Dimensional Fund Advisors LP Raises Position in Pinnacle West Capital Co. (NYSE:PNW)

Dimensional Fund Advisors LP increased its stake in shares of Pinnacle West Capital Co. (NYSE:PNW) by 31.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 845,137 shares of the utilities provider’s stock after acquiring an additional 200,816 shares during the quarter. Dimensional Fund Advisors LP owned about 0.74% of Pinnacle West Capital worth $64,550,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Blue Trust Inc. boosted its holdings in shares of Pinnacle West Capital by 377.9% in the second 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. acquired a new position in Pinnacle West Capital during the first quarter worth about $30,000. Newbridge Financial Services Group Inc. raised its position in shares of Pinnacle West Capital by 70.6% in the fourth quarter. Newbridge Financial Services Group Inc. now owns 481 shares of the utilities provider’s stock valued at $35,000 after buying an additional 199 shares during the last quarter. Rise Advisors LLC acquired a new position in shares of Pinnacle West Capital in the first quarter valued at approximately $36,000. Finally, Riverview Trust Co acquired a new position in Pinnacle West Capital during the first quarter worth approximately $46,000. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts recently commented on PNW shares. Barclays dropped their price target on shares of Pinnacle West Capital from $81.00 to $78.00 and set an “overweight” rating for the company in a research report on Tuesday, July 2nd. Morgan Stanley increased their price objective on shares of Pinnacle West Capital from $78.00 to $83.00 and gave the company an “equal weight” rating in a research note on Wednesday. Wells Fargo & Company increased their target price 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. LADENBURG THALM/SH SH raised shares of Pinnacle West Capital from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $74.00 to $83.50 in a report on Thursday, June 6th. Finally, Jefferies Financial Group started coverage on shares of Pinnacle West Capital in a report on Thursday, September 19th. They issued a “buy” rating and a $104.00 price objective on the stock. Eight investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $80.54.

Insider Buying and Selling

In other 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 transaction of $424,710.00. Following the transaction, the executive vice president now owns 6,397 shares in the company, valued at approximately $548,862.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 0.23% of the company’s stock.

Pinnacle West Capital Price Performance

Shares of NYSE:PNW opened at $88.20 on Friday. Pinnacle West Capital Co. has a 1 year low of $65.20 and a 1 year high of $91.57. The business has a fifty day simple moving average of $87.10 and a 200 day simple moving average of $79.48. The company has a current ratio of 0.66, a quick ratio of 0.48 and a debt-to-equity ratio of 1.28. The firm has a market cap of $10.02 billion, a price-to-earnings ratio of 19.22, a P/E/G ratio of 2.30 and a beta of 0.52.

Pinnacle West Capital (NYSE:PNW) last released its quarterly earnings data on Thursday, August 1st. The utilities provider reported $1.76 earnings per share (EPS) for the quarter, beating 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 business had revenue of $1.31 billion during the quarter, compared to analyst estimates of $1.21 billion. During the same quarter in the previous year, the business earned $0.94 EPS. Pinnacle West Capital’s quarterly revenue was up 15.7% compared to the same quarter last year. As a group, sell-side analysts predict that Pinnacle West Capital Co. will post 4.77 earnings per share for the current fiscal year.

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.