Inspire Investing LLC Purchases New Position in Pinnacle West Capital Co. (NYSE:PNW)

Inspire Investing LLC bought a new stake in shares of Pinnacle West Capital Co. (NYSE:PNW) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 9,634 shares of the utilities provider’s stock, valued at approximately $854,000.

Several other hedge funds have also recently modified their holdings of the business. Blue Trust Inc. raised its holdings in shares of Pinnacle West Capital by 377.9% during the second quarter. Blue Trust Inc. now owns 368 shares of the utilities provider’s stock valued at $28,000 after purchasing an additional 291 shares during the last quarter. Cape Investment Advisory Inc. bought a new stake in shares of Pinnacle West Capital during the 1st quarter valued at $30,000. Newbridge Financial Services Group Inc. lifted its stake in shares of Pinnacle West Capital by 70.6% during the 4th quarter. Newbridge Financial Services Group Inc. now owns 481 shares of the utilities provider’s stock valued at $35,000 after buying an additional 199 shares in the last quarter. Rise Advisors LLC purchased a new stake in Pinnacle West Capital in the 1st quarter worth $36,000. Finally, Riverview Trust Co purchased a new position in shares of Pinnacle West Capital in the first quarter valued at about $46,000. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. Barclays reduced their price objective on shares of Pinnacle West Capital from $81.00 to $78.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 2nd. Wells Fargo & Company increased their price target on Pinnacle West Capital from $80.00 to $87.00 and gave the company an “equal weight” rating in a research note on Friday, August 2nd. Jefferies Financial Group assumed coverage on Pinnacle West Capital in a report on Thursday, September 19th. They set a “buy” rating and a $104.00 price objective on the stock. StockNews.com upgraded shares of Pinnacle West Capital from a “sell” rating to a “hold” rating in a research report on Monday, August 5th. Finally, Morgan Stanley lifted their price objective on shares of Pinnacle West Capital from $78.00 to $83.00 and gave the stock an “equal weight” rating in a research note on Wednesday, September 25th. Seven equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, Pinnacle West Capital currently has an average rating of “Hold” and an average target price of $80.54.

Pinnacle West Capital Trading Up 0.7 %

Shares of NYSE:PNW opened at $86.53 on Tuesday. The firm has a market capitalization of $9.83 billion, a P/E ratio of 18.85, a P/E/G ratio of 2.20 and a beta of 0.52. The company has a debt-to-equity ratio of 1.28, a current ratio of 0.66 and a quick ratio of 0.48. The business’s 50-day moving average is $87.80 and its 200 day moving average is $80.79. Pinnacle West Capital Co. has a 1 year low of $65.20 and a 1 year high of $91.57.

Pinnacle West Capital (NYSE:PNW) last announced its quarterly earnings data on Thursday, August 1st. The utilities provider reported $1.76 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.31 by $0.45. The firm had revenue of $1.31 billion during the quarter, compared to analysts’ expectations of $1.21 billion. Pinnacle West Capital had a return on equity of 9.75% and a net margin of 12.65%. The company’s revenue for the quarter was up 15.7% compared to the same quarter last year. During the same period last year, the business posted $0.94 earnings per share. On average, research analysts predict that Pinnacle West Capital Co. will post 4.77 earnings per share for the current fiscal year.

Insider Activity

In related news, EVP Robert Edgar Smith sold 4,950 shares of Pinnacle West Capital stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $85.80, for a total transaction of $424,710.00. Following the completion of the transaction, the executive vice president now directly owns 6,397 shares in the company, valued at approximately $548,862.60. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.23% of the company’s stock.

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.