Envestnet Asset Management Inc. Trims Stock Holdings in Pinnacle West Capital Co. (NYSE:PNW)

Envestnet Asset Management Inc. reduced its holdings in shares of Pinnacle West Capital Co. (NYSE:PNW) by 2.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 135,602 shares of the utilities provider’s stock after selling 2,963 shares during the quarter. Envestnet Asset Management Inc. owned about 0.12% of Pinnacle West Capital worth $10,357,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Meeder Advisory Services Inc. purchased a new stake in shares of Pinnacle West Capital during the second quarter worth $216,000. Y.D. More Investments Ltd bought a new stake in shares of Pinnacle West Capital during the 2nd quarter valued at $123,000. Daiwa Securities Group Inc. lifted its holdings in Pinnacle West Capital by 22.3% during the 2nd quarter. Daiwa Securities Group Inc. now owns 4,566 shares of the utilities provider’s stock worth $349,000 after purchasing an additional 833 shares in the last quarter. Ashton Thomas Private Wealth LLC bought a new position in Pinnacle West Capital in the 2nd quarter worth about $52,000. Finally, Caprock Group LLC grew its holdings in Pinnacle West Capital by 17.2% during the 2nd quarter. Caprock Group LLC now owns 5,237 shares of the utilities provider’s stock valued at $400,000 after buying an additional 767 shares in the last quarter. 91.51% of the stock is owned by institutional investors.

Pinnacle West Capital Stock Performance

Pinnacle West Capital stock opened at $88.39 on Friday. The company has a market capitalization of $10.04 billion, a PE ratio of 19.26, a P/E/G ratio of 2.30 and a beta of 0.52. The firm has a fifty day simple moving average of $87.10 and a two-hundred day simple moving average of $79.48. 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 Co. has a twelve month low of $65.20 and a twelve month high of $91.57.

Pinnacle West Capital (NYSE:PNW) last posted its quarterly earnings results on Thursday, August 1st. The utilities provider reported $1.76 earnings per share (EPS) 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%. Pinnacle West Capital’s revenue for the quarter was up 15.7% compared to the same quarter last year. During the same period last year, the company earned $0.94 EPS. Research analysts expect that Pinnacle West Capital Co. will post 4.77 EPS for the current year.

Insider Activity at Pinnacle West Capital

In other Pinnacle West Capital news, EVP Robert Edgar Smith sold 4,950 shares of the business’s stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $85.80, for a total value of $424,710.00. Following the transaction, the executive vice president now owns 6,397 shares in the company, valued at $548,862.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.23% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on PNW shares. LADENBURG THALM/SH SH raised shares of Pinnacle West Capital from a “neutral” rating to a “buy” rating and increased their price target for the stock from $74.00 to $83.50 in a report on Thursday, June 6th. StockNews.com raised shares of Pinnacle West Capital from a “sell” rating to a “hold” rating in a report on Monday, August 5th. Wells Fargo & Company upped their price target on shares of Pinnacle West Capital from $80.00 to $87.00 and gave the stock an “equal weight” rating in a report on Friday, August 2nd. Barclays dropped their price objective 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. Finally, Jefferies Financial Group assumed coverage on Pinnacle West Capital in a report on Thursday, September 19th. They issued a “buy” rating and a $104.00 price target on the stock. Eight analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, Pinnacle West Capital presently has a consensus rating of “Hold” and a consensus target price of $80.54.

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.