Voleon Capital Management LP Purchases New Shares in Pinnacle West Capital Co. (NYSE:PNW)

Voleon Capital Management LP purchased a new stake in Pinnacle West Capital Co. (NYSE:PNW) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 24,000 shares of the utilities provider’s stock, valued at approximately $2,258,000.

Other institutional investors have also added to or reduced their stakes in the company. Cibc World Markets Corp raised its holdings in Pinnacle West Capital by 1,120.9% during the 2nd quarter. Cibc World Markets Corp now owns 181,311 shares of the utilities provider’s stock worth $17,060,000 after purchasing an additional 166,461 shares during the last quarter. LSV Asset Management raised its holdings in Pinnacle West Capital by 2.7% during the 2nd quarter. LSV Asset Management now owns 233,430 shares of the utilities provider’s stock worth $21,963,000 after purchasing an additional 6,200 shares during the last quarter. Westpac Banking Corp raised its holdings in Pinnacle West Capital by 37.2% during the 2nd quarter. Westpac Banking Corp now owns 14,169 shares of the utilities provider’s stock worth $1,333,000 after purchasing an additional 3,845 shares during the last quarter. IFM Investors Pty Ltd raised its holdings in Pinnacle West Capital by 23.8% during the 2nd quarter. IFM Investors Pty Ltd now owns 7,020 shares of the utilities provider’s stock worth $661,000 after purchasing an additional 1,350 shares during the last quarter. Finally, Zions Bancorporation N.A. bought a new stake in Pinnacle West Capital during the 1st quarter worth about $26,000. 88.10% of the stock is owned by institutional investors and hedge funds.

Several analysts have weighed in on the company. Williams Capital reissued a “hold” rating and set a $97.00 price objective (up from $87.00) on shares of Pinnacle West Capital in a report on Monday, August 12th. UBS Group boosted their price objective on Pinnacle West Capital from $99.00 to $104.00 and gave the stock a “neutral” rating in a report on Friday, September 20th. Morgan Stanley set a $92.00 price objective on Pinnacle West Capital and gave the stock a “sell” rating in a report on Friday, August 16th. Wells Fargo & Co reissued a “hold” rating on shares of Pinnacle West Capital in a report on Friday, August 9th. Finally, ValuEngine cut Pinnacle West Capital from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have assigned a buy rating to the stock. Pinnacle West Capital has a consensus rating of “Hold” and an average price target of $97.75.



Shares of Pinnacle West Capital stock traded down $0.09 during trading on Wednesday, hitting $97.78. 41,738 shares of the company were exchanged, compared to its average volume of 940,455. The firm has a market capitalization of $10.91 billion, a P/E ratio of 21.53, a price-to-earnings-growth ratio of 3.35 and a beta of 0.11. Pinnacle West Capital Co. has a 1-year low of $77.19 and a 1-year high of $99.81. The firm’s fifty day moving average price is $94.31 and its 200 day moving average price is $94.78. 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 Thomson Reuters’ consensus estimate of $1.43 by ($0.15). The company had revenue of $869.50 million for the quarter, compared to analyst estimates of $973.16 million. Pinnacle West Capital had a return on equity of 9.33% and a net margin of 13.84%. Pinnacle West Capital’s quarterly revenue was down 10.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.48 earnings per share. As a group, equities research analysts anticipate that Pinnacle West Capital Co. will post 4.76 earnings per share for the current year.

Pinnacle West Capital Profile

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: SEC Filing

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

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