Pinnacle West Capital (PNW) Lifted to “Hold” at Zacks Investment Research

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

According to Zacks, “In last one year, shares of Pinnacle West Capital Corporation have outperformed the rally of its industry. Pinnacle West Capital is well positioned to gain from the 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.  However, Pinnacle West Capital 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. “

Several other research firms also recently weighed in on PNW. SunTrust Banks reiterated a “hold” rating and set a $91.00 price target on shares of Pinnacle West Capital in a research note on Friday, November 24th. Morgan Stanley increased their price target on Pinnacle West Capital from $90.00 to $91.00 and gave the stock an “underweight” rating in a research note on Wednesday, December 13th. Bank of America assumed coverage on Pinnacle West Capital in a research note on Tuesday, October 24th. They set a “neutral” rating and a $89.00 price target for the company. ValuEngine upgraded Pinnacle West Capital from a “hold” rating to a “buy” rating in a research note on Tuesday, November 14th. Finally, Credit Suisse Group assumed coverage on Pinnacle West Capital in a research note on Wednesday, September 20th. They set a “neutral” rating and a $90.00 price target for the company. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and one has issued a buy rating to the company’s stock. Pinnacle West Capital presently has an average rating of “Hold” and an average target price of $86.40.

Pinnacle West Capital (NYSE:PNW) traded down $0.70 during mid-day trading on Monday, hitting $79.22. The stock had a trading volume of 748,700 shares, compared to its average volume of 673,256. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.90 and a quick ratio of 0.68. The company has a market cap of $8,851.23, a P/E ratio of 17.11, a price-to-earnings-growth ratio of 5.66 and a beta of 0.38. Pinnacle West Capital has a 12 month low of $75.79 and a 12 month high of $92.48.

Pinnacle West Capital (NYSE:PNW) last posted its quarterly earnings results on Friday, November 3rd. The utilities provider reported $2.46 earnings per share for the quarter, topping the consensus estimate of $2.33 by $0.13. The company had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.21 billion. Pinnacle West Capital had a return on equity of 10.31% and a net margin of 14.67%. The firm’s quarterly revenue was up 1.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.35 EPS. analysts predict that Pinnacle West Capital will post 4.28 EPS for the current fiscal year.

In other Pinnacle West Capital news, Director Michael L. Gallagher sold 2,012 shares of the firm’s stock in a transaction dated Thursday, November 9th. The stock was sold at an average price of $89.37, for a total value of $179,812.44. Following the sale, the director now owns 12,786 shares of the company’s stock, valued at approximately $1,142,684.82. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP David P. Falck sold 4,500 shares of the firm’s stock in a transaction dated Thursday, December 14th. The shares were sold at an average price of $89.07, for a total value of $400,815.00. Following the completion of the sale, the executive vice president now directly owns 40,838 shares in the company, valued at approximately $3,637,440.66. The disclosure for this sale can be found here. Insiders have sold a total of 24,665 shares of company stock worth $2,206,047 in the last three months. 0.70% of the stock is currently owned by insiders.

Large investors have recently added to or reduced their stakes in the business. Stock Yards Bank & Trust Co. purchased a new stake in shares of Pinnacle West Capital in the 3rd quarter valued at about $205,000. Krilogy Financial LLC purchased a new position in shares of Pinnacle West Capital during the 3rd quarter valued at about $211,000. Quantitative Systematic Strategies LLC purchased a new position in shares of Pinnacle West Capital during the 3rd quarter valued at about $214,000. Capital Fund Management S.A. purchased a new position in shares of Pinnacle West Capital during the 2nd quarter valued at about $238,000. Finally, C M Bidwell & Associates Ltd. purchased a new position in shares of Pinnacle West Capital during the 2nd quarter valued at about $244,000. 82.74% of the stock is currently owned by hedge funds and other institutional investors.

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Pinnacle West Capital 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 (NYSE:PNW)

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