Morningstar Investment Management LLC Buys New Position in Pinnacle West Capital Corporation $PNW

Key Points

• Morningstar Investment Management LLC has purchased a new stake in Pinnacle West Capital Corporation, acquiring 3,915 shares valued at around $350,000 during Q2.
• A variety of institutional investors have recently bought shares of Pinnacle West, with institutional ownership now at 91.51% of the company's stock.
• Analysts have issued mixed ratings on Pinnacle West, with five giving it a "Buy," eight a "Hold," and one a "Sell," while the average target price currently sits at $96.64.

Morningstar Investment Management LLC bought a new stake in Pinnacle West Capital Corporation (NYSE:PNW - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 3,915 shares of the utilities provider's stock, valued at approximately $350,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Clearstead Trust LLC acquired a new stake in Pinnacle West Capital in the 1st quarter valued at approximately $25,000. Costello Asset Management INC bought a new position in Pinnacle West Capital in the first quarter valued at approximately $26,000. Ameritas Advisory Services LLC bought a new position in Pinnacle West Capital in the second quarter valued at approximately $31,000. Brooklyn Investment Group grew its stake in Pinnacle West Capital by 440.0% in the first quarter. Brooklyn Investment Group now owns 486 shares of the utilities provider's stock valued at $46,000 after purchasing an additional 396 shares in the last quarter. Finally, HM Payson & Co. grew its stake in Pinnacle West Capital by 49.7% in the first quarter. HM Payson & Co. now owns 590 shares of the utilities provider's stock valued at $56,000 after purchasing an additional 196 shares in the last quarter. Institutional investors and hedge funds own 91.51% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on PNW shares. BMO Capital Markets raised their price target on Pinnacle West Capital from $96.00 to $98.00 and gave the company a "market perform" rating in a research note on Thursday, August 7th. Mizuho downgraded Pinnacle West Capital from an "outperform" rating to a "neutral" rating and decreased their price target for the company from $102.00 to $90.00 in a research note on Tuesday, September 9th. UBS Group raised their price target on Pinnacle West Capital from $95.00 to $101.00 and gave the company a "neutral" rating in a research note on Friday. Morgan Stanley decreased their price target on Pinnacle West Capital from $89.00 to $87.00 and set an "equal weight" rating for the company in a research note on Thursday, September 25th. Finally, Argus decreased their price target on Pinnacle West Capital from $98.00 to $95.00 and set a "buy" rating for the company in a research note on Tuesday, September 30th. Five research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $96.64.

Insider Transactions at Pinnacle West Capital

In related news, EVP Jacob Tetlow sold 6,496 shares of the business's stock in a transaction on Monday, August 11th. The stock was sold at an average price of $92.37, for a total value of $600,035.52. Following the completion of the sale, the executive vice president directly owned 56 shares in the company, valued at $5,172.72. The trade was a 99.15% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 0.23% of the stock is owned by company insiders.

Pinnacle West Capital Stock Performance

Shares of NYSE PNW opened at $93.49 on Wednesday. The company has a current ratio of 0.52, a quick ratio of 0.37 and a debt-to-equity ratio of 1.25. Pinnacle West Capital Corporation has a 12 month low of $81.47 and a 12 month high of $96.50. The stock has a 50 day moving average of $89.68 and a 200-day moving average of $90.78. The company has a market capitalization of $11.17 billion, a P/E ratio of 19.28, a P/E/G ratio of 9.51 and a beta of 0.46.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last issued its earnings results on Wednesday, August 6th. The utilities provider reported $1.58 EPS for the quarter, hitting the consensus estimate of $1.58. Pinnacle West Capital had a return on equity of 8.45% and a net margin of 10.96%.The company had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.35 billion. During the same period in the previous year, the company posted $1.76 EPS. The firm's revenue for the quarter was up 3.8% compared to the same quarter last year. As a group, equities research analysts predict that Pinnacle West Capital Corporation will post 5.13 EPS for the current year.

Pinnacle West Capital Company 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.

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