Bank of America Corporation Initiates Coverage on Pinnacle West Capital Corporation (NYSE:PNW)

Investment analysts at Bank of America Corporation assumed coverage on shares of Pinnacle West Capital Corporation (NYSE:PNW) in a research note issued to investors on Tuesday, October 24th, Marketbeat reports. The firm 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 0.75% from the stock’s current price.

Several other research firms have also issued reports on PNW. Morgan Stanley lifted their price target on shares of Pinnacle West Capital Corporation from $83.00 to $86.00 and gave the stock an “underweight” rating in a report on Friday, September 8th. Credit Suisse Group started coverage on shares of Pinnacle West Capital Corporation in a report on Wednesday, September 20th. They issued a “neutral” rating and a $90.00 price target on the stock. Zacks Investment Research raised shares of Pinnacle West Capital Corporation from a “hold” rating to a “buy” rating and set a $100.00 price target on the stock in a report on Monday, September 11th. BidaskClub raised shares of Pinnacle West Capital Corporation from a “sell” rating to a “hold” rating in a report on Monday, July 24th. Finally, KeyCorp reaffirmed a “hold” rating on shares of Pinnacle West Capital Corporation in a report on Friday, September 1st. One analyst has rated the stock with a sell rating, nine have issued a hold rating and two have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $86.40.

Pinnacle West Capital Corporation (PNW) opened at $88.34 on Tuesday. The company has a market cap of $9,870.23, a P/E ratio of 19.08, a P/E/G ratio of 6.40 and a beta of 0.38. Pinnacle West Capital Corporation has a 12 month low of $72.15 and a 12 month high of $90.92. The company has a quick ratio of 0.48, a current ratio of 0.90 and a debt-to-equity ratio of 0.85.

Pinnacle West Capital Corporation (NYSE:PNW) last issued its quarterly earnings data on Friday, November 3rd. The utilities provider reported $2.46 EPS for the quarter, topping analysts’ consensus estimates 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 Corporation had a net margin of 14.67% and a return on equity of 10.31%. Pinnacle West Capital Corporation’s revenue for the quarter was up 1.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.35 earnings per share. analysts forecast that Pinnacle West Capital Corporation will post 4.27 EPS for the current fiscal year.

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In related news, Director Kathryn L. Munro sold 1,806 shares of the business’s stock in a transaction on Friday, August 25th. The shares were sold at an average price of $90.28, for a total transaction of $163,045.68. Following the completion of the transaction, the director now directly owns 17,852 shares in the company, valued at $1,611,678.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP David P. Falck sold 4,600 shares of the business’s 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 transaction, the executive vice president now owns 42,840 shares of the company’s stock, valued at $3,854,743.20. The disclosure for this sale can be found here. Insiders have sold 41,419 shares of company stock valued at $3,713,068 over the last 90 days. 0.70% of the stock is currently owned by insiders.

Institutional investors have recently modified their holdings of the business. Swiss National Bank raised its position in shares of Pinnacle West Capital Corporation by 2.8% in the second quarter. Swiss National Bank now owns 405,651 shares of the utilities provider’s stock worth $34,545,000 after acquiring an additional 11,200 shares during the period. Schwab Charles Investment Management Inc. raised its position in shares of Pinnacle West Capital Corporation by 4.1% in the second quarter. Schwab Charles Investment Management Inc. now owns 507,078 shares of the utilities provider’s stock worth $43,183,000 after acquiring an additional 20,097 shares during the period. American Century Companies Inc. raised its position in shares of Pinnacle West Capital Corporation by 140.6% in the second quarter. American Century Companies Inc. now owns 2,515,865 shares of the utilities provider’s stock worth $214,251,000 after acquiring an additional 1,470,383 shares during the period. Franklin Resources Inc. raised its position in shares of Pinnacle West Capital Corporation by 0.3% in the second quarter. Franklin Resources Inc. now owns 1,962,966 shares of the utilities provider’s stock worth $167,166,000 after acquiring an additional 5,092 shares during the period. Finally, State of Wisconsin Investment Board raised its position in shares of Pinnacle West Capital Corporation by 38.0% in the second quarter. State of Wisconsin Investment Board now owns 82,960 shares of the utilities provider’s stock worth $7,065,000 after acquiring an additional 22,860 shares during the period. Institutional investors and hedge funds own 84.31% of the company’s stock.

About Pinnacle West Capital Corporation

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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