Pictet Asset Management Holding SA Increases Stake in Pinnacle West Capital Co. (NYSE:PNW)

Pictet Asset Management Holding SA lifted its stake in shares of Pinnacle West Capital Co. (NYSE:PNW) by 17.0% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,855,586 shares of the utilities provider’s stock after purchasing an additional 268,951 shares during the period. Pictet Asset Management Holding SA owned 1.63% of Pinnacle West Capital worth $157,298,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. YANKCOM Partnership purchased a new stake in shares of Pinnacle West Capital in the 4th quarter valued at approximately $29,000. Brown Lisle Cummings Inc. purchased a new stake in Pinnacle West Capital during the 4th quarter worth approximately $38,000. Roble Belko & Company Inc acquired a new stake in shares of Pinnacle West Capital in the fourth quarter valued at $42,000. Transcendent Capital Group LLC acquired a new stake in Pinnacle West Capital in the fourth quarter valued at approximately $46,000. Finally, Allworth Financial LP raised its stake in Pinnacle West Capital by 125.9% in the fourth quarter. Allworth Financial LP now owns 655 shares of the utilities provider’s stock valued at $56,000 after buying an additional 365 shares in the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Wall Street Analyst Weigh In

PNW has been the topic of several research analyst reports. Jefferies Financial Group cut their price target on shares of Pinnacle West Capital from $106.00 to $104.00 and set a “buy” rating on the stock in a research note on Tuesday, January 28th. KeyCorp upgraded shares of Pinnacle West Capital from a “sector weight” rating to an “overweight” rating and set a $101.00 target price for the company in a research note on Wednesday, December 4th. Guggenheim reissued a “buy” rating and set a $100.00 price target on shares of Pinnacle West Capital in a report on Wednesday, February 26th. UBS Group raised their target price on Pinnacle West Capital from $96.00 to $99.00 and gave the company a “neutral” rating in a report on Friday, March 21st. Finally, Morgan Stanley boosted their price target on 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. Six analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $95.17.

Pinnacle West Capital Price Performance

NYSE:PNW opened at $94.23 on Friday. The company’s 50-day moving average is $90.28 and its two-hundred day moving average is $88.97. 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 market cap of $11.22 billion, a price-to-earnings ratio of 17.85, a price-to-earnings-growth ratio of 3.59 and a beta of 0.53. Pinnacle West Capital Co. has a 12-month low of $70.73 and a 12-month high of $95.42.

Pinnacle West Capital (NYSE:PNW) last released its earnings results on Tuesday, February 25th. The utilities provider reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.31) by $0.25. The business had revenue of $1.10 billion for 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%. Research analysts expect that Pinnacle West Capital Co. 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.