Argus Upgrades Pinnacle West Capital to “Buy” (PNW)
Pinnacle West Capital (NYSE:PNW) was upgraded by investment analysts at Argus from a “hold” rating to a “buy” rating in a note issued to investors on Friday, TheFlyOnTheWall.com reports. The firm currently has a $64.00 price target on the stock. Argus’ price objective would suggest a potential upside of 14.55% from the stock’s previous close. The analysts noted that the move was a valuation call.
A number of other analysts have also recently weighed in on PNW. Analysts at Bank of America downgraded shares of Pinnacle West Capital from a “buy” rating to a “neutral” rating in a research note on Friday, March 28th. They now have a $55.00 price target on the stock, down previously from $59.00. Separately, analysts at BofA Merrill Lynch downgraded shares of Pinnacle West Capital from a “buy” rating to a “neutral” rating in a research note on Friday, March 28th. They now have a $55.00 price target on the stock, down previously from $59.00. Finally, analysts at Credit Suisse initiated coverage on shares of Pinnacle West Capital in a research note on Monday, March 10th. They set a “neutral” rating on the stock. Eleven research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Pinnacle West Capital currently has an average rating of “Hold” and a consensus price target of $58.68.
Shares of Pinnacle West Capital (NYSE:PNW) traded down 0.29% on Friday, hitting $54.84. The stock had a trading volume of 751,903 shares. Pinnacle West Capital has a 1-year low of $51.15 and a 1-year high of $61.89. The stock’s 50-day moving average is $54.6 and its 200-day moving average is $54.2. The company has a market cap of $6.043 billion and a price-to-earnings ratio of 15.03.
Pinnacle West Capital (NYSE:PNW) last posted its quarterly earnings results on Friday, February 21st. The company reported $0.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.18 by $0.04. The company had revenue of $699.76 million for the quarter, compared to the consensus estimate of $664.58 million. On average, analysts predict that Pinnacle West Capital will post $3.70 earnings per share for the current fiscal year.
Pinnacle West Capital Corporation (NYSE:PNW) is a holding company that conducts business through its subsidiaries.
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