Capital Research Global Investors Sells 2,669,778 Shares of Pinnacle West Capital Co. (NYSE:PNW)

Capital Research Global Investors lessened its holdings in Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 18.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 11,691,348 shares of the utilities provider's stock after selling 2,669,778 shares during the quarter. Capital Research Global Investors owned 10.28% of Pinnacle West Capital worth $991,076,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of PNW. YANKCOM Partnership bought a new stake in shares of Pinnacle West Capital in the fourth quarter valued at approximately $29,000. Canada Post Corp Registered Pension Plan acquired a new position in Pinnacle West Capital in the 4th quarter valued at $35,000. Brown Lisle Cummings Inc. bought a new stake in shares of Pinnacle West Capital during the 4th quarter valued at $38,000. Roble Belko & Company Inc bought a new position in shares of Pinnacle West Capital in the fourth quarter worth $42,000. Finally, Transcendent Capital Group LLC acquired a new position in Pinnacle West Capital in the fourth quarter valued at about $46,000. Institutional investors own 91.51% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have commented on PNW shares. Wells Fargo & Company raised their target price on shares of Pinnacle West Capital from $92.00 to $95.00 and gave the company an "equal weight" rating in a report on Wednesday, February 26th. Guggenheim restated a "buy" rating and issued a $100.00 price target on shares of Pinnacle West Capital in a research note on Wednesday, February 26th. LADENBURG THALM/SH SH upgraded shares of Pinnacle West Capital to a "hold" rating in a research report on Tuesday. Barclays raised their target price on shares of Pinnacle West Capital from $87.00 to $94.00 and gave the company an "equal weight" rating in a research report on Tuesday, April 1st. Finally, Morgan Stanley upped their price target on shares of Pinnacle West Capital from $84.00 to $88.00 and gave the stock an "equal weight" rating in a report on Thursday, March 20th. Seven equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, Pinnacle West Capital presently has an average rating of "Hold" and an average target price of $95.50.

Pinnacle West Capital Trading Up 0.6 %

NYSE:PNW traded up $0.56 on Thursday, reaching $94.92. 736,066 shares of the stock traded hands, compared to its average volume of 1,165,460. The company has a current ratio of 0.71, a quick ratio of 0.54 and a debt-to-equity ratio of 1.20. Pinnacle West Capital Co. has a 1-year low of $72.78 and a 1-year high of $96.50. The company's 50 day moving average is $92.46 and its 200-day moving average is $89.43. The firm has a market capitalization of $11.32 billion, a price-to-earnings ratio of 17.97, a price-to-earnings-growth ratio of 3.59 and a beta of 0.42.

Pinnacle West Capital (NYSE:PNW - Get Free Report) 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. The firm had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.06 billion. Pinnacle West Capital had a return on equity of 9.60% and a net margin of 12.26%. Equities research analysts anticipate that Pinnacle West Capital Co. will post 5.13 EPS for the current fiscal year.

Pinnacle West Capital 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.