Pinnacle West Capital Corporation (NYSE:PNW) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Tuesday.

According to Zacks, “Pinnacle West Capital is well positioned to reap the benefits of ongoing economic improvement in its service territories. Better economic prospects, increase in the customer count and higher customer spending are expected to drive earnings. The company is also expanding its renewable generation portfolio. Shares of Pinnacle West have outperformed Zacks categorized Utility-Electric Power industry in the last six months. However, the company is subject to comprehensive regulations by federal, state and local regulatory agencies. In addition, its operations are subject to fluctuations in commodity price, as well as operational risks and hazards. Cost of complying with new regulations could increase cost of operations while failure to meet the same might impact its business plans.”

Several other equities research analysts have also weighed in on PNW. BidaskClub lowered Pinnacle West Capital Corporation from a “buy” rating to a “hold” rating in a report on Saturday, June 24th. Morgan Stanley reduced their target price on Pinnacle West Capital Corporation from $83.00 to $82.00 and set an “underweight” rating for the company in a report on Monday, May 8th. Finally, BMO Capital Markets restated a “hold” rating and issued a $86.00 target price on shares of Pinnacle West Capital Corporation in a report on Wednesday, May 17th. One investment analyst has rated the stock with a sell rating and nine have given a hold rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $80.50.

Pinnacle West Capital Corporation (PNW) traded up 0.23% during mid-day trading on Tuesday, hitting $85.76. 690,626 shares of the stock were exchanged. The company has a 50 day moving average price of $87.07 and a 200 day moving average price of $82.46. The stock has a market cap of $9.57 billion, a price-to-earnings ratio of 20.83 and a beta of 0.37. Pinnacle West Capital Corporation has a 52 week low of $70.86 and a 52 week high of $89.56.

Pinnacle West Capital Corporation (NYSE:PNW) last posted its earnings results on Tuesday, May 2nd. The utilities provider reported $0.21 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.15 by $0.06. Pinnacle West Capital Corporation had a return on equity of 9.40% and a net margin of 13.17%. The firm had revenue of $677.73 million during the quarter, compared to analyst estimates of $704.09 million. During the same period in the previous year, the company earned $0.04 EPS. The company’s revenue for the quarter was up .1% on a year-over-year basis. Analysts expect that Pinnacle West Capital Corporation will post $4.24 EPS for the current fiscal year.

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In other news, SVP Daniel T. Froetscher sold 2,800 shares of the company’s stock in a transaction that occurred on Friday, May 26th. The stock was sold at an average price of $87.31, for a total transaction of $244,468.00. Following the completion of the transaction, the senior vice president now directly owns 8,568 shares in the company, valued at $748,072.08. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO James R. Hatfield sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, May 4th. The stock was sold at an average price of $84.35, for a total value of $843,500.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 70,875 shares of company stock valued at $6,003,922. Corporate insiders own 0.70% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the company. WealthTrust Arizona LLC raised its position in shares of Pinnacle West Capital Corporation by 0.7% in the first quarter. WealthTrust Arizona LLC now owns 1,244 shares of the utilities provider’s stock worth $104,000 after buying an additional 9 shares during the period. Northwest Investment Counselors LLC acquired a new position in shares of Pinnacle West Capital Corporation during the second quarter worth approximately $106,000. Amica Retiree Medical Trust raised its position in shares of Pinnacle West Capital Corporation by 128.0% in the first quarter. Amica Retiree Medical Trust now owns 1,496 shares of the utilities provider’s stock worth $125,000 after buying an additional 840 shares during the period. Tompkins Financial Corp raised its position in shares of Pinnacle West Capital Corporation by 15.4% in the first quarter. Tompkins Financial Corp now owns 1,500 shares of the utilities provider’s stock worth $113,000 after buying an additional 200 shares during the period. Finally, Parallel Advisors LLC raised its position in shares of Pinnacle West Capital Corporation by 8.9% in the first quarter. Parallel Advisors LLC now owns 2,069 shares of the utilities provider’s stock worth $175,000 after buying an additional 169 shares during the period. Institutional investors own 83.73% of the company’s stock.

Pinnacle West Capital Corporation Company Profile

Pinnacle West Capital Corporation is a holding company that operates through its subsidiaries. The Company operates through regulated electricity segment, which consists of traditional regulated retail and wholesale electricity businesses and related activities, and includes electricity generation, transmission and distribution.

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Analyst Recommendations for Pinnacle West Capital Corporation (NYSE:PNW)

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