Magnetar Financial LLC Makes New $644,000 Investment in Pinnacle West Capital Co. (NYSE:PNW)

Magnetar Financial LLC bought a new position in shares of Pinnacle West Capital Co. (NYSE:PNW) in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 7,592 shares of the utilities provider’s stock, valued at approximately $644,000.

A number of other large investors have also recently added to or reduced their stakes in PNW. Assenagon Asset Management S.A. boosted its position in Pinnacle West Capital by 221.7% during the fourth quarter. Assenagon Asset Management S.A. now owns 677,274 shares of the utilities provider’s stock worth $57,413,000 after purchasing an additional 466,736 shares during the period. Jennison Associates LLC bought a new stake in Pinnacle West Capital during the fourth quarter worth approximately $32,078,000. Reaves W H & Co. Inc. boosted its position in 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 during the period. Yaupon Capital Management LP bought a new stake in Pinnacle West Capital during the third quarter worth approximately $22,173,000. Finally, Zimmer Partners LP boosted its position in Pinnacle West Capital by 5.7% during the third quarter. Zimmer Partners LP now owns 2,899,676 shares of the utilities provider’s stock worth $256,882,000 after purchasing an additional 155,466 shares during the period. Institutional investors own 91.51% of the company’s stock.

Wall Street Analyst Weigh In

PNW has been the subject of several research reports. KeyCorp raised Pinnacle West Capital from a “sector weight” rating to an “overweight” rating and set a $101.00 price objective for the company in a research report on Wednesday, December 4th. Citigroup increased their price objective on Pinnacle West Capital from $85.00 to $95.00 and gave the company a “neutral” rating in a research report on Wednesday, December 4th. Jefferies Financial Group reduced their price objective on 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. Wells Fargo & Company increased their price objective on Pinnacle West Capital from $92.00 to $95.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 26th. Finally, LADENBURG THALM/SH SH raised Pinnacle West Capital to a “strong-buy” rating in a research report on Monday, March 17th. Six research analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Pinnacle West Capital currently has an average rating of “Moderate Buy” and an average target price of $95.17.

Pinnacle West Capital Stock Performance

Pinnacle West Capital stock opened at $93.67 on Friday. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.71 and a quick ratio of 0.54. The stock has a fifty day moving average price of $89.46 and a two-hundred day moving average price of $88.82. Pinnacle West Capital Co. has a 52-week low of $70.73 and a 52-week high of $95.42. The firm has a market capitalization of $11.16 billion, a P/E ratio of 17.74, a P/E/G ratio of 3.59 and a beta of 0.53.

Pinnacle West Capital (NYSE:PNW) last announced its earnings results on Tuesday, February 25th. The utilities provider reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.25. Pinnacle West Capital had a return on equity of 9.60% and a net margin of 12.26%. The company had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.06 billion. As a group, analysts anticipate that Pinnacle West Capital Co. will post 5.13 EPS for the current fiscal year.

Pinnacle West Capital 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.