Wealthfront Advisers LLC Decreases Position in Pinnacle West Capital Co. (NYSE:PNW)

Wealthfront Advisers LLC trimmed its stake in shares of Pinnacle West Capital Co. (NYSE:PNW) by 79.5% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,899 shares of the utilities provider’s stock after selling 11,274 shares during the period. Wealthfront Advisers LLC’s holdings in Pinnacle West Capital were worth $212,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in PNW. Amundi Pioneer Asset Management Inc. raised its holdings in shares of Pinnacle West Capital by 63.8% during the first quarter. Amundi Pioneer Asset Management Inc. now owns 162,326 shares of the utilities provider’s stock valued at $15,515,000 after purchasing an additional 63,204 shares during the last quarter. Benjamin F. Edwards & Company Inc. raised its holdings in shares of Pinnacle West Capital by 53.7% during the first quarter. Benjamin F. Edwards & Company Inc. now owns 1,383 shares of the utilities provider’s stock valued at $105,000 after purchasing an additional 483 shares during the last quarter. Bartlett & Co. LLC purchased a new position in shares of Pinnacle West Capital during the first quarter valued at approximately $64,000. Oppenheimer Asset Management Inc. raised its holdings in shares of Pinnacle West Capital by 24,175.0% during the first quarter. Oppenheimer Asset Management Inc. now owns 2,913 shares of the utilities provider’s stock valued at $221,000 after purchasing an additional 2,901 shares during the last quarter. Finally, Aigen Investment Management LP raised its holdings in shares of Pinnacle West Capital by 215.7% during the first quarter. Aigen Investment Management LP now owns 13,614 shares of the utilities provider’s stock valued at $1,032,000 after purchasing an additional 9,301 shares during the last quarter. 83.69% of the stock is owned by hedge funds and other institutional investors.

A number of brokerages have commented on PNW. ValuEngine cut shares of Pinnacle West Capital from a “hold” rating to a “sell” rating in a report on Thursday, August 27th. Goldman Sachs Group upgraded shares of Pinnacle West Capital from a “neutral” rating to a “buy” rating and set a $93.00 price target for the company in a research report on Monday, June 15th. Morgan Stanley upped their target price on shares of Pinnacle West Capital from $75.00 to $78.00 and gave the stock an “equal weight” rating in a research report on Friday, July 17th. Barclays upgraded shares of Pinnacle West Capital from an “equal weight” rating to an “overweight” rating and set a $89.00 target price for the company in a research report on Thursday, June 18th. Finally, Wells Fargo & Company restated a “buy” rating on shares of Pinnacle West Capital in a research report on Thursday, August 6th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $89.11.

NYSE:PNW opened at $72.02 on Wednesday. Pinnacle West Capital Co. has a fifty-two week low of $60.05 and a fifty-two week high of $105.51. The stock has a market capitalization of $8.11 billion, a P/E ratio of 13.54, a P/E/G ratio of 3.13 and a beta of 0.29. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.54 and a current ratio of 0.77. The company’s 50-day simple moving average is $76.60 and its 200-day simple moving average is $77.46.

Pinnacle West Capital (NYSE:PNW) last released its quarterly earnings results on Thursday, August 6th. The utilities provider reported $1.71 earnings per share for the quarter, beating analysts’ consensus estimates of $1.48 by $0.23. Pinnacle West Capital had a net margin of 17.37% and a return on equity of 10.69%. The business had revenue of $929.50 million for the quarter, compared to analysts’ expectations of $915.14 million. During the same period last year, the business earned $1.28 EPS. The company’s revenue was up 6.9% compared to the same quarter last year. On average, research analysts forecast that Pinnacle West Capital Co. will post 4.82 EPS for the current year.

About Pinnacle West Capital

Pinnacle West Capital Corporation, through its subsidiary, Arizona Public Service Company, provides retail and wholesale electric services primarily in the state of Arizona. It generates, transmits, and distributes electricity using coal, nuclear, gas, oil, and solar generating facilities. The company serves approximately 1.2 million customers.

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Institutional Ownership by Quarter for Pinnacle West Capital (NYSE:PNW)

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