Farther Finance Advisors LLC Buys 498 Shares of Pinnacle West Capital Corporation $PNW

Farther Finance Advisors LLC boosted its stake in shares of Pinnacle West Capital Corporation (NYSE:PNW) by 18.3% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,213 shares of the utilities provider’s stock after acquiring an additional 498 shares during the quarter. Farther Finance Advisors LLC’s holdings in Pinnacle West Capital were worth $287,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the stock. Perpetual Ltd increased its stake in Pinnacle West Capital by 5.3% during the second quarter. Perpetual Ltd now owns 419,686 shares of the utilities provider’s stock worth $37,549,000 after acquiring an additional 21,231 shares during the last quarter. International Private Wealth Advisors LLC bought a new position in shares of Pinnacle West Capital during the second quarter valued at approximately $271,000. IFM Investors Pty Ltd grew its stake in shares of Pinnacle West Capital by 6.5% during the second quarter. IFM Investors Pty Ltd now owns 8,608 shares of the utilities provider’s stock valued at $770,000 after buying an additional 523 shares during the last quarter. Contravisory Investment Management Inc. bought a new position in shares of Pinnacle West Capital during the second quarter valued at approximately $455,000. Finally, Exchange Traded Concepts LLC grew its stake in shares of Pinnacle West Capital by 1.3% during the second quarter. Exchange Traded Concepts LLC now owns 9,846 shares of the utilities provider’s stock valued at $881,000 after buying an additional 122 shares during the last quarter. 91.51% of the stock is owned by institutional investors.

Insider Transactions at Pinnacle West Capital

In other Pinnacle West Capital news, EVP Jacob Tetlow sold 6,496 shares of the stock in a transaction on Monday, August 11th. The stock was sold at an average price of $92.37, for a total transaction of $600,035.52. Following the sale, the executive vice president owned 56 shares of the company’s stock, valued at approximately $5,172.72. This trade represents a 99.15% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.23% of the company’s stock.

Pinnacle West Capital Stock Up 1.0%

Shares of NYSE PNW opened at $87.65 on Tuesday. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.37 and a current ratio of 0.52. The firm has a market capitalization of $10.47 billion, a price-to-earnings ratio of 18.07, a PEG ratio of 8.96 and a beta of 0.45. The stock has a 50 day moving average price of $89.76 and a 200 day moving average price of $90.95. Pinnacle West Capital Corporation has a 52-week low of $81.47 and a 52-week high of $96.50.

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

Wall Street Analyst Weigh In

A number of research firms have recently commented on PNW. Barclays cut their target price on Pinnacle West Capital from $94.00 to $93.00 and set an “equal weight” rating on the stock in a research note on Wednesday, August 13th. BMO Capital Markets upped their target price on Pinnacle West Capital from $96.00 to $98.00 and gave the company a “market perform” rating in a research note on Thursday, August 7th. KeyCorp cut their target price on Pinnacle West Capital from $101.00 to $100.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 16th. Mizuho cut Pinnacle West Capital from an “outperform” rating to a “neutral” rating and cut their target price for the company from $102.00 to $90.00 in a research note on Tuesday, September 9th. Finally, Morgan Stanley cut their target price on Pinnacle West Capital from $89.00 to $87.00 and set an “equal weight” rating on the stock in a research note on Thursday, September 25th. Three analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Pinnacle West Capital has an average rating of “Hold” and a consensus target price of $96.00.

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.