Verition Fund Management buys $6,371,440 stake in Pinnacle West Capital Corporation (PNW)

Pinnacle West Capital Corporation (PNW) : Verition Fund Management scooped up 76,762 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 Aug 15, 2016. The investment management firm now holds a total of 81,769 shares of Pinnacle West Capital Corporation which is valued at $6,371,440.Pinnacle West Capital Corporation makes up approximately 1.56% of Verition Fund Management’s portfolio.

Other Hedge Funds, Including , Gotham Asset Management sold out all of its stake in PNW during the most recent quarter. The investment firm sold 63,769 shares of PNW which is valued $4,968,880. Delphi Private Advisors added PNW to its portfolio by purchasing 23 company shares during the most recent quarter which is valued at $1,792.Public Sector Pension Investment Board boosted its stake in PNW in the latest quarter, The investment management firm added 3,100 additional shares and now holds a total of 20,984 shares of Pinnacle West Capital Corporation which is valued at $1,635,073. Pinnacle West Capital Corporation makes up approx 0.02% of Public Sector Pension Investment Board’s portfolio. Pacad Investment Ltd. added PNW to its portfolio by purchasing 1,900 company shares during the most recent quarter which is valued at $148,048. Pinnacle West Capital Corporation makes up approx 0.02% of Pacad Investment Ltd.’s portfolio. Ropes Wealth Advisors added PNW to its portfolio by purchasing 72 company shares during the most recent quarter which is valued at $5,594.

Pinnacle West Capital Corporation closed down -0.23 points or -0.31% at $74.81 with 4,82,227 shares getting traded on Thursday. Post opening the session at $74.91, the shares hit an intraday low of $74.58 and an intraday high of $75.34 and the price fluctuated in this range throughout the day.Shares ended Thursday session in Red.

On the company’s financial health, Pinnacle West Capital Corporation reported $1.08 EPS for the quarter, missing the analyst consensus estimate by $ -0.06 based on the information available during the earnings call on Aug 2, 2016. Analyst had a consensus of $1.14. The company had revenue of $915.39 million for the quarter, compared to analysts expectations of $910.66 million. The company’s revenue was up 2.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.10 EPS.

Many Wall Street Analysts have commented on Pinnacle West Capital Corporation. 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 .Company shares were Reiterated by Mizuho on Aug 3, 2016 to “Neutral”, Firm has raised the Price Target to $ 78 from a previous price target of $70 .Company shares were Reiterated by RBC Capital Mkts on Jun 20, 2016 to “Sector Perform”, Firm has raised the Price Target to $ 73 from a previous price target of $69 .

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.

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