24,596 Shares in Pinnacle West Capital Co. (NYSE:PNW) Purchased by Wealthfront Advisers LLC

Wealthfront Advisers LLC bought a new stake in Pinnacle West Capital Co. (NYSE:PNW) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 24,596 shares of the utilities provider’s stock, valued at approximately $2,085,000.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Sage Mountain Advisors LLC acquired a new position in Pinnacle West Capital in the 4th quarter valued at about $201,000. Channing Capital Management LLC boosted its holdings in Pinnacle West Capital by 23.7% in the 4th quarter. Channing Capital Management LLC now owns 123,081 shares of the utilities provider’s stock valued at $10,434,000 after purchasing an additional 23,605 shares during the last quarter. Ranch Capital Advisors Inc. acquired a new position in Pinnacle West Capital in the 4th quarter valued at about $441,000. Daiwa Securities Group Inc. boosted its holdings in Pinnacle West Capital by 16.6% in the 4th quarter. Daiwa Securities Group Inc. now owns 6,106 shares of the utilities provider’s stock valued at $518,000 after purchasing an additional 868 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Pinnacle West Capital by 5.4% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 25,446 shares of the utilities provider’s stock valued at $2,157,000 after purchasing an additional 1,307 shares during the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Pinnacle West Capital Price Performance

Shares of PNW opened at $93.77 on Friday. Pinnacle West Capital Co. has a fifty-two week low of $70.26 and a fifty-two week high of $95.42. The firm’s 50 day moving average price is $88.36 and its 200 day moving average price is $88.58. The company has a market cap of $11.17 billion, a P/E ratio of 17.76, a PEG ratio of 3.59 and a beta of 0.53. 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 (NYSE:PNW) last announced its earnings results on Tuesday, February 25th. The utilities provider reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.31) by $0.25. Pinnacle West Capital had a net margin of 12.26% and a return on equity of 9.60%. The firm had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.06 billion. On average, research analysts forecast that Pinnacle West Capital Co. will post 5.13 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have weighed in on PNW. Wells Fargo & Company boosted their target price on shares of Pinnacle West Capital from $92.00 to $95.00 and gave the company an “equal weight” rating in a report on Wednesday, February 26th. Morgan Stanley decreased their price objective on shares of Pinnacle West Capital from $82.00 to $81.00 and set an “equal weight” rating on the stock in a report on Friday, November 22nd. Jefferies Financial Group decreased their price objective on shares of Pinnacle West Capital from $106.00 to $104.00 and set a “buy” rating on the stock in a report on Tuesday, January 28th. Barclays lowered shares of Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $93.00 to $91.00 in a report on Monday, November 18th. Finally, KeyCorp upgraded shares of Pinnacle West Capital from a “sector weight” rating to an “overweight” rating and set a $101.00 price objective on the stock in a report on Wednesday, December 4th. Five equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, Pinnacle West Capital currently has a consensus rating of “Moderate Buy” and a consensus price target of $92.28.

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.