Cubist Systematic Strategies LLC raised its stake in Pinnacle West Capital Co. (NYSE:PNW) by 431.4% during the second quarter, HoldingsChannel reports. The institutional investor owned 156,670 shares of the utilities provider’s stock after acquiring an additional 127,185 shares during the period. Cubist Systematic Strategies LLC’s holdings in Pinnacle West Capital were worth $14,741,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PNW. Zions Bancorporation N.A. bought a new stake in shares of Pinnacle West Capital during the 1st quarter valued at about $26,000. Weaver Consulting Group acquired a new position in Pinnacle West Capital during the 1st quarter worth approximately $29,000. Old North State Trust LLC raised its stake in Pinnacle West Capital by 27.6% during the 2nd quarter. Old North State Trust LLC now owns 721 shares of the utilities provider’s stock worth $68,000 after buying an additional 156 shares during the period. Flagship Harbor Advisors LLC raised its stake in Pinnacle West Capital by 28.4% during the 2nd quarter. Flagship Harbor Advisors LLC now owns 959 shares of the utilities provider’s stock worth $90,000 after buying an additional 212 shares during the period. Finally, Executive Wealth Management LLC raised its stake in Pinnacle West Capital by 28.5% during the 2nd quarter. Executive Wealth Management LLC now owns 1,277 shares of the utilities provider’s stock worth $120,000 after buying an additional 283 shares during the period. Hedge funds and other institutional investors own 88.10% of the company’s stock.
Shares of Pinnacle West Capital stock traded up $0.57 on Friday, hitting $96.83. The company had a trading volume of 268,469 shares, compared to its average volume of 953,299. The stock has a market capitalization of $10.60 billion, a price-to-earnings ratio of 21.33, a P/E/G ratio of 3.25 and a beta of 0.12. Pinnacle West Capital Co. has a 1 year low of $77.19 and a 1 year high of $99.81. The stock has a 50 day moving average of $93.80 and a 200-day moving average of $94.66. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.38 and a current ratio of 0.54.
Pinnacle West Capital (NYSE:PNW) last issued its quarterly earnings data on Thursday, August 8th. The utilities provider reported $1.28 EPS for the quarter, missing the consensus estimate of $1.43 by ($0.15). The company had revenue of $869.50 million during the quarter, compared to analysts’ expectations of $973.16 million. Pinnacle West Capital had a return on equity of 9.33% and a net margin of 13.84%. The business’s revenue for the quarter was down 10.7% compared to the same quarter last year. During the same period last year, the company earned $1.48 earnings per share. Equities analysts anticipate that Pinnacle West Capital Co. will post 4.76 earnings per share for the current year.
A number of research analysts recently weighed in on PNW shares. SunTrust Banks dropped their price target on Pinnacle West Capital from $99.00 to $98.00 and set a “hold” rating on the stock in a research note on Friday, August 9th. Morgan Stanley set a $92.00 price target on Pinnacle West Capital and gave the stock a “sell” rating in a research note on Friday, August 16th. ValuEngine downgraded Pinnacle West Capital from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Argus raised Pinnacle West Capital from a “hold” rating to a “buy” rating and set a $102.00 price target on the stock in a research note on Tuesday, July 30th. Finally, Evercore ISI downgraded Pinnacle West Capital from an “in-line” rating to an “underperform” rating in a research note on Friday, August 9th. Three research analysts have rated the stock with a sell rating, eight have given a hold rating and four have given a buy rating to the company. Pinnacle West Capital has a consensus rating of “Hold” and an average price target of $97.75.
Pinnacle West Capital Company Profile
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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