JPMorgan Chase & Co. Sells 228,978 Shares of Pinnacle West Capital Co. (NYSE:PNW)

JPMorgan Chase & Co. lowered its stake in shares of Pinnacle West Capital Co. (NYSE:PNW) by 33.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 460,967 shares of the utilities provider’s stock after selling 228,978 shares during the period. JPMorgan Chase & Co.’s holdings in Pinnacle West Capital were worth $39,076,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of PNW. Assenagon Asset Management S.A. raised its position in shares of Pinnacle West Capital by 221.7% in the 4th quarter. Assenagon Asset Management S.A. now owns 677,274 shares of the utilities provider’s stock valued at $57,413,000 after acquiring an additional 466,736 shares during the period. Jennison Associates LLC acquired a new stake in Pinnacle West Capital in the fourth quarter worth $32,078,000. Reaves W H & Co. Inc. boosted its position in shares of Pinnacle West Capital by 35.2% during the fourth quarter. Reaves W H & Co. Inc. now owns 1,390,715 shares of the utilities provider’s stock worth $117,891,000 after purchasing an additional 362,083 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Pinnacle West Capital by 1.0% in the 4th quarter. Vanguard Group Inc. now owns 14,180,909 shares of the utilities provider’s stock valued at $1,202,116,000 after buying an additional 143,716 shares during the period. Finally, Amundi increased its position in shares of Pinnacle West Capital by 1,781.8% in the 4th quarter. Amundi now owns 143,754 shares of the utilities provider’s stock valued at $12,019,000 after buying an additional 136,115 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have weighed in on PNW shares. Barclays lifted their target price on Pinnacle West Capital from $87.00 to $94.00 and gave the stock an “equal weight” rating in a report on Tuesday, April 1st. Guggenheim reiterated a “buy” rating and set a $100.00 price objective on shares of Pinnacle West Capital in a report on Wednesday, February 26th. Jefferies Financial Group lowered their target price on Pinnacle West Capital from $106.00 to $104.00 and set a “buy” rating for the company in a research note on Tuesday, January 28th. Morgan Stanley lifted their price target on shares of Pinnacle West Capital from $84.00 to $88.00 and gave the company an “equal weight” rating in a research note on Thursday, March 20th. Finally, Wells Fargo & Company raised their price objective on shares of Pinnacle West Capital from $92.00 to $95.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 26th. Six equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Pinnacle West Capital has a consensus rating of “Moderate Buy” and a consensus target price of $95.50.

Pinnacle West Capital Stock Performance

Shares of PNW stock opened at $91.15 on Monday. The firm has a market cap of $10.86 billion, a PE ratio of 17.26, a P/E/G ratio of 3.59 and a beta of 0.42. Pinnacle West Capital Co. has a 12 month low of $70.73 and a 12 month high of $96.50. The company’s fifty day simple moving average is $91.09 and its 200-day simple moving average is $89.11. The company has a quick ratio of 0.54, a current ratio of 0.71 and a debt-to-equity ratio of 1.20.

Pinnacle West Capital (NYSE:PNW) last posted its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $1.06 billion. Pinnacle West Capital had a net margin of 12.26% and a return on equity of 9.60%. Equities research analysts expect that Pinnacle West Capital Co. will post 5.13 EPS for the current fiscal 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.