Pinnacle West Capital Co. (NYSE:PNW) Position Reduced by Covalis Capital LLP

Covalis Capital LLP cut its stake in Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 76.7% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 80,508 shares of the utilities provider's stock after selling 264,633 shares during the period. Covalis Capital LLP owned 0.07% of Pinnacle West Capital worth $6,825,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently bought and sold shares of the stock. Principal Financial Group Inc. lifted its position in Pinnacle West Capital by 7.7% during the 3rd quarter. Principal Financial Group Inc. now owns 139,243 shares of the utilities provider's stock worth $12,336,000 after acquiring an additional 9,993 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Pinnacle West Capital by 47.2% in the 4th 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 last quarter. Blue Trust Inc. boosted its stake in Pinnacle West Capital by 33.3% during the 4th quarter. Blue Trust Inc. now owns 1,440 shares of the utilities provider's stock worth $128,000 after purchasing an additional 360 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. raised its holdings in Pinnacle West Capital by 14.6% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,284 shares of the utilities provider's stock valued at $363,000 after acquiring an additional 545 shares during the last quarter. Finally, MCF Advisors LLC boosted its stake in Pinnacle West Capital by 200.6% during the fourth quarter. MCF Advisors LLC now owns 6,154 shares of the utilities provider's stock worth $522,000 after buying an additional 4,107 shares during the last quarter. Hedge funds and other institutional investors own 91.51% of the company's stock.

Pinnacle West Capital Trading Up 0.7 %

Shares of PNW stock traded up $0.69 on Thursday, reaching $95.05. 707,375 shares of the stock were exchanged, compared to its average volume of 1,164,573. The firm has a 50 day moving average of $92.46 and a two-hundred day moving average of $89.43. Pinnacle West Capital Co. has a 1-year low of $72.78 and a 1-year high of $96.50. The company has a quick ratio of 0.54, a current ratio of 0.71 and a debt-to-equity ratio of 1.20. The stock has a market cap of $11.33 billion, a P/E ratio of 18.00, 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 earnings results on Tuesday, February 25th. The utilities provider reported ($0.06) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.31) by $0.25. The business had revenue of $1.10 billion during the quarter, compared to analysts' expectations of $1.06 billion. Pinnacle West Capital had a return on equity of 9.60% and a net margin of 12.26%. On average, research analysts anticipate that Pinnacle West Capital Co. will post 5.13 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on PNW shares. LADENBURG THALM/SH SH upgraded Pinnacle West Capital to a "hold" rating in a report on Tuesday. Barclays lifted their target price on Pinnacle West Capital from $87.00 to $94.00 and gave the stock an "equal weight" rating in a research report on Tuesday, April 1st. Jefferies Financial Group dropped their price objective on shares of Pinnacle West Capital from $106.00 to $104.00 and set a "buy" rating on the stock in a research note on Tuesday, January 28th. Guggenheim reaffirmed a "buy" rating and set a $100.00 price target on shares of Pinnacle West Capital in a report on Wednesday, February 26th. Finally, UBS Group boosted their target price on Pinnacle West Capital from $96.00 to $99.00 and gave the stock a "neutral" rating in a research report on Friday, March 21st. Seven investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $95.50.

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.