Millennium Management buys $253,376,472 stake in Pinnacle West Capital Corporation (PNW)

Pinnacle West Capital Corporation (PNW) : Millennium Management scooped up 40,852 additional shares in Pinnacle West Capital Corporation during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Nov 14, 2016. The investment management firm now holds a total of 3,467,111 shares of Pinnacle West Capital Corporation which is valued at $253,376,472.Pinnacle West Capital Corporation makes up approximately 0.49% of Millennium Management’s portfolio.

Other Hedge Funds, Including , Zimmer Partners Lp added PNW to its portfolio by purchasing 75,000 company shares during the most recent quarter which is valued at $5,481,000. Pinnacle West Capital Corporation makes up approx 0.16% of Zimmer Partners Lp’s portfolio.Mirador Capital Partners Lp boosted its stake in PNW in the latest quarter, The investment management firm added 7 additional shares and now holds a total of 2,818 shares of Pinnacle West Capital Corporation which is valued at $211,491. Pinnacle West Capital Corporation makes up approx 0.18% of Mirador Capital Partners Lp’s portfolio.Reinhart Partners reduced its stake in PNW by selling 1,306 shares or 0.8% in the most recent quarter. The Hedge Fund company now holds 162,703 shares of PNW which is valued at $12,222,249. Pinnacle West Capital Corporation makes up approx 1.23% of Reinhart Partners’s portfolio.

Pinnacle West Capital Corporation closed down -0.49 points or -0.66% at $73.26 with 8,93,363 shares getting traded on Monday. Post opening the session at $73.67, the shares hit an intraday low of $72.92 and an intraday high of $74.31 and the price fluctuated in this range throughout the day.Shares ended Monday session in Red.

On the company’s financial health, Pinnacle West Capital Corporation reported $2.35 EPS for the quarter, missing the analyst consensus estimate by $ -0.06 based on the information available during the earnings call on Nov 3, 2016. Analyst had a consensus of $2.41. The company had revenue of $1166.92 million for the quarter, compared to analysts expectations of $1200.58 million. The company’s revenue was down -2.7 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $2.30 EPS.

Many Wall Street Analysts have commented on Pinnacle West Capital Corporation. Williams Capital Group Upgraded Pinnacle West Capital Corporation on Oct 10, 2016 to ” Buy”, Price Target of the shares are set at $79.Company shares were Reiterated by Williams Capital Group on Aug 30, 2016 to “Hold”, Firm has raised the Price Target to $ 79 from a previous price target of $58 .

Pinnacle West Capital Corporation is a holding company that operates primarily through its wholly owned subsidiaries is engaged in regulated retail and wholesale electricity businesses. The Company’s operations primarily include electricity generation transmission and distribution. The Company’s subsidiaries include Arizona Public Service Company (APS) a vertically integrated electric utility that provides either retail or wholesale electric service to the State of Arizona with the exceptions of about one-half of the Phoenix metropolitan area the Tucson metropolitan area and Mohave County in northwestern Arizona; El Dorado Investment Company (El Dorado) and Bright Canyon Energy Corporation (BCE). APS provides electric service to approximately 1.2 million customers. APS has ownership interests in or leases the coal nuclear gas oil and solar generating facilities.

Comments (0)

Leave a Reply

Your email address will not be published. Required fields are marked *

Pinnacle West Capital Corporation - Is it time to Sell?

Top Brokerage Firms are advising their investors on Pinnacle West Capital Corporation. Subscribe to MoneyFlowIndex.Org Pre-Market Alerts, You will be the first to know the street buzz.