Gateway Investment Advisers LLC Buys 1,697 Shares of Pinnacle West Capital Co. (NYSE:PNW)

Posted by on Mar 24th, 2023

Gateway Investment Advisers LLC boosted its holdings in shares of Pinnacle West Capital Co. (NYSE:PNW – Get Rating) by 5.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 31,536 shares of the utilities provider’s stock after purchasing an additional 1,697 shares during the period. Gateway Investment Advisers LLC’s holdings in Pinnacle West Capital were worth $2,398,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Contravisory Investment Management Inc. lifted its stake in Pinnacle West Capital by 15.8% during the fourth quarter. Contravisory Investment Management Inc. now owns 7,212 shares of the utilities provider’s stock worth $548,000 after purchasing an additional 983 shares during the period. Creative Capital Management Investments LLC bought a new position in Pinnacle West Capital during the fourth quarter worth about $88,000. Mutual Advisors LLC lifted its stake in Pinnacle West Capital by 33.6% during the fourth quarter. Mutual Advisors LLC now owns 4,370 shares of the utilities provider’s stock worth $332,000 after purchasing an additional 1,099 shares during the period. Riverwater Partners LLC lifted its stake in Pinnacle West Capital by 4.7% during the fourth quarter. Riverwater Partners LLC now owns 12,903 shares of the utilities provider’s stock worth $981,000 after purchasing an additional 579 shares during the period. Finally, Assenagon Asset Management S.A. bought a new position in Pinnacle West Capital during the fourth quarter worth about $2,196,000. Institutional investors own 85.21% of the company’s stock.

Pinnacle West Capital Stock Performance

Shares of Pinnacle West Capital stock opened at $74.10 on Friday. The firm has a 50 day simple moving average of $75.12 and a 200 day simple moving average of $73.26. The company has a debt-to-equity ratio of 1.26, a current ratio of 0.99 and a quick ratio of 0.74. Pinnacle West Capital Co. has a fifty-two week low of $59.03 and a fifty-two week high of $80.60. The firm has a market cap of $8.39 billion, a P/E ratio of 17.35 and a beta of 0.44.

Pinnacle West Capital (NYSE:PNW – Get Rating) last released its earnings results on Monday, February 27th. The utilities provider reported ($0.21) EPS for the quarter, missing analysts’ consensus estimates of ($0.18) by ($0.03). Pinnacle West Capital had a return on equity of 7.87% and a net margin of 11.18%. The business had revenue of $1.01 billion for the quarter, compared to analyst estimates of $638.28 million. During the same period in the prior year, the firm posted $0.24 EPS. Pinnacle West Capital’s revenue was up 26.3% on a year-over-year basis. Sell-side analysts predict that Pinnacle West Capital Co. will post 4.12 earnings per share for the current fiscal year.

Analyst Ratings Changes

PNW has been the subject of a number of analyst reports. Credit Suisse Group upgraded shares of Pinnacle West Capital from a “neutral” rating to an “outperform” rating and raised their price target for the stock from $77.00 to $80.00 in a research note on Tuesday, March 14th. Siebert Williams Shank raised their price objective on shares of Pinnacle West Capital to $91.00 in a report on Monday, November 28th. Morgan Stanley dropped their price objective on shares of Pinnacle West Capital from $76.00 to $71.00 and set an “equal weight” rating for the company in a report on Tuesday. StockNews.com began coverage on shares of Pinnacle West Capital in a report on Thursday, March 16th. They set a “hold” rating for the company. Finally, Mizuho dropped their price objective on shares of Pinnacle West Capital from $76.00 to $74.00 and set a “neutral” rating for the company in a report on Thursday, March 2nd. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $73.73.

About Pinnacle West Capital

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Pinnacle West Capital Corp. is a holding company, which engages in providing energy and energy-related products. It offers regulated retail and wholesale electricity businesses and related activities, such as electricity generation, transmission and distribution through its subsidiary, Arizona Public Service Co The company was founded on February 20, 1985, and is headquartered in Phoenix, AZ.

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

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