm had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.35 billion. During the same quarter in the previous year, the company posted $1.76 earnings per share. The company’s revenue was up 3.8% compared to the same quarter last year. Equities analysts anticipate that Pinnacle West Capital Corporation will post 5.13 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts recently commented on the company. Morgan Stanley set a $89.00 target price on Pinnacle West Capital and gave the stock an “outperform” rating in a research report on Thursday, August 21st. UBS Group reduced their target price on Pinnacle West Capital from $98.00 to $95.00 and set a “neutral” rating for the company in a research report on Friday, September 12th. BMO Capital Markets boosted their target price on Pinnacle West Capital from $96.00 to $98.00 and gave the stock a “market perform” rating in a research report on Thursday, August 7th. Mizuho cut Pinnacle West Capital from an “outperform” rating to a “neutral” rating and reduced their target price for the stock from $102.00 to $90.00 in a research report on Tuesday, September 9th. Finally, KeyCorp reduced their target price on Pinnacle West Capital from $101.00 to $100.00 and set an “overweight” rating for the company in a research report on Wednesday, July 16th. Four analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. According to data from MarketBeat, Pinnacle West Capital has an average rating of “Hold” and a consensus price target of $96.20.

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.