Sequoia Financial Advisors LLC Increases Stake in Pinnacle West Capital Co. (NYSE:PNW)

Sequoia Financial Advisors LLC raised its stake in shares of Pinnacle West Capital Co. (NYSE:PNW) by 14.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,260 shares of the utilities provider’s stock after buying an additional 412 shares during the quarter. Sequoia Financial Advisors LLC’s holdings in Pinnacle West Capital were worth $276,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in PNW. HITE Hedge Asset Management LLC grew its holdings in shares of Pinnacle West Capital by 261.2% in the third quarter. HITE Hedge Asset Management LLC now owns 92,311 shares of the utilities provider’s stock valued at $8,178,000 after purchasing an additional 66,755 shares in the last quarter. XTX Topco Ltd purchased a new position in Pinnacle West Capital during the third quarter worth $2,235,000. Principal Financial Group Inc. boosted its stake in Pinnacle West Capital by 7.7% during the third quarter. Principal Financial Group Inc. now owns 139,243 shares of the utilities provider’s stock worth $12,336,000 after buying an additional 9,993 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its stake in Pinnacle West Capital by 47.2% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,716 shares of the utilities provider’s stock worth $995,000 after buying an additional 3,758 shares during the period. Finally, Bridgewater Associates LP boosted its stake in Pinnacle West Capital by 104.5% during the third quarter. Bridgewater Associates LP now owns 101,970 shares of the utilities provider’s stock worth $9,034,000 after buying an additional 52,095 shares during the period. 91.51% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

PNW has been the subject of several research analyst reports. Morgan Stanley decreased their target price on Pinnacle West Capital from $82.00 to $81.00 and set an “equal weight” rating for the company in a research report on Friday, November 22nd. LADENBURG THALM/SH SH upgraded Pinnacle West Capital to a “strong-buy” rating in a research report on Monday. Citigroup lifted their target price on Pinnacle West Capital from $85.00 to $95.00 and gave the stock a “neutral” rating in a research report on Wednesday, December 4th. Guggenheim restated a “buy” rating and issued a $100.00 price objective on shares of Pinnacle West Capital in a report on Wednesday, February 26th. Finally, KeyCorp upgraded Pinnacle West Capital from a “sector weight” rating to an “overweight” rating and set a $101.00 price objective for the company in a report on Wednesday, December 4th. Five equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $93.81.

Pinnacle West Capital Price Performance

Shares of PNW stock opened at $94.23 on Thursday. Pinnacle West Capital Co. has a fifty-two week low of $70.73 and a fifty-two week high of $95.42. The firm has a market capitalization of $11.22 billion, a price-to-earnings ratio of 17.85, a PEG ratio of 3.59 and a beta of 0.53. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.54 and a current ratio of 0.71. The stock’s 50-day simple moving average is $89.00 and its 200-day simple moving average is $88.74.

Pinnacle West Capital (NYSE:PNW) last issued its quarterly earnings results on Tuesday, February 25th. The utilities provider reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.25. Pinnacle West Capital had a return on equity of 9.60% and a net margin of 12.26%. The business had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.06 billion. As a group, equities analysts forecast that Pinnacle West Capital Co. will post 5.13 earnings per share for the current fiscal year.

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.