Pinnacle West Capital (PNW) Upgraded by Zacks Investment Research to Buy

Pinnacle West Capital (NYSE:PNW) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday. The firm presently has a $85.00 price objective on the utilities provider’s stock. Zacks Investment Research‘s price objective indicates a potential upside of 11.83% from the company’s current price.

According to Zacks, “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. In the last month, shares of Pinnacle West Capital Corporation have underperformed the industry it belongs to.  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 equities research analysts also recently issued reports on PNW. ValuEngine upgraded shares of Pinnacle West Capital from a “hold” rating to a “buy” rating in a research note on Tuesday, November 14th. SunTrust Banks restated a “hold” rating and issued a $91.00 price objective on shares of Pinnacle West Capital in a research note on Friday, November 24th. Morgan Stanley raised their price objective on shares of Pinnacle West Capital from $90.00 to $91.00 and gave the stock an “underweight” rating in a research note on Wednesday, December 13th. Bank of America downgraded shares of Pinnacle West Capital from a “neutral” rating to an “underperform” rating and set a $84.00 price objective on the stock. in a research note on Wednesday, January 3rd. Finally, Williams Capital restated a “hold” rating and issued a $84.00 price objective (down previously from $87.00) on shares of Pinnacle West Capital in a research note on Monday, January 29th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and three have given a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $83.91.

Shares of Pinnacle West Capital (PNW) traded down $0.31 during mid-day trading on Tuesday, reaching $76.01. The company’s stock had a trading volume of 364,224 shares, compared to its average volume of 861,823. Pinnacle West Capital has a one year low of $73.81 and a one year high of $92.48. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.61 and a current ratio of 0.85. The firm has a market capitalization of $8,539.27, a P/E ratio of 17.47, a PEG ratio of 5.77 and a beta of 0.31.

Pinnacle West Capital (NYSE:PNW) last announced its quarterly earnings results on Friday, February 23rd. The utilities provider reported $0.19 EPS for the quarter, beating the consensus estimate of $0.10 by $0.09. The company had revenue of $759.65 million for the quarter, compared to the consensus estimate of $773.12 million. Pinnacle West Capital had a return on equity of 9.59% and a net margin of 13.70%. The company’s revenue for the quarter was up 2.8% compared to the same quarter last year. During the same quarter last year, the company posted $0.47 earnings per share. sell-side analysts expect that Pinnacle West Capital will post 4.46 earnings per share for the current fiscal year.

In related news, CEO Donald E. Brandt sold 39,083 shares of the firm’s stock in a transaction on Thursday, March 1st. The stock was sold at an average price of $77.23, for a total value of $3,018,380.09. Following the completion of the transaction, the chief executive officer now directly owns 88,741 shares of the company’s stock, valued at $6,853,467.43. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Kathryn L. Munro sold 2,666 shares of the firm’s stock in a transaction on Wednesday, March 7th. The stock was sold at an average price of $75.36, for a total value of $200,909.76. Following the completion of the transaction, the director now directly owns 15,630 shares of the company’s stock, valued at $1,177,876.80. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 70,465 shares of company stock valued at $5,538,254. 0.70% of the stock is owned by company insiders.

A number of hedge funds have recently modified their holdings of PNW. Nationwide Fund Advisors lifted its position in Pinnacle West Capital by 5.5% in the third quarter. Nationwide Fund Advisors now owns 211,872 shares of the utilities provider’s stock worth $17,916,000 after purchasing an additional 11,132 shares during the period. State of Wisconsin Investment Board lifted its position in Pinnacle West Capital by 7.4% in the third quarter. State of Wisconsin Investment Board now owns 89,116 shares of the utilities provider’s stock worth $7,536,000 after purchasing an additional 6,156 shares during the period. Swiss National Bank lifted its position in Pinnacle West Capital by 1.3% in the third quarter. Swiss National Bank now owns 410,851 shares of the utilities provider’s stock worth $34,742,000 after purchasing an additional 5,200 shares during the period. Jennison Associates LLC lifted its position in Pinnacle West Capital by 25.4% in the third quarter. Jennison Associates LLC now owns 766,163 shares of the utilities provider’s stock worth $64,787,000 after purchasing an additional 155,085 shares during the period. Finally, Global X MANAGEMENT CO LLC lifted its position in Pinnacle West Capital by 17.8% in the third quarter. Global X MANAGEMENT CO LLC now owns 6,662 shares of the utilities provider’s stock worth $563,000 after purchasing an additional 1,008 shares during the period. 82.65% of the stock is owned by hedge funds and other institutional investors.

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Pinnacle West Capital Company Profile

Pinnacle West Capital Corporation is a holding company that operates through its subsidiaries. The Company operates through regulated electricity segment, which consists of traditional regulated retail and wholesale electricity businesses and related activities, and includes electricity generation, transmission and distribution.

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