Pinnacle West Capital Corp. (NYSE:PNW) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Tuesday. The brokerage presently has a $84.00 price target on the stock. Zacks Investment Research’s price target indicates a potential upside of 12.03% from the company’s previous close.
According to Zacks, “Pinnacle West Capital Corporation is well positioned to reap the benefits of ongoing economic improvement in its service territories.Warmer weather aided Pinnacle West’s bottom line in the second quarter. Better economic prospects, increase in the customer count and higher customer spending are expected to drive its earnings.The company is also expanding its renewable generation portfolio. However, it 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.”
Several other brokerages have also recently weighed in on PNW. SunTrust Banks Inc. boosted their price objective on Pinnacle West Capital Corp. from $75.00 to $77.00 and gave the company a “neutral” rating in a research report on Monday, September 26th. BMO Capital Markets restated a “hold” rating on shares of Pinnacle West Capital Corp. in a research report on Monday, July 18th. Royal Bank Of Canada restated a “sector perfor” rating and issued a $69.00 price objective (down from $73.00) on shares of Pinnacle West Capital Corp. in a research report on Monday, June 20th. Williams Capital restated a “hold” rating and issued a $79.00 price objective (up from $58.00) on shares of Pinnacle West Capital Corp. in a research report on Tuesday, August 30th. Finally, Mizuho boosted their price objective on Pinnacle West Capital Corp. from $70.00 to $78.00 and gave the company a “neutral” rating in a research report on Wednesday, August 3rd. Three investment analysts have rated the stock with a sell rating, six have given a hold rating and one has assigned a buy rating to the company’s stock. Pinnacle West Capital Corp. presently has an average rating of “Hold” and a consensus price target of $71.40.
Shares of Pinnacle West Capital Corp. (NYSE:PNW) traded down 2.76% during mid-day trading on Tuesday, reaching $72.91. The company had a trading volume of 369,718 shares. The company has a market capitalization of $8.11 billion, a PE ratio of 19.25 and a beta of 0.33. The stock’s 50-day moving average price is $76.45 and its 200 day moving average price is $76.03. Pinnacle West Capital Corp. has a 1-year low of $60.70 and a 1-year high of $82.78.
Pinnacle West Capital Corp. (NYSE:PNW) last announced its quarterly earnings results on Tuesday, August 2nd. The company reported $1.08 earnings per share for the quarter, missing the consensus estimate of $1.14 by $0.06. The company had revenue of $915.40 million for the quarter, compared to analysts’ expectations of $915.40 million. Pinnacle West Capital Corp. had a net margin of 12.02% and a return on equity of 8.94%. The firm’s revenue was up 2.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.10 earnings per share. Equities analysts expect that Pinnacle West Capital Corp. will post $3.99 EPS for the current year.
In other Pinnacle West Capital Corp. news, VP John S. Hatfield sold 4,523 shares of the business’s stock in a transaction on Monday, September 12th. The stock was sold at an average price of $75.27, for a total transaction of $340,446.21. Following the transaction, the vice president now owns 2,265 shares of the company’s stock, valued at $170,486.55. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.70% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in the company. Cleararc Capital Inc. raised its position in Pinnacle West Capital Corp. by 0.7% in the second quarter. Cleararc Capital Inc. now owns 2,711 shares of the company’s stock worth $220,000 after buying an additional 20 shares during the period. Karp Capital Management Corp raised its position in Pinnacle West Capital Corp. by 0.9% in the second quarter. Karp Capital Management Corp now owns 3,351 shares of the company’s stock worth $272,000 after buying an additional 29 shares during the period. Hollencrest Securities LLC raised its position in Pinnacle West Capital Corp. by 1.0% in the second quarter. Hollencrest Securities LLC now owns 3,149 shares of the company’s stock worth $256,000 after buying an additional 31 shares during the period. World Asset Management Inc raised its position in Pinnacle West Capital Corp. by 0.5% in the second quarter. World Asset Management Inc now owns 11,292 shares of the company’s stock worth $915,000 after buying an additional 61 shares during the period. Finally, Mn Services Vermogensbeheer B.V. raised its position in Pinnacle West Capital Corp. by 2.7% in the second quarter. Mn Services Vermogensbeheer B.V. now owns 2,820 shares of the company’s stock worth $206,000 after buying an additional 74 shares during the period. 82.65% of the stock is currently owned by institutional investors.
Pinnacle West Capital Corp. Company Profile
Pinnacle West Capital Corporation is a holding company that operates primarily through its subsidiaries. The Company operates through electricity segment, which consists of traditional regulated retail and wholesale electricity businesses (primarily electric service to Native Load customers) and related activities, and includes electricity generation, transmission and distribution.
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