New England Asset Management Inc. reduced its position in shares of Pinnacle West Capital Co. (NYSE:PNW) by 1.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 49,185 shares of the utilities provider’s stock after selling 600 shares during the period. New England Asset Management Inc.’s holdings in Pinnacle West Capital were worth $4,628,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in the stock. Zions Bancorporation N.A. bought a new position in shares of Pinnacle West Capital in the first quarter valued at approximately $26,000. Weaver Consulting Group bought a new position in shares of Pinnacle West Capital in the first quarter valued at approximately $29,000. Old North State Trust LLC grew its holdings in shares of Pinnacle West Capital by 27.6% in the second quarter. Old North State Trust LLC now owns 721 shares of the utilities provider’s stock valued at $68,000 after acquiring an additional 156 shares in the last quarter. Flagship Harbor Advisors LLC grew its holdings in shares of Pinnacle West Capital by 28.4% in the second quarter. Flagship Harbor Advisors LLC now owns 959 shares of the utilities provider’s stock valued at $90,000 after acquiring an additional 212 shares in the last quarter. Finally, Executive Wealth Management LLC grew its holdings in shares of Pinnacle West Capital by 28.5% in the second quarter. Executive Wealth Management LLC now owns 1,277 shares of the utilities provider’s stock valued at $120,000 after acquiring an additional 283 shares in the last quarter. 88.10% of the stock is owned by institutional investors and hedge funds.

Several equities analysts have recently issued reports on the company. Williams Capital reaffirmed a “hold” rating and issued a $97.00 target price (up from $87.00) on shares of Pinnacle West Capital in a report on Monday, August 12th. ValuEngine lowered Pinnacle West Capital from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Morgan Stanley set a $92.00 target price on Pinnacle West Capital and gave the company a “sell” rating in a report on Friday, August 16th. Evercore ISI lowered Pinnacle West Capital from an “in-line” rating to an “underperform” rating in a report on Friday, August 9th. Finally, UBS Group upped their target price on Pinnacle West Capital from $99.00 to $104.00 and gave the company a “neutral” rating in a report on Friday. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating and four have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $97.75.

Shares of NYSE:PNW traded up $0.91 during trading on Friday, hitting $97.17. 896,044 shares of the company were exchanged, compared to its average volume of 960,186. The company has a market cap of $10.77 billion, a PE ratio of 21.40, a P/E/G ratio of 3.31 and a beta of 0.12. The stock has a 50 day moving average of $93.91 and a 200 day moving average of $94.68. Pinnacle West Capital Co. has a 52-week low of $77.19 and a 52-week high of $99.81. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.54 and a quick ratio of 0.38.

Pinnacle West Capital (NYSE:PNW) last posted its earnings results on Thursday, August 8th. The utilities provider reported $1.28 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.43 by ($0.15). The company had revenue of $869.50 million for the quarter, compared to analysts’ expectations of $973.16 million. Pinnacle West Capital had a return on equity of 9.33% and a net margin of 13.84%. The company’s revenue was down 10.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.48 EPS. Sell-side analysts forecast that Pinnacle West Capital Co. will post 4.76 EPS for the current fiscal year.

About Pinnacle West Capital

Pinnacle West Capital Corporation, through its subsidiary, Arizona Public Service Company, provides retail and wholesale electric services primarily in the state of Arizona. It generates, transmits, and distributes electricity using coal, nuclear, gas, oil, and solar generating facilities. The company serves approximately 1.2 million customers.

Further Reading: Growth Stocks

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

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