Equities research analysts at Bank of America Corporation assumed coverage on shares of Pinnacle West Capital Corporation (NYSE:PNW) in a note issued to investors on Tuesday. The brokerage set a “neutral” rating and a $89.00 price target on the utilities provider’s stock. Bank of America Corporation’s price objective suggests a potential upside of 0.21% from the stock’s previous close.

Other research analysts also recently issued reports about the stock. Zacks Investment Research upgraded shares of Pinnacle West Capital Corporation from a “hold” rating to a “buy” rating and set a $100.00 price objective on the stock in a research note on Monday, September 11th. BidaskClub upgraded shares of Pinnacle West Capital Corporation from a “hold” rating to a “buy” rating in a research note on Tuesday, August 22nd. BMO Capital Markets reiterated a “hold” rating and set a $89.00 price objective on shares of Pinnacle West Capital Corporation in a research note on Friday, August 4th. Royal Bank Of Canada reiterated a “hold” rating and set a $89.00 price objective on shares of Pinnacle West Capital Corporation in a research note on Monday, July 24th. Finally, KeyCorp reiterated a “hold” rating on shares of Pinnacle West Capital Corporation in a research note on Friday, September 1st. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and one has given a buy rating to the company’s stock. Pinnacle West Capital Corporation currently has an average rating of “Hold” and a consensus price target of $86.10.

Shares of Pinnacle West Capital Corporation (NYSE PNW) traded down 0.82% during midday trading on Tuesday, hitting $88.08. 232,450 shares of the stock were exchanged. The firm has a 50 day moving average of $87.34 and a 200 day moving average of $86.96. Pinnacle West Capital Corporation has a 12-month low of $70.86 and a 12-month high of $90.92. The firm has a market cap of $9.83 billion, a P/E ratio of 19.45 and a beta of 0.36.

Pinnacle West Capital Corporation (NYSE:PNW) last posted its quarterly earnings data on Thursday, August 3rd. The utilities provider reported $1.49 EPS for the quarter, beating the Zacks’ consensus estimate of $1.16 by $0.33. Pinnacle West Capital Corporation had a net margin of 14.37% and a return on equity of 10.20%. The firm had revenue of $944.59 million for the quarter, compared to the consensus estimate of $921.79 million. During the same period in the prior year, the firm posted $1.08 EPS. The firm’s revenue was up 3.2% compared to the same quarter last year. Equities analysts forecast that Pinnacle West Capital Corporation will post $4.27 EPS for the current fiscal year.

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

Several large investors have recently modified their holdings of PNW. Neuberger Berman Group LLC raised its holdings in shares of Pinnacle West Capital Corporation by 11.7% during the first quarter. Neuberger Berman Group LLC now owns 7,379 shares of the utilities provider’s stock worth $615,000 after purchasing an additional 772 shares during the period. OppenheimerFunds Inc. raised its holdings in shares of Pinnacle West Capital Corporation by 2.6% during the first quarter. OppenheimerFunds Inc. now owns 5,521 shares of the utilities provider’s stock worth $460,000 after purchasing an additional 138 shares during the period. FMR LLC raised its holdings in shares of Pinnacle West Capital Corporation by 10.6% during the first quarter. FMR LLC now owns 150,779 shares of the utilities provider’s stock worth $12,572,000 after purchasing an additional 14,420 shares during the period. Teachers Advisors LLC raised its holdings in shares of Pinnacle West Capital Corporation by 8.4% during the first quarter. Teachers Advisors LLC now owns 467,231 shares of the utilities provider’s stock worth $38,958,000 after purchasing an additional 36,348 shares during the period. Finally, Thrivent Financial For Lutherans raised its holdings in shares of Pinnacle West Capital Corporation by 5.1% during the first quarter. Thrivent Financial For Lutherans now owns 4,707 shares of the utilities provider’s stock worth $390,000 after purchasing an additional 230 shares during the period. 84.40% of the stock is currently owned by institutional investors.

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.

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

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