Envestnet Asset Management Inc. Sells 37,802 Shares of Pinnacle West Capital Co. (NYSE:PNW)

Envestnet Asset Management Inc. decreased its position in Pinnacle West Capital Co. (NYSE:PNW - Free Report) by 27.9% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 97,503 shares of the utilities provider's stock after selling 37,802 shares during the period. Envestnet Asset Management Inc. owned about 0.09% of Pinnacle West Capital worth $8,265,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of PNW. MML Investors Services LLC increased its stake in shares of Pinnacle West Capital by 5.5% during the third quarter. MML Investors Services LLC now owns 6,434 shares of the utilities provider's stock worth $570,000 after purchasing an additional 334 shares in the last quarter. Barclays PLC grew its stake in Pinnacle West Capital by 7.6% during the 3rd quarter. Barclays PLC now owns 203,363 shares of the utilities provider's stock valued at $18,014,000 after acquiring an additional 14,392 shares in the last quarter. Virtu Financial LLC acquired a new position in Pinnacle West Capital in the 3rd quarter valued at about $882,000. Sanctuary Advisors LLC boosted its holdings in Pinnacle West Capital by 61.5% in the 3rd quarter. Sanctuary Advisors LLC now owns 8,151 shares of the utilities provider's stock valued at $757,000 after purchasing an additional 3,104 shares during the last quarter. Finally, Tidal Investments LLC lifted its holdings in shares of Pinnacle West Capital by 7.6% in the 3rd quarter. Tidal Investments LLC now owns 2,881 shares of the utilities provider's stock worth $255,000 after acquiring an additional 203 shares during the last quarter. Hedge funds and other institutional investors own 91.51% of the company's stock.

Pinnacle West Capital Stock Performance

Pinnacle West Capital stock traded up $0.59 during midday trading on Thursday, reaching $94.95. 281,094 shares of the stock traded hands, compared to its average volume of 1,092,808. The company has a current ratio of 0.71, a quick ratio of 0.54 and a debt-to-equity ratio of 1.20. The firm has a fifty day moving average price of $92.46 and a two-hundred day moving average price of $89.43. The firm has a market cap of $11.32 billion, a price-to-earnings ratio of 17.99, a PEG ratio of 3.59 and a beta of 0.42. Pinnacle West Capital Co. has a fifty-two week low of $72.78 and a fifty-two week high of $96.50.

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 company had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.06 billion. Pinnacle West Capital had a net margin of 12.26% and a return on equity of 9.60%. On average, equities research analysts forecast that Pinnacle West Capital Co. will post 5.13 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages have recently commented on PNW. UBS Group upped their price objective on shares of Pinnacle West Capital from $96.00 to $99.00 and gave the stock a "neutral" rating in a report on Friday, March 21st. Barclays boosted their target price on Pinnacle West Capital from $87.00 to $94.00 and gave the company an "equal weight" rating in a report on Tuesday, April 1st. LADENBURG THALM/SH SH raised Pinnacle West Capital to a "hold" rating in a report on Tuesday. Wells Fargo & Company boosted 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 research note on Wednesday, February 26th. Finally, Guggenheim reiterated a "buy" rating and set a $100.00 target price on shares of Pinnacle West Capital in a report on Wednesday, February 26th. Seven analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average 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.