Probity Advisors Inc. Trims Stock Holdings in Pinnacle West Capital Co. (NYSE:PNW)

Probity Advisors Inc. trimmed its position in Pinnacle West Capital Co. (NYSE:PNW) by 2.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 5,897 shares of the utilities provider’s stock after selling 167 shares during the period. Probity Advisors Inc.’s holdings in Pinnacle West Capital were worth $522,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Intech Investment Management LLC purchased a new stake in shares of Pinnacle West Capital in the first quarter worth $898,000. Quantbot Technologies LP purchased a new stake in shares of Pinnacle West Capital in the first quarter worth $1,102,000. Natixis purchased a new stake in shares of Pinnacle West Capital in the first quarter worth $4,064,000. Allspring Global Investments Holdings LLC grew its stake in shares of Pinnacle West Capital by 148.8% in the first quarter. Allspring Global Investments Holdings LLC now owns 17,944 shares of the utilities provider’s stock worth $1,341,000 after acquiring an additional 10,732 shares during the last quarter. Finally, Sei Investments Co. grew its stake in shares of Pinnacle West Capital by 15.6% in the first quarter. Sei Investments Co. now owns 228,555 shares of the utilities provider’s stock worth $17,080,000 after acquiring an additional 30,924 shares during the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the company. Barclays cut their target price on Pinnacle West Capital from $81.00 to $78.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 2nd. StockNews.com raised Pinnacle West Capital from a “sell” rating to a “hold” rating in a report on Monday, August 5th. Wells Fargo & Company upped their price target on Pinnacle West Capital from $87.00 to $90.00 and gave the company an “equal weight” rating in a report on Wednesday. Morgan Stanley upped their price target on Pinnacle West Capital from $78.00 to $83.00 and gave the company an “equal weight” rating in a report on Wednesday, September 25th. Finally, Jefferies Financial Group started coverage on Pinnacle West Capital in a report on Thursday, September 19th. They set a “buy” rating and a $104.00 price target on the stock. Seven research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $80.79.

Insider Transactions at Pinnacle West Capital

In other news, EVP Robert Edgar Smith sold 4,950 shares of the firm’s stock in a transaction on Friday, August 9th. The shares were sold at an average price of $85.80, for a total transaction of $424,710.00. Following the sale, the executive vice president now directly owns 6,397 shares in the company, valued at $548,862.60. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.23% of the company’s stock.

Pinnacle West Capital Trading Up 0.6 %

Shares of Pinnacle West Capital stock opened at $87.57 on Thursday. The company’s fifty day simple moving average is $87.90 and its 200-day simple moving average is $81.01. The stock has a market capitalization of $9.94 billion, a PE ratio of 19.08, a P/E/G ratio of 2.20 and a beta of 0.52. Pinnacle West Capital Co. has a 1-year low of $65.20 and a 1-year high of $91.57. The company has a debt-to-equity ratio of 1.28, a current ratio of 0.66 and a quick ratio of 0.48.

Pinnacle West Capital (NYSE:PNW) last issued its quarterly earnings results on Thursday, August 1st. The utilities provider reported $1.76 earnings per share for the quarter, topping the consensus estimate of $1.31 by $0.45. The business had revenue of $1.31 billion for the quarter, compared to analysts’ expectations of $1.21 billion. Pinnacle West Capital had a net margin of 12.65% and a return on equity of 9.75%. The company’s revenue was up 15.7% compared to the same quarter last year. During the same quarter last year, the company posted $0.94 EPS. As a group, equities analysts anticipate that Pinnacle West Capital Co. will post 4.77 earnings per share 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.