Pinnacle West Capital (PNW) Downgraded by Bank of America

Pinnacle West Capital (NYSE:PNW) was downgraded by analysts at Bank of America from a “neutral” rating to an “underperform” rating in a research report issued to clients and investors on Wednesday, The Fly reports.

PNW has been the subject of several other reports. Zacks Investment Research downgraded shares of Pinnacle West Capital from a “hold” rating to a “sell” rating in a research note on Tuesday, October 10th. Morgan Stanley raised their target price on shares of Pinnacle West Capital from $90.00 to $91.00 and gave the company an “underweight” rating in a research note on Wednesday, December 13th. ValuEngine downgraded shares of Pinnacle West Capital from a “buy” rating to a “hold” rating in a research note on Tuesday, December 19th. SunTrust Banks restated a “hold” rating and issued a $88.00 target price on shares of Pinnacle West Capital in a research note on Thursday, December 21st. Finally, Credit Suisse Group initiated coverage on shares of Pinnacle West Capital in a research note on Wednesday, September 20th. They issued a “neutral” rating and a $90.00 target price for the company. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have issued a buy rating to the company’s stock. Pinnacle West Capital presently has a consensus rating of “Hold” and a consensus price target of $86.90.

Shares of Pinnacle West Capital (NYSE:PNW) opened at $83.89 on Wednesday. The firm has a market cap of $9,517.14, a P/E ratio of 18.12, a price-to-earnings-growth ratio of 5.98 and a beta of 0.38. Pinnacle West Capital has a one year low of $75.79 and a one year high of $92.48. The company has a quick ratio of 0.68, a current ratio of 0.90 and a debt-to-equity ratio of 0.85.

Pinnacle West Capital (NYSE:PNW) last announced its earnings results on Friday, November 3rd. The utilities provider reported $2.46 earnings per share for the quarter, beating the Thomson Reuters’ 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 net margin of 14.67% and a return on equity of 10.31%. Pinnacle West Capital’s revenue was up 1.4% compared to the same quarter last year. During the same period last year, the firm earned $2.35 earnings per share. equities research analysts anticipate that Pinnacle West Capital will post 4.28 EPS for the current year.

In related news, Director Michael L. Gallagher sold 2,012 shares of the firm’s stock in a transaction on Thursday, November 9th. The shares were sold at an average price of $89.37, for a total transaction of $179,812.44. Following the completion of the transaction, the director now owns 12,786 shares of the company’s stock, valued at $1,142,684.82. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Donald E. Brandt sold 18,153 shares of the firm’s stock in a transaction on Thursday, November 9th. The stock was sold at an average price of $89.54, for a total transaction of $1,625,419.62. Following the transaction, the chief executive officer now directly owns 118,574 shares of the company’s stock, valued at approximately $10,617,115.96. The disclosure for this sale can be found here. Insiders have sold 24,665 shares of company stock valued at $2,206,047 over the last quarter. Insiders own 0.70% of the company’s stock.

Several institutional investors have recently modified their holdings of the stock. WealthTrust Arizona LLC increased its holdings in Pinnacle West Capital by 0.7% in the first quarter. WealthTrust Arizona LLC now owns 1,244 shares of the utilities provider’s stock valued at $104,000 after buying an additional 9 shares in the last quarter. Wedbush Securities Inc. increased its holdings in Pinnacle West Capital by 0.3% in the second quarter. Wedbush Securities Inc. now owns 8,736 shares of the utilities provider’s stock valued at $744,000 after buying an additional 25 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its holdings in Pinnacle West Capital by 0.4% in the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 8,288 shares of the utilities provider’s stock valued at $706,000 after buying an additional 29 shares in the last quarter. Hollencrest Securities LLC increased its holdings in Pinnacle West Capital by 1.0% in the second quarter. Hollencrest Securities LLC now owns 3,149 shares of the utilities provider’s stock valued at $256,000 after buying an additional 31 shares in the last quarter. Finally, ING Groep NV increased its holdings in Pinnacle West Capital by 0.6% in the second quarter. ING Groep NV now owns 5,708 shares of the utilities provider’s stock valued at $486,000 after buying an additional 34 shares in the last quarter. 82.72% of the stock is 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.