Pinnacle West Capital (NYSE:PNW) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Tuesday. The brokerage presently has a $86.00 price objective on the utilities provider’s stock. Zacks Investment Research‘s target price would indicate a potential upside of 10.87% from the company’s current price.
According to Zacks, “In a month’s time, shares of Pinnacle West Capital Corporation have gained compared with the decline of its industry. Pinnacle West Capital is well positioned to gain from the ongoing economic improvement in its service territories and customer growth. Pinnacle West Capital’s long-term capital expenditure plan will further strengthen its traditional generation, transmission and distribution capabilities. The company is also investing in battery storage projects, which will make its renewable projects more effective. The company continues to have a strong credit rating. 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 the commodity price and weather, as well as operational hazards.”
Several other brokerages also recently weighed in on PNW. Bank of America upgraded Pinnacle West Capital from an “underperform” rating to a “neutral” rating and set a $81.00 target price for the company in a research note on Friday, May 4th. They noted that the move was a valuation call. Royal Bank of Canada upgraded Pinnacle West Capital from a “sector perform” rating to an “outperform” rating in a research note on Thursday, March 8th. Morgan Stanley reiterated a “hold” rating and issued a $84.00 price target (up from $80.00) on shares of Pinnacle West Capital in a research note on Monday, February 26th. Guggenheim reiterated a “hold” rating and issued a $80.00 price target on shares of Pinnacle West Capital in a research note on Friday, February 23rd. Finally, ValuEngine downgraded Pinnacle West Capital from a “hold” rating to a “sell” rating in a research note on Saturday, June 2nd. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and four have given a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $83.82.
Pinnacle West Capital (NYSE:PNW) last announced its earnings results on Wednesday, May 2nd. The utilities provider reported $0.03 earnings per share for the quarter, missing the consensus estimate of $0.10 by ($0.07). The business had revenue of $692.71 million for the quarter, compared to analyst estimates of $680.96 million. Pinnacle West Capital had a net margin of 13.08% and a return on equity of 9.11%. The firm’s revenue was up 2.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.21 earnings per share. analysts predict that Pinnacle West Capital will post 4.45 EPS for the current fiscal year.
In related news, EVP Mark A. Schiavoni sold 9,534 shares of Pinnacle West Capital stock in a transaction dated Tuesday, May 29th. The stock was sold at an average price of $79.02, for a total value of $753,376.68. Following the completion of the transaction, the executive vice president now directly owns 25,496 shares in the company, valued at $2,014,693.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.53% of the stock is currently owned by company insiders.
A number of hedge funds have recently modified their holdings of PNW. Sei Investments Co. boosted its stake in Pinnacle West Capital by 2.1% in the fourth quarter. Sei Investments Co. now owns 196,776 shares of the utilities provider’s stock valued at $16,762,000 after acquiring an additional 3,964 shares during the period. Wells Fargo & Company MN boosted its stake in Pinnacle West Capital by 2.8% in the fourth quarter. Wells Fargo & Company MN now owns 684,767 shares of the utilities provider’s stock valued at $58,328,000 after acquiring an additional 18,674 shares during the period. Toronto Dominion Bank boosted its stake in Pinnacle West Capital by 13.7% in the fourth quarter. Toronto Dominion Bank now owns 48,122 shares of the utilities provider’s stock valued at $4,099,000 after acquiring an additional 5,782 shares during the period. State of Wisconsin Investment Board boosted its stake in Pinnacle West Capital by 51.9% in the fourth quarter. State of Wisconsin Investment Board now owns 135,339 shares of the utilities provider’s stock valued at $11,528,000 after acquiring an additional 46,223 shares during the period. Finally, Shell Asset Management Co. boosted its stake in Pinnacle West Capital by 15.3% in the fourth quarter. Shell Asset Management Co. now owns 44,906 shares of the utilities provider’s stock valued at $3,825,000 after acquiring an additional 5,965 shares during the period. Institutional investors own 82.91% of the company’s stock.
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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