Pinnacle West Capital (PNW) Upgraded at Zacks Investment Research

Zacks Investment Research upgraded shares of Pinnacle West Capital (NYSE:PNW) from a hold rating to a buy rating in a research report report published on Tuesday, March 13th. They currently have $85.00 target price on the utilities provider’s stock.

According to Zacks, “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. In the last month, shares of Pinnacle West Capital Corporation have underperformed the industry it belongs to.  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 brokerages have also commented on PNW. SunTrust Banks restated a hold rating and set a $91.00 price target on shares of Pinnacle West Capital in a research note on Friday, November 24th. Morgan Stanley upped their price objective on shares of Pinnacle West Capital from $90.00 to $91.00 and gave the stock an underweight rating in a report on Wednesday, December 13th. ValuEngine raised shares of Pinnacle West Capital from a hold rating to a buy rating in a report on Tuesday, November 14th. Bank of America downgraded shares of Pinnacle West Capital from a neutral rating to an underperform rating and set a $84.00 price target for the company. in a report on Wednesday, January 3rd. Finally, Williams Capital reissued a hold rating and issued a $84.00 price target (down from $87.00) on shares of Pinnacle West Capital in a report on Monday, January 29th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and two have given a buy rating to the company. The stock has an average rating of Hold and an average target price of $84.36.

Shares of NYSE:PNW traded down $0.55 during trading on Tuesday, reaching $79.75. The company had a trading volume of 1,035,171 shares, compared to its average volume of 907,230. Pinnacle West Capital has a twelve month low of $73.81 and a twelve month high of $92.48. The firm has a market cap of $8,950.69, a P/E ratio of 18.33, a P/E/G ratio of 6.05 and a beta of 0.27. The company has a current ratio of 0.85, a quick ratio of 0.61 and a debt-to-equity ratio of 0.93.

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

In other news, Chairman Donald E. Brandt sold 24,216 shares of Pinnacle West Capital stock in a transaction that occurred on Friday, January 19th. The shares were sold at an average price of $79.21, for a total value of $1,918,149.36. Following the sale, the chairman now directly owns 94,358 shares in the company, valued at $7,474,097.18. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP John S. Hatfield sold 2,145 shares of Pinnacle West Capital stock in a transaction that occurred on Tuesday, March 13th. The shares were sold at an average price of $76.14, for a total transaction of $163,320.30. Following the completion of the sale, the vice president now owns 1,443 shares in the company, valued at $109,870.02. The disclosure for this sale can be found here. In the last ninety days, insiders sold 68,110 shares of company stock worth $5,300,760. Insiders own 0.70% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the stock. Dimensional Fund Advisors LP increased its holdings in shares of Pinnacle West Capital by 0.3% in the third quarter. Dimensional Fund Advisors LP now owns 274,348 shares of the utilities provider’s stock valued at $23,200,000 after purchasing an additional 686 shares during the last quarter. Public Employees Retirement Association of Colorado increased its holdings in shares of Pinnacle West Capital by 3.4% in the fourth quarter. Public Employees Retirement Association of Colorado now owns 21,440 shares of the utilities provider’s stock valued at $1,826,000 after purchasing an additional 708 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its holdings in shares of Pinnacle West Capital by 9.5% in the third quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 9,078 shares of the utilities provider’s stock valued at $768,000 after purchasing an additional 790 shares during the last quarter. Creative Planning increased its holdings in shares of Pinnacle West Capital by 7.6% in the fourth quarter. Creative Planning now owns 12,691 shares of the utilities provider’s stock valued at $1,081,000 after purchasing an additional 896 shares during the last quarter. Finally, ING Groep NV increased its holdings in shares of Pinnacle West Capital by 10.1% in the fourth quarter. ING Groep NV now owns 10,623 shares of the utilities provider’s stock valued at $905,000 after purchasing an additional 976 shares during the last quarter. Institutional investors and hedge funds own 82.64% 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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