Pinnacle West Capital Corporation (NYSE:PNW) was upgraded by investment analysts at BidaskClub from a “sell” rating to a “hold” rating in a note issued to investors on Monday.
Several other research firms have also recently issued reports on PNW. Zacks Investment Research cut shares of Pinnacle West Capital Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday, July 11th. Morgan Stanley reduced their price objective on shares of Pinnacle West Capital Corporation from $83.00 to $82.00 and set an “underweight” rating on the stock in a research report on Monday, May 8th. Finally, BMO Capital Markets reiterated a “hold” rating and set a $86.00 price objective on shares of Pinnacle West Capital Corporation in a research report on Wednesday, May 17th. One analyst has rated the stock with a sell rating and nine have assigned a hold rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $80.50.
Shares of Pinnacle West Capital Corporation (NYSE PNW) traded down 0.86% during trading on Monday, hitting $86.48. 601,202 shares of the stock were exchanged. The firm has a 50 day moving average of $86.84 and a 200-day moving average of $83.25. Pinnacle West Capital Corporation has a 52-week low of $70.86 and a 52-week high of $89.56. The stock has a market cap of $9.65 billion, a PE ratio of 21.01 and a beta of 0.37.
Pinnacle West Capital Corporation (NYSE:PNW) last released its quarterly earnings data on Tuesday, May 2nd. The utilities provider reported $0.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.15 by $0.06. The firm had revenue of $677.73 million for the quarter, compared to analysts’ expectations of $704.09 million. Pinnacle West Capital Corporation had a net margin of 13.17% and a return on equity of 9.40%. The company’s revenue for the quarter was up .1% compared to the same quarter last year. During the same quarter last year, the business posted $0.04 earnings per share. Equities research analysts anticipate that Pinnacle West Capital Corporation will post $4.24 earnings per share for the current fiscal year.
In related news, SVP Barbara M. Gomez sold 1,900 shares of the business’s stock in a transaction on Tuesday, May 16th. The shares were sold at an average price of $84.00, for a total value of $159,600.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO James R. Hatfield sold 10,000 shares of the business’s stock in a transaction on Thursday, May 4th. The stock was sold at an average price of $84.35, for a total transaction of $843,500.00. The disclosure for this sale can be found here. Insiders sold 70,875 shares of company stock worth $6,003,922 in the last 90 days. 0.70% of the stock is currently owned by company insiders.
A number of large investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in Pinnacle West Capital Corporation by 3.7% in the first quarter. Vanguard Group Inc. now owns 11,277,423 shares of the utilities provider’s stock worth $940,311,000 after buying an additional 398,486 shares during the period. BlackRock Inc. boosted its position in Pinnacle West Capital Corporation by 3,579.0% in the first quarter. BlackRock Inc. now owns 10,792,256 shares of the utilities provider’s stock worth $899,860,000 after buying an additional 10,498,905 shares during the period. JPMorgan Chase & Co. boosted its position in Pinnacle West Capital Corporation by 12.7% in the first quarter. JPMorgan Chase & Co. now owns 2,635,293 shares of the utilities provider’s stock worth $219,732,000 after buying an additional 297,131 shares during the period. Wellington Management Group LLP boosted its position in Pinnacle West Capital Corporation by 9.3% in the first quarter. Wellington Management Group LLP now owns 1,373,797 shares of the utilities provider’s stock worth $114,549,000 after buying an additional 116,645 shares during the period. Finally, Bank of New York Mellon Corp boosted its position in Pinnacle West Capital Corporation by 2.4% in the first quarter. Bank of New York Mellon Corp now owns 1,201,685 shares of the utilities provider’s stock worth $100,197,000 after buying an additional 28,436 shares during the period. Institutional investors own 83.50% of the company’s stock.
Pinnacle West Capital Corporation 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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