Tower Research Capital LLC TRC Invests $462,000 in Pinnacle West Capital Co. (PNW) Stock

Tower Research Capital LLC TRC bought a new position in shares of Pinnacle West Capital Co. (NYSE:PNW) during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund bought 5,745 shares of the utilities provider’s stock, valued at approximately $462,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. OppenheimerFunds Inc. increased its position in Pinnacle West Capital by 14.1% during the 2nd quarter. OppenheimerFunds Inc. now owns 5,409 shares of the utilities provider’s stock worth $436,000 after purchasing an additional 668 shares during the period. BB&T Securities LLC boosted its stake in shares of Pinnacle West Capital by 19.3% during the 2nd quarter. BB&T Securities LLC now owns 4,293 shares of the utilities provider’s stock worth $345,000 after acquiring an additional 694 shares in the last quarter. Nissay Asset Management Corp Japan ADV boosted its stake in shares of Pinnacle West Capital by 11.1% during the 2nd quarter. Nissay Asset Management Corp Japan ADV now owns 9,899 shares of the utilities provider’s stock worth $797,000 after acquiring an additional 988 shares in the last quarter. Zacks Investment Management boosted its stake in shares of Pinnacle West Capital by 4.9% during the 2nd quarter. Zacks Investment Management now owns 22,424 shares of the utilities provider’s stock worth $1,806,000 after acquiring an additional 1,043 shares in the last quarter. Finally, Baird Financial Group Inc. boosted its stake in shares of Pinnacle West Capital by 3.5% during the 1st quarter. Baird Financial Group Inc. now owns 31,579 shares of the utilities provider’s stock worth $2,520,000 after acquiring an additional 1,077 shares in the last quarter. Institutional investors own 81.98% of the company’s stock.

Shares of NYSE:PNW opened at $78.18 on Wednesday. The company has a market cap of $8.98 billion, a PE ratio of 17.97, a PEG ratio of 4.03 and a beta of 0.13. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.36 and a current ratio of 0.50. Pinnacle West Capital Co. has a 12 month low of $73.41 and a 12 month high of $92.48.

Pinnacle West Capital (NYSE:PNW) last posted its earnings results on Friday, August 3rd. The utilities provider reported $1.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.44 by $0.04. Pinnacle West Capital had a return on equity of 9.12% and a net margin of 12.95%. The firm had revenue of $974.12 million for the quarter, compared to analyst estimates of $939.59 million. During the same quarter in the prior year, the company earned $1.49 EPS. Pinnacle West Capital’s revenue was up 3.1% on a year-over-year basis. analysts expect that Pinnacle West Capital Co. will post 4.45 EPS for the current fiscal year.

Several equities research analysts have recently commented on PNW shares. Zacks Investment Research lowered Pinnacle West Capital from a “hold” rating to a “sell” rating in a research note on Wednesday, September 12th. Wells Fargo & Co raised Pinnacle West Capital to a “buy” rating and boosted their price target for the stock from $88.00 to $90.00 in a research note on Sunday, September 16th. ValuEngine raised Pinnacle West Capital from a “sell” rating to a “hold” rating in a research note on Wednesday, June 27th. Morgan Stanley decreased their price target on Pinnacle West Capital from $89.00 to $85.00 and set a “hold” rating on the stock in a research note on Friday, September 21st. Finally, UBS Group boosted their price target on Pinnacle West Capital from $79.00 to $83.00 and gave the stock a “neutral” rating in a research note on Friday, August 10th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and three have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $84.22.

About Pinnacle West Capital

Pinnacle West Capital Corporation, through its subsidiary, Arizona Public Service Company, provides retail and wholesale electric services primarily in the state of Arizona. It generates, transmits, and distributes electricity using coal, nuclear, gas, oil, and solar resources. The company serves approximately 1.2 million homes and businesses.

Read More: Price to Earnings Ratio (PE)

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Institutional Ownership by Quarter for Pinnacle West Capital (NYSE:PNW)

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