Pinnacle West Capital Corp. (NYSE:PNW) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Monday.
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.”
A number of other research firms also recently weighed in on PNW. BMO Capital Markets reissued a “hold” rating on shares of Pinnacle West Capital Corp. in a report on Monday, July 18th. SunTrust Banks Inc. lifted their target price on Pinnacle West Capital Corp. from $75.00 to $77.00 and gave the stock a “neutral” rating in a report on Monday, September 26th. Mizuho lifted their target price on Pinnacle West Capital Corp. from $70.00 to $78.00 and gave the stock a “neutral” rating in a report on Wednesday, August 3rd. Royal Bank Of Canada reissued a “sector perfor” rating and set a $69.00 target price (down previously from $73.00) on shares of Pinnacle West Capital Corp. in a report on Monday, June 20th. Finally, Williams Capital reissued a “hold” rating and set a $79.00 target price (up previously from $58.00) on shares of Pinnacle West Capital Corp. in a report on Tuesday, August 30th. Three equities research analysts have rated the stock with a sell rating and seven have issued a hold rating to the company’s stock. Pinnacle West Capital Corp. has a consensus rating of “Hold” and an average price target of $71.70.
Shares of Pinnacle West Capital Corp. (NYSE:PNW) traded down 1.25% on Monday, reaching $75.04. 317,248 shares of the company traded hands. The firm’s 50 day moving average is $76.53 and its 200 day moving average is $75.97. The company has a market capitalization of $8.34 billion, a P/E ratio of 19.82 and a beta of 0.33. Pinnacle West Capital Corp. has a one year low of $60.70 and a one year high of $82.78.
Pinnacle West Capital Corp. (NYSE:PNW) last posted its earnings results on Tuesday, August 2nd. The company reported $1.08 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.14 by $0.06. Pinnacle West Capital Corp. had a return on equity of 8.94% and a net margin of 12.02%. The firm had revenue of $915.40 million for the quarter, compared to analyst estimates of $915.40 million. During the same period in the prior year, the business posted $1.10 EPS. The firm’s quarterly revenue was up 2.8% compared to the same quarter last year. Analysts expect that Pinnacle West Capital Corp. will post $3.99 earnings per share for the current fiscal year.
In other Pinnacle West Capital Corp. news, VP John S. Hatfield sold 4,523 shares of Pinnacle West Capital Corp. stock in a transaction dated Monday, September 12th. The stock was sold at an average price of $75.27, for a total value of $340,446.21. Following the transaction, the vice president now owns 2,265 shares in the company, valued at $170,486.55. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.70% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PNW. Mizuho Asset Management Co. Ltd. boosted its stake in Pinnacle West Capital Corp. by 66.4% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 1,338 shares of the company’s stock valued at $108,000 after buying an additional 534 shares during the period. Cubist Systematic Strategies LLC purchased a new stake in Pinnacle West Capital Corp. during the second quarter valued at $121,000. Pacad Investment Ltd. purchased a new stake in Pinnacle West Capital Corp. during the second quarter valued at $154,000. Pacer Advisors Inc. boosted its stake in Pinnacle West Capital Corp. by 10.4% in the second quarter. Pacer Advisors Inc. now owns 2,054 shares of the company’s stock valued at $166,000 after buying an additional 194 shares during the period. Finally, Cleararc Capital Inc. purchased a new stake in Pinnacle West Capital Corp. during the first quarter valued at $202,000. Hedge funds and other institutional investors own 82.65% of the company’s stock.
About Pinnacle West Capital Corp.
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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