Pinnacle West Capital (PNW) Stock Rating Upgraded by 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. Zacks Investment Research currently has $88.00 target price on the utilities provider’s stock.

According to Zacks, “In a month’s time shares of Pinnacle West Capital Corporation have gained  higher   than the 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 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 also recently commented on PNW. SunTrust Banks set a $81.00 price target on shares of Pinnacle West Capital and gave the stock a hold rating in a research note on Monday, March 26th. Morgan Stanley set a $80.00 price target on shares of Pinnacle West Capital and gave the stock a hold rating in a research note on Thursday, March 8th. Royal Bank of Canada upgraded shares of Pinnacle West Capital from a sector perform rating to an outperform rating in a research note on Thursday, March 8th. Bank of America set a $81.00 price target on shares of Pinnacle West Capital and gave the stock a sell rating in a research note on Monday, February 26th. Finally, Wells Fargo downgraded shares of Pinnacle West Capital from an outperform rating to a market perform rating and dropped their price target for the stock from $98.00 to $85.00 in a research note on Monday, February 26th. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and two have assigned a buy rating to the company. The company currently has an average rating of Hold and a consensus price target of $84.36.

Pinnacle West Capital stock opened at $79.75 on Tuesday. Pinnacle West Capital has a fifty-two week low of $73.81 and a fifty-two week high of $92.48. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.85 and a quick ratio of 0.61. The company has a market capitalization of $8,977.52, a P/E ratio of 18.46, a P/E/G 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 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.10 by $0.09. Pinnacle West Capital had a net margin of 13.70% and a return on equity of 9.59%. The firm had revenue of $759.65 million during the quarter, compared to the consensus estimate of $773.12 million. During the same quarter last year, the firm earned $0.47 EPS. The firm’s revenue for the quarter was up 2.8% on a year-over-year basis. sell-side analysts expect 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 on Friday, January 19th. The shares were sold at an average price of $79.21, for a total transaction of $1,918,149.36. Following the completion of the sale, the chairman now directly owns 94,358 shares of the company’s stock, valued at approximately $7,474,097.18. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Donald E. Brandt sold 39,083 shares of Pinnacle West Capital stock in a transaction on Thursday, March 1st. The stock was sold at an average price of $77.23, for a total transaction of $3,018,380.09. Following the sale, the chief executive officer now directly owns 88,741 shares of the company’s stock, valued at $6,853,467.43. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 68,110 shares of company stock valued at $5,300,760. Corporate insiders own 0.70% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in PNW. Renaissance Technologies LLC lifted its position 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 purchasing an additional 690,500 shares during the last quarter. Boston Partners lifted its position in shares of Pinnacle West Capital by 24.3% during the 4th quarter. Boston Partners now owns 3,511,585 shares of the utilities provider’s stock worth $299,117,000 after purchasing an additional 687,119 shares during the last quarter. TIAA CREF Investment Management LLC lifted its position in shares of 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 worth $70,236,000 after purchasing an additional 496,328 shares during the last quarter. Two Sigma Advisers LP lifted its position in shares of 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 worth $43,423,000 after purchasing an additional 407,325 shares during the last quarter. Finally, Zimmer Partners LP purchased a new stake in shares of Pinnacle West Capital during the 4th quarter worth $26,619,000. 82.64% of the stock is owned by institutional investors and hedge funds.

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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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