Pinnacle West Capital Co. (NYSE:PNW) Shares Sold by Newport Trust Company LLC

Newport Trust Company LLC lessened its position in shares of Pinnacle West Capital Co. (NYSE:PNW) by 7.3% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 579,289 shares of the utilities provider’s stock after selling 45,373 shares during the period. Newport Trust Company LLC’s holdings in Pinnacle West Capital were worth $44,246,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of PNW. Blue Trust Inc. grew its stake in shares of Pinnacle West Capital by 377.9% during the second quarter. Blue Trust Inc. now owns 368 shares of the utilities provider’s stock worth $28,000 after purchasing an additional 291 shares in the last quarter. Cape Investment Advisory Inc. purchased a new stake in Pinnacle West Capital during the first quarter worth approximately $30,000. Newbridge Financial Services Group Inc. boosted its holdings in 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 purchasing an additional 199 shares in the last quarter. Rise Advisors LLC acquired a new position in Pinnacle West Capital in the first quarter valued at approximately $36,000. Finally, Riverview Trust Co acquired a new stake in Pinnacle West Capital during the first quarter worth approximately $46,000. 91.51% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, EVP Robert Edgar Smith sold 4,950 shares of the firm’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 completion of the sale, the executive vice president now owns 6,397 shares in the company, valued at $548,862.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.23% of the company’s stock.

Pinnacle West Capital Trading Down 1.3 %

Shares of Pinnacle West Capital stock opened at $89.03 on Friday. The company has a quick ratio of 0.48, a current ratio of 0.66 and a debt-to-equity ratio of 1.28. The firm has a market cap of $10.11 billion, a price-to-earnings ratio of 19.40, a price-to-earnings-growth ratio of 2.27 and a beta of 0.52. Pinnacle West Capital Co. has a 52-week low of $65.20 and a 52-week high of $91.57. The company’s 50-day simple moving average is $86.26 and its 200-day simple moving average is $78.81.

Pinnacle West Capital (NYSE:PNW) last issued its earnings results on Thursday, August 1st. The utilities provider reported $1.76 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.31 by $0.45. Pinnacle West Capital had a return on equity of 9.75% and a net margin of 12.65%. The business had revenue of $1.31 billion during the quarter, compared to the consensus estimate of $1.21 billion. During the same period in the prior year, the business posted $0.94 EPS. The company’s revenue for the quarter was up 15.7% on a year-over-year basis. As a group, equities research analysts anticipate that Pinnacle West Capital Co. will post 4.77 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts have issued reports on PNW shares. Morgan Stanley raised their price objective on Pinnacle West Capital from $72.00 to $78.00 and gave the stock an “equal weight” rating in a report on Friday, August 23rd. Wells Fargo & Company raised their price target on 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. StockNews.com upgraded Pinnacle West Capital from a “sell” rating to a “hold” rating in a research note on Monday, August 5th. Barclays lowered their target price 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. Finally, Jefferies Financial Group started coverage on shares of Pinnacle West Capital in a research note on Thursday. They set a “buy” rating and a $104.00 price target for the company. Eight equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, Pinnacle West Capital presently has an average rating of “Hold” and an average price target of $80.13.

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.