Pinnacle West Capital (NYSE:PNW) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Monday. The firm presently has a $87.00 price objective on the utilities provider’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 11.55% from the company’s previous close.
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 last one month, shares of Pinnacle West Capital Corporation have under performed the industry. 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. “
A number of other research firms have also weighed in on PNW. SunTrust Banks reiterated 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 increased their price target 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 downgraded shares of Pinnacle West Capital from a “buy” rating to a “hold” rating in a report on Tuesday, December 19th. Bank of America downgraded shares of Pinnacle West Capital from a “neutral” rating to an “underperform” rating and set a $84.00 price target on the stock. in a report on Wednesday, January 3rd. Finally, Williams Capital reissued a “hold” rating and set a $84.00 price target (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, ten have issued a hold rating and three have issued a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $84.36.
Pinnacle West Capital (NYSE:PNW) last released its quarterly earnings data on Friday, February 23rd. The utilities provider reported $0.19 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.10 by $0.09. The firm 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 business’s quarterly revenue was up 2.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.47 earnings per share. research analysts forecast that Pinnacle West Capital will post 4.46 EPS for the current fiscal year.
In related news, CEO Donald E. Brandt sold 39,083 shares of the stock in a transaction on Thursday, March 1st. The shares were 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP John S. Hatfield sold 2,145 shares of the 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 transaction, the vice president now directly owns 1,443 shares in the company, valued at $109,870.02. The disclosure for this sale can be found here. Insiders have sold 68,110 shares of company stock worth $5,300,760 over the last three months. 0.70% of the stock is currently owned by insiders.
Institutional investors and hedge funds have recently bought and sold shares of the business. Magnetar Financial LLC lifted its holdings in Pinnacle West Capital by 415.5% during the third quarter. Magnetar Financial LLC now owns 15,295 shares of the utilities provider’s stock valued at $1,293,000 after purchasing an additional 12,328 shares in the last quarter. Schwab Charles Investment Management Inc. lifted its holdings in Pinnacle West Capital by 6.3% during the third quarter. Schwab Charles Investment Management Inc. now owns 539,272 shares of the utilities provider’s stock valued at $45,601,000 after purchasing an additional 32,194 shares in the last quarter. MANA Advisors LLC purchased a new position in Pinnacle West Capital during the fourth quarter valued at $557,000. Legal & General Group Plc lifted its holdings in Pinnacle West Capital by 5.7% during the third quarter. Legal & General Group Plc now owns 976,307 shares of the utilities provider’s stock valued at $82,555,000 after purchasing an additional 52,287 shares in the last quarter. Finally, California Public Employees Retirement System lifted its holdings in Pinnacle West Capital by 0.5% during the fourth quarter. California Public Employees Retirement System now owns 348,448 shares of the utilities provider’s stock valued at $29,681,000 after purchasing an additional 1,764 shares in the last quarter. 82.63% of the stock is currently owned by institutional investors and hedge funds.
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About Pinnacle West Capital
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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