Pinnacle West Capital Corp. Rating Reiterated by Zacks (PNW)
Pinnacle West Capital Corp. (NYSE:PNW)‘s stock had its “neutral” rating reaffirmed by Zacks in a research note issued on Thursday, StockRatingsNetwork.com reports. They currently have a $58.00 price target on the stock. Zacks‘ price objective indicates a potential upside of 5.34% from the stock’s previous close.
Zacks‘ analyst wrote, “Pinnacle West Capital Corp. posted an earnings surprise in the second quarter of 2013 driven by positive rate changes and lower infrastructure cost. Pinnacle West’s unrelenting efforts to develop its solar asset portfolio and expansion of transmission capabilities will boost future growth. These endeavors will be supported by the recovering Arizona economy with an expected increase in the customer base in the coming years. In addition, Pinnacle West witnessed an upgrade in its investment credit ratings, which will allow easy access to funds for financing its growth-centric projects. Nevertheless, weather variations and risk of water scarcity owing to Arizona’s desert climate remain matters of concern. We therefore retain our Neutral recommendation on the stock.”
PNW has been the subject of a number of other recent research reports. Analysts at Citigroup Inc. upgraded shares of Pinnacle West Capital Corp. (NYSE:PNW) from a “sell” rating to a “neutral” rating in a research note to investors on Friday, September 13th. They now have a $57.00 price target on the stock. Separately, analysts at Bank of America Corp. upgraded shares of Pinnacle West Capital Corp. (NYSE:PNW) to a “buy” rating in a research note to investors on Thursday, September 12th. Finally, analysts at Ladenburg Thalmann raised their price target on shares of Pinnacle West Capital Corp. (NYSE:PNW) from $56.00 to $60.00 in a research note to investors on Tuesday, August 6th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and two have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $59.69.
Pinnacle West Capital Corp. (NYSE:PNW) traded down 0.20% during mid-day trading on Thursday, hitting $55.06. 465,708 shares of the company’s stock traded hands. Pinnacle West Capital Corp. has a 52 week low of $48.73 and a 52 week high of $61.89. The stock has a 50-day moving average of $54.85 and a 200-day moving average of $57.13. The company has a market cap of $6.056 billion and a P/E ratio of 14.49.
Pinnacle West Capital Corp. (NYSE:PNW) last issued its quarterly earnings data on Friday, August 2nd. The company reported $1.18 earnings per share for the quarter, beating the analysts’ consensus estimate of $1.07 by $0.11. The company had revenue of $915.82 million for the quarter, compared to the consensus estimate of $880.80 million. During the same quarter last year, the company posted $1.12 earnings per share.
Pinnacle West Capital Corporation (NYSE:PNW) is a holding company that conducts business through its subsidiaries.
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