Pinnacle West Capital Corporation (NYSE:PNW) had its target price boosted by research analysts at Morgan Stanley from $83.00 to $86.00 in a note issued to investors on Friday. The firm currently has an “underweight” rating on the utilities provider’s stock. Morgan Stanley’s price objective suggests a potential downside of 3.95% from the company’s previous close.

Other equities research analysts also recently issued research reports about the company. Royal Bank Of Canada restated a “hold” rating and set a $89.00 price objective on shares of Pinnacle West Capital Corporation in a report on Tuesday, August 29th. KeyCorp restated a “hold” rating on shares of Pinnacle West Capital Corporation in a report on Friday, September 1st. BMO Capital Markets restated a “hold” rating and set a $89.00 price objective on shares of Pinnacle West Capital Corporation in a report on Friday, August 4th. BidaskClub downgraded Pinnacle West Capital Corporation from a “buy” rating to a “hold” rating in a report on Saturday, June 24th. Finally, Zacks Investment Research downgraded Pinnacle West Capital Corporation from a “buy” rating to a “hold” rating in a report on Tuesday, July 11th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and one has given a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $82.22.

Pinnacle West Capital Corporation (NYSE:PNW) traded up 0.52% during mid-day trading on Friday, reaching $90.01. The company had a trading volume of 451,419 shares. The firm has a market capitalization of $10.05 billion, a P/E ratio of 19.88 and a beta of 0.38. The firm’s 50-day moving average is $88.59 and its 200-day moving average is $85.89. Pinnacle West Capital Corporation has a one year low of $70.86 and a one year high of $90.87.

Pinnacle West Capital Corporation (NYSE:PNW) last issued its earnings results on Thursday, August 3rd. The utilities provider reported $1.49 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.16 by $0.33. The business had revenue of $944.59 million during the quarter, compared to the consensus estimate of $921.79 million. Pinnacle West Capital Corporation had a return on equity of 10.20% and a net margin of 14.37%. The firm’s revenue for the quarter was up 3.2% on a year-over-year basis. During the same period in the previous year, the company posted $1.08 earnings per share. On average, equities research analysts anticipate that Pinnacle West Capital Corporation will post $4.25 earnings per share for the current fiscal year.

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In other news, EVP David P. Falck sold 4,600 shares of the company’s stock in a transaction on Thursday, August 24th. The stock was sold at an average price of $89.98, for a total transaction of $413,908.00. Following the transaction, the executive vice president now owns 42,840 shares of the company’s stock, valued at approximately $3,854,743.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Donald E. Brandt sold 35,013 shares of the company’s stock in a transaction on Wednesday, August 23rd. The shares were sold at an average price of $89.57, for a total value of $3,136,114.41. Following the transaction, the chairman now directly owns 118,574 shares in the company, valued at approximately $10,620,673.18. The disclosure for this sale can be found here. In the last three months, insiders sold 41,419 shares of company stock worth $3,713,068. Insiders own 0.70% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of PNW. Northwest Investment Counselors LLC purchased a new position in shares of Pinnacle West Capital Corporation during the 2nd quarter valued at $106,000. WealthTrust Arizona LLC lifted its holdings in Pinnacle West Capital Corporation by 0.7% during the 2nd quarter. WealthTrust Arizona LLC now owns 1,253 shares of the utilities provider’s stock worth $107,000 after purchasing an additional 9 shares in the last quarter. Captrust Financial Advisors purchased a new stake in Pinnacle West Capital Corporation during the 2nd quarter worth about $109,000. Pacer Advisors Inc. lifted its holdings in Pinnacle West Capital Corporation by 3.3% during the 1st quarter. Pacer Advisors Inc. now owns 2,096 shares of the utilities provider’s stock worth $175,000 after purchasing an additional 66 shares in the last quarter. Finally, Parallel Advisors LLC lifted its holdings in Pinnacle West Capital Corporation by 8.9% during the 1st quarter. Parallel Advisors LLC now owns 2,069 shares of the utilities provider’s stock worth $175,000 after purchasing an additional 169 shares in the last quarter. 84.20% of the stock is currently owned by hedge funds and other institutional investors.

About Pinnacle West Capital Corporation

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.

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

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