Squarepoint Ops LLC Sells 235,715 Shares of Pinnacle West Capital Co. (NYSE:PNW)

Squarepoint Ops LLC cut its holdings in Pinnacle West Capital Co. (NYSE:PNW) by 41.8% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 328,565 shares of the utilities provider’s stock after selling 235,715 shares during the period. Squarepoint Ops LLC’s holdings in Pinnacle West Capital were worth $25,096,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Empirical Finance LLC boosted its stake in Pinnacle West Capital by 3.4% during the first quarter. Empirical Finance LLC now owns 4,059 shares of the utilities provider’s stock worth $303,000 after acquiring an additional 134 shares in the last quarter. First Horizon Advisors Inc. boosted its position in shares of Pinnacle West Capital by 20.9% during the 2nd quarter. First Horizon Advisors Inc. now owns 794 shares of the utilities provider’s stock worth $61,000 after purchasing an additional 137 shares in the last quarter. Newbridge Financial Services Group Inc. grew its stake in shares of Pinnacle West Capital by 70.6% in the 4th 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 period. Wealth Enhancement Advisory Services LLC increased its position in Pinnacle West Capital by 0.9% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 21,724 shares of the utilities provider’s stock valued at $1,659,000 after buying an additional 199 shares in the last quarter. Finally, SFE Investment Counsel raised its stake in Pinnacle West Capital by 1.3% during the 2nd quarter. SFE Investment Counsel now owns 18,430 shares of the utilities provider’s stock worth $1,408,000 after buying an additional 245 shares during the period. 91.51% of the stock is owned by institutional investors and hedge funds.

Pinnacle West Capital Price Performance

Pinnacle West Capital stock opened at $88.39 on Friday. The stock has a market cap of $10.04 billion, a P/E ratio of 19.26, a P/E/G ratio of 2.30 and a beta of 0.52. 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 company’s 50 day moving average price is $87.10 and its two-hundred day moving average price is $79.48. Pinnacle West Capital Co. has a 52 week low of $65.20 and a 52 week high of $91.57.

Pinnacle West Capital (NYSE:PNW) last posted its quarterly earnings data on Thursday, August 1st. The utilities provider reported $1.76 earnings per share 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 analysts’ expectations of $1.21 billion. Pinnacle West Capital had a return on equity of 9.75% and a net margin of 12.65%. The business’s revenue was up 15.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.94 earnings per share. On average, equities analysts predict that Pinnacle West Capital Co. will post 4.77 earnings per share for the current year.

Insider Transactions at Pinnacle West Capital

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 transaction 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.23% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have commented on PNW. Morgan Stanley raised their price objective on Pinnacle West Capital from $78.00 to $83.00 and gave the company an “equal weight” rating in a research note on Wednesday. Barclays reduced 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. Wells Fargo & Company boosted 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 report on Friday, August 2nd. Jefferies Financial Group initiated coverage on shares of Pinnacle West Capital in a research report on Thursday, September 19th. They issued a “buy” rating and a $104.00 price target on the stock. Finally, LADENBURG THALM/SH SH raised Pinnacle West Capital from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $74.00 to $83.50 in a report on Thursday, June 6th. Eight equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $80.54.

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.