Barrow Hanley Mewhinney & Strauss LLC Increases Stock Position in Pinnacle West Capital Co. (NYSE:PNW)

Barrow Hanley Mewhinney & Strauss LLC raised its position in Pinnacle West Capital Co. (NYSE:PNW) by 0.6% in the fourth quarter, Holdings Channel reports. The institutional investor owned 6,864,993 shares of the utilities provider’s stock after purchasing an additional 37,768 shares during the period. Pinnacle West Capital accounts for about 2.0% of Barrow Hanley Mewhinney & Strauss LLC’s portfolio, making the stock its 11th largest position. Barrow Hanley Mewhinney & Strauss LLC owned about 0.06% of Pinnacle West Capital worth $581,945,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Vanguard Group Inc. raised its position in Pinnacle West Capital by 1.0% during the fourth quarter. Vanguard Group Inc. now owns 14,180,909 shares of the utilities provider’s stock worth $1,202,116,000 after acquiring an additional 143,716 shares during the period. State Street Corp increased its stake in shares of Pinnacle West Capital by 0.9% in the 3rd quarter. State Street Corp now owns 6,404,718 shares of the utilities provider’s stock worth $567,394,000 after acquiring an additional 56,644 shares during the last quarter. Zimmer Partners LP raised its holdings in shares of Pinnacle West Capital by 5.7% during the 3rd quarter. Zimmer Partners LP now owns 2,899,676 shares of the utilities provider’s stock worth $256,882,000 after acquiring an additional 155,466 shares during the period. Norges Bank acquired a new position in shares of Pinnacle West Capital during the 4th quarter valued at about $194,655,000. Finally, Pictet Asset Management Holding SA grew its holdings in shares of Pinnacle West Capital by 17.0% in the fourth quarter. Pictet Asset Management Holding SA now owns 1,855,586 shares of the utilities provider’s stock valued at $157,298,000 after purchasing an additional 268,951 shares during the period. Institutional investors and hedge funds own 91.51% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on PNW. Morgan Stanley lifted their target price on shares of Pinnacle West Capital from $84.00 to $88.00 and gave the stock an “equal weight” rating in a research note on Thursday, March 20th. Jefferies Financial Group decreased their price objective on Pinnacle West Capital from $106.00 to $104.00 and set a “buy” rating on the stock in a report on Tuesday, January 28th. UBS Group raised their target price on Pinnacle West Capital from $96.00 to $99.00 and gave the stock a “neutral” rating in a research note on Friday, March 21st. KeyCorp raised Pinnacle West Capital from a “sector weight” rating to an “overweight” rating and set a $101.00 price target on the stock in a research note on Wednesday, December 4th. Finally, Wells Fargo & Company raised their price objective on Pinnacle West Capital from $92.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 26th. Six research analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $95.17.

Pinnacle West Capital Stock Performance

NYSE PNW opened at $94.23 on Friday. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.71 and a quick ratio of 0.54. The company has a market cap of $11.22 billion, a P/E ratio of 17.85, a P/E/G ratio of 3.59 and a beta of 0.53. The stock has a 50-day moving average of $90.28 and a two-hundred day moving average of $88.96. Pinnacle West Capital Co. has a 1-year low of $70.73 and a 1-year high of $95.42.

Pinnacle West Capital (NYSE:PNW) last announced its quarterly earnings data on Tuesday, February 25th. The utilities provider reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.25. The firm had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.06 billion. Pinnacle West Capital had a net margin of 12.26% and a return on equity of 9.60%. As a group, analysts anticipate that Pinnacle West Capital Co. will post 5.13 EPS for the current year.

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.