NovaPoint Capital LLC Grows Position in Pinnacle West Capital Co. (NYSE:PNW)

NovaPoint Capital LLC lifted its stake in shares of Pinnacle West Capital Co. (NYSE:PNW) by 6.2% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 9,152 shares of the utilities provider’s stock after purchasing an additional 531 shares during the quarter. NovaPoint Capital LLC’s holdings in Pinnacle West Capital were worth $811,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the stock. Empirical Finance LLC grew its position in Pinnacle West Capital by 3.4% during the first quarter. Empirical Finance LLC now owns 4,059 shares of the utilities provider’s stock worth $303,000 after buying an additional 134 shares during the period. First Horizon Advisors Inc. increased its stake in Pinnacle West Capital by 20.9% in the 2nd quarter. First Horizon Advisors Inc. now owns 794 shares of the utilities provider’s stock valued at $61,000 after purchasing an additional 137 shares in the last quarter. GAMMA Investing LLC increased its stake in Pinnacle West Capital by 13.7% in the 3rd quarter. GAMMA Investing LLC now owns 1,147 shares of the utilities provider’s stock valued at $102,000 after purchasing an additional 138 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in Pinnacle West Capital by 0.9% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 21,724 shares of the utilities provider’s stock worth $1,659,000 after purchasing an additional 199 shares during the last quarter. Finally, SFE Investment Counsel boosted its position in Pinnacle West Capital by 1.3% during the second quarter. SFE Investment Counsel now owns 18,430 shares of the utilities provider’s stock worth $1,408,000 after purchasing an additional 245 shares in the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Insiders Place Their Bets

In related news, EVP Robert Edgar Smith sold 4,950 shares of Pinnacle West Capital stock in a transaction on Friday, August 9th. The shares were sold at an average price of $85.80, for a total transaction of $424,710.00. Following the transaction, the executive vice president now owns 6,397 shares in the company, valued at approximately $548,862.60. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.23% of the stock is owned by insiders.

Pinnacle West Capital Price Performance

PNW opened at $87.92 on Friday. The stock has a market capitalization of $9.98 billion, a PE ratio of 19.15, a P/E/G ratio of 2.20 and a beta of 0.52. The company’s 50 day simple moving average is $87.97 and its 200 day simple moving average is $81.15. Pinnacle West Capital Co. has a 1 year low of $65.20 and a 1 year high of $91.57. The company has a debt-to-equity ratio of 1.28, a quick ratio of 0.48 and a current ratio of 0.66.

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

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. Barclays cut their price target on Pinnacle West Capital from $81.00 to $78.00 and set an “overweight” rating for the company in a research note on Tuesday, July 2nd. Morgan Stanley upped their price target on shares of Pinnacle West Capital from $78.00 to $83.00 and gave the company an “equal weight” rating in a report on Wednesday, September 25th. Wells Fargo & Company raised their price objective on shares of Pinnacle West Capital from $87.00 to $90.00 and gave the stock an “equal weight” rating in a research note on Wednesday. Jefferies Financial Group started coverage on Pinnacle West Capital in a research note on Thursday, September 19th. They issued a “buy” rating and a $104.00 target price on the stock. Finally, StockNews.com upgraded Pinnacle West Capital from a “sell” rating to a “hold” rating in a report on Monday, August 5th. Seven equities research 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, Pinnacle West Capital presently has a consensus rating of “Hold” and an average price target of $80.79.

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.