Pinnacle West Capital Co. (NYSE:PNW) Shares Sold by Corebridge Financial Inc.

Corebridge Financial Inc. trimmed its holdings in Pinnacle West Capital Co. (NYSE:PNW) by 4.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 26,921 shares of the utilities provider’s stock after selling 1,275 shares during the quarter. Corebridge Financial Inc.’s holdings in Pinnacle West Capital were worth $2,282,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. HITE Hedge Asset Management LLC raised its holdings in shares of Pinnacle West Capital by 261.2% in the third quarter. HITE Hedge Asset Management LLC now owns 92,311 shares of the utilities provider’s stock valued at $8,178,000 after buying an additional 66,755 shares during the last quarter. XTX Topco Ltd acquired a new position in Pinnacle West Capital in the 3rd quarter valued at about $2,235,000. Principal Financial Group Inc. raised its stake in Pinnacle West Capital by 7.7% during the 3rd quarter. Principal Financial Group Inc. now owns 139,243 shares of the utilities provider’s stock valued at $12,336,000 after acquiring an additional 9,993 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in Pinnacle West Capital by 47.2% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,716 shares of the utilities provider’s stock worth $995,000 after acquiring an additional 3,758 shares during the period. Finally, Blue Trust Inc. grew its stake in shares of Pinnacle West Capital by 33.3% in the 4th quarter. Blue Trust Inc. now owns 1,440 shares of the utilities provider’s stock valued at $128,000 after purchasing an additional 360 shares during the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Pinnacle West Capital Price Performance

Shares of NYSE:PNW opened at $95.23 on Wednesday. The firm has a market capitalization of $11.34 billion, a price-to-earnings ratio of 18.04, a price-to-earnings-growth ratio of 3.59 and a beta of 0.53. 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 business’s 50 day simple moving average is $90.60 and its 200-day simple moving average is $89.04. Pinnacle West Capital Co. has a 12 month low of $70.73 and a 12 month high of $95.83.

Pinnacle West Capital (NYSE:PNW) last posted its earnings results on Tuesday, February 25th. The utilities provider reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.25. The company had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.06 billion. Pinnacle West Capital had a return on equity of 9.60% and a net margin of 12.26%. As a group, equities analysts forecast that Pinnacle West Capital Co. will post 5.13 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. UBS Group increased their price target on Pinnacle West Capital from $96.00 to $99.00 and gave the stock a “neutral” rating in a report on Friday, March 21st. Jefferies Financial Group lowered their target price on shares of Pinnacle West Capital from $106.00 to $104.00 and set a “buy” rating on the stock in a report on Tuesday, January 28th. 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. Barclays lifted their price objective on Pinnacle West Capital from $87.00 to $94.00 and gave the company an “equal weight” rating in a report on Tuesday. Finally, Morgan Stanley boosted their target price on Pinnacle West Capital from $84.00 to $88.00 and gave the stock an “equal weight” rating in a research report on Thursday, March 20th. Six investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $95.50.

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.