Gateway Investment Advisers LLC Trims Stake in Pinnacle West Capital Co. (NYSE:PNW)

Gateway Investment Advisers LLC lessened its holdings in Pinnacle West Capital Co. (NYSE:PNW) by 1.2% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 57,214 shares of the utilities provider’s stock after selling 707 shares during the period. Gateway Investment Advisers LLC owned 0.05% of Pinnacle West Capital worth $5,069,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the business. Blue Trust Inc. raised its holdings in shares of Pinnacle West Capital by 377.9% in the 2nd quarter. Blue Trust Inc. now owns 368 shares of the utilities provider’s stock valued at $28,000 after acquiring an additional 291 shares in the last quarter. Cape Investment Advisory Inc. purchased a new position in Pinnacle West Capital in the 1st quarter worth approximately $30,000. Newbridge Financial Services Group Inc. increased its holdings in shares of Pinnacle West Capital by 70.6% in the 4th quarter. Newbridge Financial Services Group Inc. now owns 481 shares of the utilities provider’s stock worth $35,000 after buying an additional 199 shares during the last quarter. Rise Advisors LLC purchased a new stake in shares of Pinnacle West Capital during the 1st quarter valued at $36,000. Finally, Riverview Trust Co bought a new stake in shares of Pinnacle West Capital during the 1st quarter worth $46,000. Institutional investors own 91.51% of the company’s stock.

Insider Buying and Selling at Pinnacle West Capital

In other news, EVP Robert Edgar Smith sold 4,950 shares of the firm’s stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $85.80, for a total value of $424,710.00. Following the completion of the transaction, the executive vice president now owns 6,397 shares in the company, valued at $548,862.60. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.23% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Wells Fargo & Company raised their price target on Pinnacle West Capital from $80.00 to $87.00 and gave the company an “equal weight” rating in a research report on Friday, August 2nd. Morgan Stanley boosted their target price on Pinnacle West Capital from $78.00 to $83.00 and gave the stock an “equal weight” rating in a research report on Wednesday, September 25th. StockNews.com upgraded shares of Pinnacle West Capital from a “sell” rating to a “hold” rating in a research report on Monday, August 5th. Barclays lowered their price objective on shares of Pinnacle West Capital from $81.00 to $78.00 and set an “overweight” rating for the company in a report on Tuesday, July 2nd. Finally, Jefferies Financial Group started coverage on shares of Pinnacle West Capital in a research report on Thursday, September 19th. They issued a “buy” rating and a $104.00 target price on the stock. Seven equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $80.54.

Pinnacle West Capital Price Performance

Shares of Pinnacle West Capital stock opened at $85.90 on Friday. The business has a 50 day moving average of $87.80 and a 200 day moving average of $80.75. Pinnacle West Capital Co. has a 52 week low of $65.20 and a 52 week high of $91.57. The company has a market cap of $9.75 billion, a PE ratio of 18.71, a P/E/G ratio of 2.20 and a beta of 0.52. 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 (NYSE:PNW) last posted its earnings results on Thursday, August 1st. The utilities provider reported $1.76 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 firm had revenue of $1.31 billion during the quarter, compared to analysts’ expectations of $1.21 billion. During the same period last year, the company posted $0.94 EPS. The company’s quarterly revenue was up 15.7% compared to the same quarter last year. As a group, equities research analysts forecast that Pinnacle West Capital Co. will post 4.77 earnings per share for the current year.

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.