Cetera Investment Advisers Sells 279 Shares of Pinnacle West Capital Co. (NYSE:PNW)

Cetera Investment Advisers lowered its position in Pinnacle West Capital Co. (NYSE:PNW) by 1.0% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 28,811 shares of the utilities provider’s stock after selling 279 shares during the quarter. Cetera Investment Advisers’ holdings in Pinnacle West Capital were worth $2,201,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. Blue Trust Inc. increased its position in shares of Pinnacle West Capital by 377.9% during the 2nd quarter. Blue Trust Inc. now owns 368 shares of the utilities provider’s stock valued at $28,000 after purchasing an additional 291 shares during the last quarter. Cape Investment Advisory Inc. bought a new position in Pinnacle West Capital in the first quarter worth approximately $30,000. Newbridge Financial Services Group Inc. boosted its stake in shares of Pinnacle West Capital by 70.6% during the 4th quarter. Newbridge Financial Services Group Inc. now owns 481 shares of the utilities provider’s stock worth $35,000 after acquiring an additional 199 shares during the last quarter. Rise Advisors LLC bought a new stake in shares of Pinnacle West Capital during the 1st quarter valued at $36,000. Finally, Riverview Trust Co purchased a new stake in shares of Pinnacle West Capital in the 1st quarter worth $46,000. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently weighed in on the company. Jefferies Financial Group started coverage on Pinnacle West Capital in a research report on Thursday, September 19th. They set a “buy” rating and a $104.00 target price on the stock. 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 raised 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 research note on Friday, August 2nd. Morgan Stanley upped their price target on shares of 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. Finally, Barclays decreased their price objective on shares of Pinnacle West Capital from $81.00 to $78.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 2nd. Seven research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, Pinnacle West Capital has an average rating of “Hold” and an average price target of $80.54.

Pinnacle West Capital Price Performance

NYSE:PNW opened at $85.90 on Friday. The company has a market capitalization of $9.75 billion, a P/E ratio of 18.71, a P/E/G ratio of 2.20 and a beta of 0.52. The business’s 50-day moving average is $87.80 and its 200 day moving average is $80.75. The company has a current ratio of 0.66, a quick ratio of 0.48 and a debt-to-equity ratio of 1.28. Pinnacle West Capital Co. has a 12 month low of $65.20 and a 12 month high of $91.57.

Pinnacle West Capital (NYSE:PNW) last posted its earnings results on Thursday, August 1st. The utilities provider reported $1.76 earnings per share for the quarter, beating analysts’ consensus estimates of $1.31 by $0.45. The firm had revenue of $1.31 billion during the quarter, compared to analyst estimates of $1.21 billion. Pinnacle West Capital had a net margin of 12.65% and a return on equity of 9.75%. 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 firm posted $0.94 earnings per share. On average, equities research analysts forecast that Pinnacle West Capital Co. will post 4.77 earnings per share for the current fiscal year.

Insider Transactions at Pinnacle West Capital

In related news, EVP Robert Edgar Smith sold 4,950 shares of Pinnacle West Capital stock in a transaction dated 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 approximately $548,862.60. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.23% of the company’s stock.

Pinnacle West Capital Company 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.