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 report released on Tuesday, January 23rd.

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. “

A number of other brokerages have also recently commented on PNW. Morgan Stanley raised their price objective on shares of Pinnacle West Capital from $90.00 to $91.00 and gave the stock an “underweight” rating in a research note on Wednesday, December 13th. SunTrust Banks reaffirmed a “hold” rating and set a $84.00 price objective on shares of Pinnacle West Capital in a research note on Thursday, October 12th. ValuEngine raised shares of Pinnacle West Capital from a “hold” rating to a “buy” rating in a research note on Tuesday, November 14th. Finally, Bank of America initiated coverage on shares of Pinnacle West Capital in a research note on Tuesday, October 24th. They set a “neutral” rating and a $89.00 price objective on the stock. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and one has given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $85.30.

Shares of Pinnacle West Capital (PNW) traded down $0.73 during midday trading on Tuesday, hitting $76.09. 559,207 shares of the stock were exchanged, compared to its average volume of 790,410. The firm has a market cap of $8,573.03, a PE ratio of 16.43, a price-to-earnings-growth ratio of 5.48 and a beta of 0.27. Pinnacle West Capital has a twelve month low of $73.81 and a twelve month 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.

In other Pinnacle West Capital news, Chairman Donald E. Brandt sold 24,216 shares of the firm’s stock in a transaction on Friday, January 19th. The stock was sold at an average price of $79.21, for a total value of $1,918,149.36. Following the transaction, the chairman now owns 94,358 shares in the company, valued at approximately $7,474,097.18. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP David P. Falck sold 4,500 shares of the firm’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 transaction, the executive vice president now owns 40,838 shares in the company, valued at approximately $3,637,440.66. The disclosure for this sale can be found here. Company insiders own 0.70% of the company’s stock.

A number of hedge funds have recently made changes to their positions in PNW. Janus Henderson Group PLC lifted its holdings in Pinnacle West Capital by 11,341.5% in 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 in the last quarter. Boston Partners raised its holdings 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 worth $238,837,000 after acquiring an additional 771,900 shares during the period. Goldman Sachs Group Inc. raised its holdings 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 worth $285,454,000 after acquiring an additional 716,993 shares during the period. Renaissance Technologies LLC raised its holdings in shares of Pinnacle West Capital by 803.8% during the 4th quarter. Renaissance Technologies LLC now owns 776,400 shares of the utilities provider’s stock worth $66,134,000 after acquiring an additional 690,500 shares during the period. Finally, Vanguard Group Inc. raised its holdings in shares of Pinnacle West Capital by 4.4% during the 2nd quarter. Vanguard Group Inc. now owns 11,774,150 shares of the utilities provider’s stock worth $1,002,686,000 after acquiring an additional 496,727 shares during the period. Institutional investors own 82.54% of the company’s stock.

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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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