Pinnacle West Capital (PNW) Downgraded by Zacks Investment Research to Hold

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

According to Zacks, “In last one year, shares of Pinnacle West Capital Corporation have performed at par with 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. “

Other research analysts have also recently issued research reports about the company. Morgan Stanley lifted their target price on Pinnacle West Capital from $90.00 to $91.00 and gave the company an “underweight” rating in a research report on Wednesday, December 13th. SunTrust Banks reaffirmed a “hold” rating and set a $84.00 target price on shares of Pinnacle West Capital in a research report on Thursday, October 12th. ValuEngine raised Pinnacle West Capital from a “hold” rating to a “buy” rating in a research report on Tuesday, November 14th. Finally, Bank of America initiated coverage on Pinnacle West Capital in a research report on Tuesday, October 24th. They set a “neutral” rating and a $89.00 target price on the stock. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has assigned a buy rating to the stock. Pinnacle West Capital currently has an average rating of “Hold” and a consensus price target of $86.22.

Shares of Pinnacle West Capital (PNW) traded down $0.12 during mid-day trading on Tuesday, reaching $78.96. The company’s stock had a trading volume of 683,700 shares, compared to its average volume of 705,936. The company has a market capitalization of $8,950.00, a P/E ratio of 17.05, a P/E/G ratio of 5.65 and a beta of 0.38. Pinnacle West Capital has a 1-year low of $75.79 and a 1-year high of $92.48. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.68 and a current ratio of 0.90.

Pinnacle West Capital (NYSE:PNW) last released its quarterly earnings data on Friday, November 3rd. The utilities provider reported $2.46 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.33 by $0.13. The firm 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 company’s quarterly revenue was up 1.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.35 earnings per share. research analysts predict that Pinnacle West Capital will post 4.28 EPS for the current year.

In other Pinnacle West Capital news, CEO Donald E. Brandt sold 18,153 shares of the business’s stock in a transaction on Thursday, November 9th. The stock was sold at an average price of $89.54, for a total value of $1,625,419.62. Following the transaction, the chief executive officer now owns 118,574 shares of the company’s stock, valued at $10,617,115.96. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP David P. Falck sold 4,500 shares of the business’s stock in a transaction on 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 owns 40,838 shares in the company, valued at $3,637,440.66. The disclosure for this sale can be found here. In the last three months, insiders sold 48,881 shares of company stock worth $4,124,196. Insiders own 0.70% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. raised its stake in shares of Pinnacle West Capital by 4.4% in the second quarter. Vanguard Group Inc. now owns 11,774,150 shares of the utilities provider’s stock valued at $1,002,686,000 after buying an additional 496,727 shares during the period. Goldman Sachs Group Inc. raised its stake in shares of Pinnacle West Capital by 27.2% during the 2nd quarter. Goldman Sachs Group Inc. now owns 3,351,968 shares of the utilities provider’s stock valued at $285,454,000 after purchasing an additional 716,993 shares during the period. Boston Partners raised its stake in shares of Pinnacle West Capital by 37.6% during the 3rd quarter. Boston Partners now owns 2,824,466 shares of the utilities provider’s stock valued at $238,837,000 after purchasing an additional 771,900 shares during the period. American Century Companies Inc. raised its stake in shares of Pinnacle West Capital by 3.8% during the 3rd quarter. American Century Companies Inc. now owns 2,610,779 shares of the utilities provider’s stock valued at $220,767,000 after purchasing an additional 94,914 shares during the period. Finally, Janus Henderson Group PLC raised its stake in shares of Pinnacle West Capital by 11,341.5% during the 2nd quarter. Janus Henderson Group PLC now owns 1,838,427 shares of the utilities provider’s stock valued at $156,560,000 after purchasing an additional 1,822,359 shares during the period. Hedge funds and other institutional investors own 82.64% of the company’s stock.

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About Pinnacle West Capital

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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