Brookstone Capital Management Cuts Stock Holdings in Pinnacle West Capital Co. (NYSE:PNW)

Brookstone Capital Management reduced its position in Pinnacle West Capital Co. (NYSE:PNW) by 16.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,403 shares of the utilities provider’s stock after selling 656 shares during the period. Brookstone Capital Management’s holdings in Pinnacle West Capital were worth $301,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Capital Research Global Investors boosted its position in shares of Pinnacle West Capital by 97.5% in the first quarter. Capital Research Global Investors now owns 12,851,930 shares of the utilities provider’s stock worth $960,425,000 after buying an additional 6,344,121 shares during the period. Lazard Asset Management LLC raised its position 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 purchasing an additional 2,828,450 shares in the last quarter. Zimmer Partners LP acquired a new stake in shares of Pinnacle West Capital during the first quarter worth approximately $198,409,000. Barrow Hanley Mewhinney & Strauss LLC increased its stake in shares of Pinnacle West Capital by 24.6% in the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 6,985,619 shares of the utilities provider’s stock worth $533,562,000 after buying an additional 1,379,368 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in Pinnacle West Capital by 31.2% in the second quarter. Dimensional Fund Advisors LP now owns 845,137 shares of the utilities provider’s stock valued at $64,550,000 after acquiring an additional 200,816 shares in the last quarter. 91.51% of the stock is owned by institutional investors and hedge funds.

Pinnacle West Capital Stock Performance

Shares of PNW opened at $86.53 on Tuesday. The firm has a fifty day moving average of $87.80 and a 200-day moving average of $80.79. The company has a market cap of $9.83 billion, a price-to-earnings ratio of 18.85, a price-to-earnings-growth ratio of 2.20 and a beta of 0.52. The company has a debt-to-equity ratio of 1.28, a quick ratio of 0.48 and a current ratio of 0.66. Pinnacle West Capital Co. has a 1 year low of $65.20 and a 1 year high of $91.57.

Pinnacle West Capital (NYSE:PNW) last posted its 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. The firm had revenue of $1.31 billion during the quarter, compared to analysts’ expectations 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 quarterly revenue was up 15.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.94 EPS. As a group, equities analysts anticipate that Pinnacle West Capital Co. will post 4.77 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages have weighed in on PNW. Morgan Stanley raised their price objective on shares of Pinnacle West Capital from $78.00 to $83.00 and gave the stock an “equal weight” rating in a report on Wednesday, September 25th. Jefferies Financial Group assumed coverage on Pinnacle West Capital in a report on Thursday, September 19th. They issued a “buy” rating and a $104.00 price objective for the company. Barclays reduced their target price on Pinnacle West Capital from $81.00 to $78.00 and set an “overweight” rating on the stock in a report on Tuesday, July 2nd. Wells Fargo & Company boosted their price target on Pinnacle West Capital from $80.00 to $87.00 and gave the company an “equal weight” rating in a report on Friday, August 2nd. Finally, StockNews.com upgraded Pinnacle West Capital from a “sell” rating to a “hold” rating in a research note on Monday, August 5th. Seven 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, the stock has a consensus rating of “Hold” and a consensus target price of $80.54.

Insider Activity at Pinnacle West Capital

In other Pinnacle West Capital news, EVP Robert Edgar Smith sold 4,950 shares of the business’s stock in a transaction on Friday, August 9th. The stock was sold at an average price of $85.80, for a total transaction 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. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.23% of the stock is owned by insiders.

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.