Pinnacle West Capital Corporation $PNW Shares Purchased by Beacon Investment Advisory Services Inc.

Key Points

• Beacon Investment Advisory Services Inc. increased its stake in Pinnacle West Capital by 19.4%, owning 62,818 shares valued at approximately $5.62 million as of the end of the recent quarter.
• Multiple hedge funds have raised their positions in Pinnacle West Capital, including a 26.2% increase from Wealth Enhancement Advisory Services LLC and a 12.0% increase from Mirae Asset Global Investments.
• Pinnacle West Capital's latest earnings report showed EPS of $1.58, meeting analysts' expectations, with a quarterly revenue of $1.36 billion, up 3.8% year-over-year.

Beacon Investment Advisory Services Inc. boosted its position in Pinnacle West Capital Corporation (NYSE:PNW - Free Report) by 19.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 62,818 shares of the utilities provider's stock after acquiring an additional 10,204 shares during the quarter. Beacon Investment Advisory Services Inc. owned 0.05% of Pinnacle West Capital worth $5,620,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC raised its holdings in Pinnacle West Capital by 26.2% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 29,775 shares of the utilities provider's stock valued at $2,524,000 after acquiring an additional 6,183 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in Pinnacle West Capital by 12.0% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 13,127 shares of the utilities provider's stock worth $1,236,000 after purchasing an additional 1,411 shares in the last quarter. Stratos Wealth Partners LTD. raised its holdings in Pinnacle West Capital by 26.2% during the first quarter. Stratos Wealth Partners LTD. now owns 5,546 shares of the utilities provider's stock worth $528,000 after purchasing an additional 1,150 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. raised its holdings in Pinnacle West Capital by 8.5% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,650 shares of the utilities provider's stock worth $443,000 after purchasing an additional 366 shares in the last quarter. Finally, Amalgamated Bank raised its holdings in Pinnacle West Capital by 1.7% during the first quarter. Amalgamated Bank now owns 22,300 shares of the utilities provider's stock worth $2,124,000 after purchasing an additional 372 shares in the last quarter. Institutional investors and hedge funds own 91.51% of the company's stock.

Insiders Place Their Bets

In related news, EVP Jacob Tetlow sold 6,496 shares of Pinnacle West Capital stock in a transaction on Monday, August 11th. The shares were sold at an average price of $92.37, for a total value of $600,035.52. Following the transaction, the executive vice president directly owned 56 shares in the company, valued at $5,172.72. This trade represents a 99.15% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.23% of the stock is currently owned by company insiders.

Pinnacle West Capital Stock Performance

Shares of Pinnacle West Capital stock opened at $87.05 on Thursday. The firm's fifty day simple moving average is $90.10 and its 200-day simple moving average is $91.07. The stock has a market capitalization of $10.40 billion, a price-to-earnings ratio of 17.95, a PEG ratio of 8.99 and a beta of 0.45. Pinnacle West Capital Corporation has a 12 month low of $81.47 and a 12 month high of $96.50. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.52 and a quick ratio of 0.37.

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

Analyst Ratings Changes

A number of analysts have weighed in on PNW shares. BMO Capital Markets raised their price objective on shares of Pinnacle West Capital from $96.00 to $98.00 and gave the stock a "market perform" rating in a report on Thursday, August 7th. UBS Group cut their price objective on shares of Pinnacle West Capital from $98.00 to $95.00 and set a "neutral" rating on the stock in a report on Friday, September 12th. Barclays cut their price objective on shares of Pinnacle West Capital from $94.00 to $93.00 and set an "equal weight" rating on the stock in a report on Wednesday, August 13th. KeyCorp cut their price objective on shares of Pinnacle West Capital from $101.00 to $100.00 and set an "overweight" rating on the stock in a report on Wednesday, July 16th. Finally, Morgan Stanley set a $89.00 price objective on shares of Pinnacle West Capital and gave the stock an "outperform" rating in a report on Thursday, August 21st. Four analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $96.20.

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.

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