Summit Trail Advisors LLC Takes $214,000 Position in Pinnacle West Capital Co. (NYSE:PNW)

Summit Trail Advisors LLC purchased a new stake in Pinnacle West Capital Co. (NYSE:PNW) in the 2nd quarter, HoldingsChannel.com reports. The institutional investor purchased 2,806 shares of the utilities provider’s stock, valued at approximately $214,000.

Several other hedge funds have also made changes to their positions in the company. Capital Research Global Investors grew its stake in shares of Pinnacle West Capital by 97.5% in the 1st quarter. Capital Research Global Investors now owns 12,851,930 shares of the utilities provider’s stock valued at $960,425,000 after buying an additional 6,344,121 shares during the period. Lazard Asset Management LLC grew its stake in shares of Pinnacle West Capital by 72.7% in the 1st quarter. Lazard Asset Management LLC now owns 6,719,397 shares of the utilities provider’s stock valued at $502,139,000 after buying an additional 2,828,450 shares during the period. Zimmer Partners LP purchased a new position in shares of Pinnacle West Capital during the 1st quarter worth approximately $198,409,000. First Trust Advisors LP boosted its position in shares of Pinnacle West Capital by 2.5% during the 4th quarter. First Trust Advisors LP now owns 1,205,800 shares of the utilities provider’s stock worth $86,625,000 after purchasing an additional 29,767 shares during the period. Finally, Bank of New York Mellon Corp boosted its position in shares of Pinnacle West Capital by 3.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,159,942 shares of the utilities provider’s stock worth $88,596,000 after purchasing an additional 44,029 shares during the period. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Insider Buying and Selling

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

Pinnacle West Capital Price Performance

Shares of PNW opened at $89.24 on Wednesday. Pinnacle West Capital Co. has a twelve month low of $65.20 and a twelve month high of $91.57. The firm’s fifty day simple moving average is $86.85 and its 200-day simple moving average is $79.35. The firm has a market capitalization of $10.13 billion, a price-to-earnings ratio of 19.44, a PEG ratio of 2.27 and a beta of 0.52. 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 (NYSE:PNW) last announced its quarterly earnings results on Thursday, August 1st. The utilities provider reported $1.76 EPS for the quarter, topping 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 firm had revenue of $1.31 billion for the quarter, compared to analyst estimates of $1.21 billion. During the same period last year, the business earned $0.94 EPS. Pinnacle West Capital’s revenue for the quarter was up 15.7% compared to the same quarter last year. Equities analysts forecast that Pinnacle West Capital Co. will post 4.77 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. Jefferies Financial Group assumed coverage on shares of Pinnacle West Capital in a research report on Thursday, September 19th. They set a “buy” rating and a $104.00 price objective for the company. StockNews.com raised shares of Pinnacle West Capital from a “sell” rating to a “hold” rating in a research report on Monday, August 5th. Wells Fargo & Company increased their price objective on shares of Pinnacle West Capital from $80.00 to $87.00 and gave the stock an “equal weight” rating in a research report on Friday, August 2nd. Barclays lowered their price objective 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. Finally, Morgan Stanley increased their target price on shares of Pinnacle West Capital from $72.00 to $78.00 and gave the stock an “equal weight” rating in a report on Friday, August 23rd. Eight analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $80.13.

About Pinnacle West Capital

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.