Skandinaviska Enskilda Banken AB publ Purchases New Position in Pinnacle West Capital Co. (NYSE:PNW)

Skandinaviska Enskilda Banken AB publ purchased a new stake in Pinnacle West Capital Co. (NYSE:PNW) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 13,886 shares of the utilities provider’s stock, valued at approximately $1,178,000.

Several other hedge funds have also bought and sold shares of the stock. YANKCOM Partnership acquired a new position in shares of Pinnacle West Capital in the 4th quarter valued at $29,000. Brown Lisle Cummings Inc. acquired a new position in shares of Pinnacle West Capital in the fourth quarter worth about $38,000. Prospera Private Wealth LLC purchased a new stake in shares of Pinnacle West Capital during the 3rd quarter worth about $43,000. Roble Belko & Company Inc acquired a new stake in shares of Pinnacle West Capital during the 4th quarter valued at about $42,000. Finally, Transcendent Capital Group LLC purchased a new position in shares of Pinnacle West Capital in the 4th quarter valued at about $46,000. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Pinnacle West Capital Stock Up 0.5 %

PNW stock opened at $94.15 on Tuesday. The company has a market cap of $11.21 billion, a price-to-earnings ratio of 17.83, a PEG ratio of 3.59 and a beta of 0.53. The firm has a 50-day moving average of $88.58 and a two-hundred day moving average of $88.66. Pinnacle West Capital Co. has a 12 month low of $70.73 and a 12 month high of $95.42. The company has a current ratio of 0.71, a quick ratio of 0.54 and a debt-to-equity ratio of 1.20.

Pinnacle West Capital (NYSE:PNW) last announced 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 firm 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, 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 brokerages have commented on PNW. Citigroup raised their price objective on Pinnacle West Capital from $85.00 to $95.00 and gave the company a “neutral” rating in a report on Wednesday, December 4th. Wells Fargo & Company lifted their price target on shares of Pinnacle West Capital from $92.00 to $95.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 26th. Jefferies Financial Group reduced their price objective on shares of Pinnacle West Capital from $106.00 to $104.00 and set a “buy” rating for the company in a research report on Tuesday, January 28th. Morgan Stanley dropped their target price on shares of Pinnacle West Capital from $82.00 to $81.00 and set an “equal weight” rating on the stock in a research report on Friday, November 22nd. Finally, Barclays downgraded shares of Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $93.00 to $91.00 in a research report on Monday, November 18th. Five equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $92.28.

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.