Pinnacle West Capital (PNW) Stock Rating Lowered by Zacks Investment Research

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 Monday.

According to Zacks, “In a month’s time shares of Pinnacle West Capital Corporation have outperformed the industry it belongs to. 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 results. 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.”

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A number of other research analysts have also weighed in on the stock. Bank of America lowered shares of Pinnacle West Capital from a “neutral” rating to an “underperform” rating and set a $84.00 target price for the company. in a report on Wednesday, January 3rd. Morgan Stanley set a $80.00 target price on shares of Pinnacle West Capital and gave the company a “hold” rating in a report on Thursday, March 8th. ValuEngine lowered shares of Pinnacle West Capital from a “buy” rating to a “hold” rating in a report on Tuesday, December 19th. Royal Bank of Canada raised shares of Pinnacle West Capital from a “sector perform” rating to an “outperform” rating in a report on Thursday, March 8th. Finally, SunTrust Banks restated a “hold” rating and issued a $88.00 price target on shares of Pinnacle West Capital in a research report on Thursday, December 21st. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and two have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $84.91.

Shares of PNW stock traded up $1.19 on Monday, reaching $79.33. The company’s stock had a trading volume of 269,033 shares, compared to its average volume of 898,072. Pinnacle West Capital has a 1 year low of $73.81 and a 1 year high of $92.48. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.61 and a current ratio of 0.85. The firm has a market cap of $8,736.04, a PE ratio of 18.21, a price-to-earnings-growth ratio of 5.90 and a beta of 0.27.

Pinnacle West Capital (NYSE:PNW) last posted its earnings results on Friday, February 23rd. The utilities provider reported $0.19 earnings per share for the quarter, beating analysts’ consensus estimates of $0.10 by $0.09. Pinnacle West Capital had a net margin of 13.70% and a return on equity of 9.59%. The firm had revenue of $759.65 million during the quarter, compared to analyst estimates of $773.12 million. During the same period last year, the firm posted $0.47 earnings per share. Pinnacle West Capital’s revenue for the quarter was up 2.8% compared to the same quarter last year. equities analysts predict that Pinnacle West Capital will post 4.46 EPS for the current year.

In related news, CEO Donald E. Brandt sold 39,083 shares of the firm’s stock in a transaction on Thursday, March 1st. The stock was sold at an average price of $77.23, for a total value of $3,018,380.09. Following the completion of the sale, the chief executive officer now directly owns 88,741 shares in the company, valued at $6,853,467.43. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP John S. Hatfield sold 2,145 shares of the firm’s stock in a transaction on Tuesday, March 13th. The stock was sold at an average price of $76.14, for a total value of $163,320.30. Following the completion of the sale, the vice president now owns 1,443 shares of the company’s stock, valued at $109,870.02. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 68,110 shares of company stock valued at $5,300,760. 0.53% of the stock is owned by corporate insiders.

Several large investors have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP lifted its position in shares of Pinnacle West Capital by 0.3% during the third quarter. Dimensional Fund Advisors LP now owns 274,348 shares of the utilities provider’s stock worth $23,200,000 after purchasing an additional 686 shares during the last quarter. Public Employees Retirement Association of Colorado lifted its position in shares of Pinnacle West Capital by 3.4% during the fourth quarter. Public Employees Retirement Association of Colorado now owns 21,440 shares of the utilities provider’s stock worth $1,826,000 after purchasing an additional 708 shares during the last quarter. Creative Planning lifted its position in shares of Pinnacle West Capital by 7.6% during the fourth quarter. Creative Planning now owns 12,691 shares of the utilities provider’s stock worth $1,081,000 after purchasing an additional 896 shares during the last quarter. ING Groep NV lifted its position in shares of Pinnacle West Capital by 10.1% during the fourth quarter. ING Groep NV now owns 10,623 shares of the utilities provider’s stock worth $905,000 after purchasing an additional 976 shares during the last quarter. Finally, Janney Montgomery Scott LLC lifted its position in shares of Pinnacle West Capital by 3.8% during the third quarter. Janney Montgomery Scott LLC now owns 27,149 shares of the utilities provider’s stock worth $2,296,000 after purchasing an additional 999 shares during the last quarter. Institutional investors and hedge funds own 82.65% of the company’s stock.

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About Pinnacle West Capital

Pinnacle West Capital Corporation, through its subsidiary, Arizona Public Service Company, provides retail and wholesale electric services primarily in the state of Arizona. It generates, transmits, and distributes electricity using coal, nuclear, gas, oil, and solar resources. The company serves approximately 1.2 million homes and businesses.

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