Pinnacle West Capital (PNW) Rating Lowered to Hold at Zacks Investment Research

Zacks Investment Research lowered shares of Pinnacle West Capital (NYSE:PNW) from a buy rating to a hold rating in a research note published on Friday.

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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Several other research firms have also recently commented on PNW. Morgan Stanley boosted their target price on Pinnacle West Capital from $90.00 to $91.00 and gave the stock an underweight rating in a research report on Wednesday, December 13th. ValuEngine cut Pinnacle West Capital from a buy rating to a hold rating in a research report on Tuesday, December 19th. SunTrust Banks restated a hold rating and set a $88.00 target price on shares of Pinnacle West Capital in a research report on Thursday, December 21st. Bank of America cut Pinnacle West Capital from a neutral rating to an underperform rating and set a $84.00 target price for the company. in a research report on Wednesday, January 3rd. Finally, Williams Capital restated a hold rating and set a $84.00 target price (down from $87.00) on shares of Pinnacle West Capital in a research report on Monday, January 29th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and two have given a buy rating to the stock. Pinnacle West Capital presently has a consensus rating of Hold and a consensus target price of $84.36.

Pinnacle West Capital stock traded down $0.55 during midday trading on Friday, hitting $79.75. 1,035,171 shares of the company’s stock were exchanged, compared to its average volume of 943,942. Pinnacle West Capital has a 52-week low of $73.81 and a 52-week high of $92.48. The company has a quick ratio of 0.61, a current ratio of 0.85 and a debt-to-equity ratio of 0.93. The stock has a market cap of $8,977.52, a price-to-earnings ratio of 18.46, a PEG ratio of 6.07 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 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.10 by $0.09. Pinnacle West Capital had a return on equity of 9.59% and a net margin of 13.70%. The business had revenue of $759.65 million during the quarter, compared to analysts’ expectations of $773.12 million. During the same period in the previous year, the business earned $0.47 earnings per share. The firm’s revenue was up 2.8% on a year-over-year basis. research analysts anticipate that Pinnacle West Capital will post 4.46 earnings per share for the current year.

In other news, VP John S. Hatfield sold 2,145 shares of the company’s stock in a transaction dated 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 transaction, the vice president now directly owns 1,443 shares in the company, valued at approximately $109,870.02. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Kathryn L. Munro sold 2,666 shares of the company’s stock in a transaction dated Wednesday, March 7th. The stock was sold at an average price of $75.36, for a total value of $200,909.76. Following the completion of the transaction, the director now owns 15,630 shares of the company’s stock, valued at $1,177,876.80. The disclosure for this sale can be found here. Insiders sold a total of 68,110 shares of company stock valued at $5,300,760 over the last quarter. Company insiders own 0.70% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of PNW. Renaissance Technologies LLC boosted its holdings in Pinnacle West Capital by 803.8% during the 4th quarter. Renaissance Technologies LLC now owns 776,400 shares of the utilities provider’s stock valued at $66,134,000 after acquiring an additional 690,500 shares during the period. Boston Partners boosted its holdings in Pinnacle West Capital by 24.3% during the 4th quarter. Boston Partners now owns 3,511,585 shares of the utilities provider’s stock valued at $299,117,000 after acquiring an additional 687,119 shares during the period. TIAA CREF Investment Management LLC boosted its holdings in Pinnacle West Capital by 151.2% during the 4th quarter. TIAA CREF Investment Management LLC now owns 824,565 shares of the utilities provider’s stock valued at $70,236,000 after acquiring an additional 496,328 shares during the period. Two Sigma Advisers LP boosted its holdings in Pinnacle West Capital by 397.6% during the 4th quarter. Two Sigma Advisers LP now owns 509,783 shares of the utilities provider’s stock valued at $43,423,000 after acquiring an additional 407,325 shares during the period. Finally, Zimmer Partners LP purchased a new stake in Pinnacle West Capital during the 4th quarter valued at about $26,619,000. Hedge funds and other institutional investors own 82.64% of the company’s stock.

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Pinnacle West Capital Company Profile

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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