Pinnacle West Capital (PNW) Cut to “Hold” at ValuEngine

Pinnacle West Capital (NYSE:PNW) was downgraded by stock analysts at ValuEngine from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday, December 19th.

A number of other research analysts have also issued reports on the company. Morgan Stanley boosted their price objective on Pinnacle West Capital from $90.00 to $91.00 and gave the company an “underweight” rating in a research report on Wednesday, December 13th. SunTrust Banks reissued a “hold” rating and set a $91.00 price objective on shares of Pinnacle West Capital in a research report on Friday, November 24th. Zacks Investment Research raised Pinnacle West Capital from a “hold” rating to a “buy” rating and set a $99.00 price target for the company in a report on Thursday, October 26th. Bank of America started coverage on Pinnacle West Capital in a report on Tuesday, October 24th. They issued a “neutral” rating and a $89.00 price target for the company. Finally, Credit Suisse Group started coverage on Pinnacle West Capital in a research note on Wednesday, September 20th. They issued a “neutral” rating and a $90.00 price objective on the stock. Three research analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has issued a buy rating to the stock. Pinnacle West Capital currently has an average rating of “Hold” and an average price target of $86.40.

Shares of Pinnacle West Capital (PNW) traded down $0.65 during trading hours on Tuesday, hitting $79.92. The company had a trading volume of 432,786 shares, compared to its average volume of 663,836. Pinnacle West Capital has a 1-year low of $75.79 and a 1-year high of $92.48. The company has a current ratio of 0.90, a quick ratio of 0.68 and a debt-to-equity ratio of 0.85. The stock has a market cap of $9,000.00, a P/E ratio of 17.26, a P/E/G ratio of 5.89 and a beta of 0.38.

Pinnacle West Capital (NYSE:PNW) last issued its earnings results on Friday, November 3rd. The utilities provider reported $2.46 EPS for the quarter, topping the consensus estimate of $2.33 by $0.13. Pinnacle West Capital had a return on equity of 10.31% and a net margin of 14.67%. The company had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.21 billion. During the same quarter last year, the firm earned $2.35 EPS. The business’s revenue was up 1.4% on a year-over-year basis. equities research analysts expect that Pinnacle West Capital will post 4.28 EPS for the current year.

In other news, EVP David P. Falck sold 4,500 shares of Pinnacle West Capital stock in a transaction that occurred on Thursday, December 14th. The shares were sold at an average price of $89.07, for a total value of $400,815.00. Following the completion of the sale, the executive vice president now directly owns 40,838 shares in the company, valued at $3,637,440.66. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Donald E. Brandt sold 18,153 shares of Pinnacle West Capital stock in a transaction that occurred on Thursday, November 9th. The shares were sold at an average price of $89.54, for a total transaction of $1,625,419.62. Following the completion of the sale, the chief executive officer now owns 118,574 shares of the company’s stock, valued at $10,617,115.96. The disclosure for this sale can be found here. Insiders have sold 24,665 shares of company stock valued at $2,206,047 in the last quarter. 0.70% of the stock is currently owned by corporate insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. grew its stake in shares of Pinnacle West Capital by 4.4% during the second quarter. Vanguard Group Inc. now owns 11,774,150 shares of the utilities provider’s stock worth $1,002,686,000 after buying an additional 496,727 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in shares of Pinnacle West Capital by 27.2% in the second quarter. Goldman Sachs Group Inc. now owns 3,351,968 shares of the utilities provider’s stock worth $285,454,000 after purchasing an additional 716,993 shares during the last quarter. Boston Partners grew its stake in shares of Pinnacle West Capital by 37.6% in the third quarter. Boston Partners now owns 2,824,466 shares of the utilities provider’s stock worth $238,837,000 after purchasing an additional 771,900 shares during the last quarter. American Century Companies Inc. grew its stake in shares of Pinnacle West Capital by 3.8% in the third quarter. American Century Companies Inc. now owns 2,610,779 shares of the utilities provider’s stock worth $220,767,000 after purchasing an additional 94,914 shares during the last quarter. Finally, Franklin Resources Inc. grew its stake in shares of Pinnacle West Capital by 0.3% in the second quarter. Franklin Resources Inc. now owns 1,962,966 shares of the utilities provider’s stock worth $167,166,000 after purchasing an additional 5,092 shares during the last quarter. 82.72% of the stock is currently owned by hedge funds and other institutional investors.

ILLEGAL ACTIVITY WARNING: “Pinnacle West Capital (PNW) Cut to “Hold” at ValuEngine” was first reported by StockNewsTimes and is the sole property of of StockNewsTimes. If you are reading this story on another publication, it was illegally stolen and reposted in violation of U.S. and international trademark & copyright law. The correct version of this story can be viewed at https://stocknewstimes.com/2018/01/11/pinnacle-west-capital-pnw-downgraded-by-valuengine-to-hold.html.

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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Pinnacle West Capital (NYSE:PNW)

Receive News & Ratings for Pinnacle West Capital Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Pinnacle West Capital and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

Leave a Reply