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

Pinnacle West Capital (NYSE:PNW) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors 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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A number of other equities research analysts have also issued reports on PNW. Morgan Stanley increased their target price 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 lowered shares of Pinnacle West Capital from a “buy” rating to a “hold” rating in a report on Tuesday, December 19th. SunTrust Banks reiterated a “hold” rating and set a $88.00 target price on shares of Pinnacle West Capital in a report on Thursday, December 21st. Bank of America lowered shares of Pinnacle West Capital from a “neutral” rating to an “underperform” rating and set a $84.00 target price on the stock. in a report on Wednesday, January 3rd. Finally, Williams Capital restated a “hold” rating and issued a $84.00 price objective (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 assigned a hold rating and two have issued a buy rating to the company’s stock. Pinnacle West Capital currently has a consensus rating of “Hold” and a consensus price target of $84.36.

Pinnacle West Capital stock traded down $0.08 during mid-day trading on Friday, reaching $80.22. 158,988 shares of the company’s stock were exchanged, compared to its average volume of 893,137. The firm has a market cap of $8,950.69, a PE ratio of 18.43, a price-to-earnings-growth ratio of 6.05 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 0.61, a current ratio of 0.85 and a debt-to-equity ratio of 0.93.

Pinnacle West Capital (NYSE:PNW) last released its earnings results on Friday, February 23rd. The utilities provider reported $0.19 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.10 by $0.09. The company 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 quarterly revenue was up 2.8% on a year-over-year basis. During the same period in the prior year, the business earned $0.47 EPS. equities research analysts anticipate that Pinnacle West Capital will post 4.46 earnings per share for the current fiscal year.

In other news, CEO Donald E. Brandt sold 39,083 shares of the firm’s stock in a transaction on Thursday, March 1st. The shares were sold at an average price of $77.23, for a total value of $3,018,380.09. Following the sale, the chief executive officer now directly owns 88,741 shares in the company, valued at approximately $6,853,467.43. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP John S. Hatfield sold 2,145 shares of the firm’s stock in a transaction 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. Insiders sold a total of 68,110 shares of company stock worth $5,300,760 over the last 90 days. Company insiders own 0.70% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in PNW. Dimensional Fund Advisors LP raised its stake in Pinnacle West Capital by 0.3% during the 3rd quarter. Dimensional Fund Advisors LP now owns 274,348 shares of the utilities provider’s stock worth $23,200,000 after acquiring an additional 686 shares in the last quarter. Public Employees Retirement Association of Colorado raised its stake in Pinnacle West Capital by 3.4% during the 4th quarter. Public Employees Retirement Association of Colorado now owns 21,440 shares of the utilities provider’s stock worth $1,826,000 after acquiring an additional 708 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its stake in Pinnacle West Capital by 9.5% during the 3rd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 9,078 shares of the utilities provider’s stock worth $768,000 after acquiring an additional 790 shares in the last quarter. Creative Planning raised its stake in Pinnacle West Capital by 7.6% during the 4th quarter. Creative Planning now owns 12,691 shares of the utilities provider’s stock worth $1,081,000 after acquiring an additional 896 shares in the last quarter. Finally, ING Groep NV raised its stake in Pinnacle West Capital by 10.1% during the 4th quarter. ING Groep NV now owns 10,623 shares of the utilities provider’s stock worth $905,000 after acquiring an additional 976 shares in 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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