Zacks Investment Research Upgrades Pinnacle West Capital (PNW) to “Hold”

Pinnacle West Capital (NYSE:PNW) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Monday.

According to Zacks, “In last one year, shares of Pinnacle West Capital Corporation have outperformed the rally of its industry. 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 earnings. The company is also expanding its renewable generation portfolio.  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. “

PNW has been the topic of a number of other reports. Morgan Stanley upped their price target on shares of Pinnacle West Capital from $90.00 to $91.00 and gave the company an “underweight” rating in a research note on Wednesday, December 13th. ValuEngine cut shares of Pinnacle West Capital from a “buy” rating to a “hold” rating in a research note on Tuesday, December 19th. Bank of America cut 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 research note on Wednesday, January 3rd. SunTrust Banks restated a “hold” rating and set a $88.00 price target on shares of Pinnacle West Capital in a research note on Thursday, December 21st. Finally, Credit Suisse Group started coverage on shares of Pinnacle West Capital in a research note on Wednesday, September 20th. They set a “neutral” rating and a $90.00 price target on the stock. Two analysts have rated the stock with a sell rating, ten have given a hold rating and one has given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $86.40.

Shares of Pinnacle West Capital (PNW) traded down $0.70 during mid-day trading on Monday, hitting $79.22. 748,700 shares of the company were exchanged, compared to its average volume of 673,256. The stock has a market cap of $8,851.23, a PE ratio of 17.11, a P/E/G ratio of 5.66 and a beta of 0.38. The company has a quick ratio of 0.68, a current ratio of 0.90 and a debt-to-equity ratio of 0.85. Pinnacle West Capital has a 12 month low of $75.79 and a 12 month high of $92.48.

Pinnacle West Capital (NYSE:PNW) last announced its quarterly earnings results on Friday, November 3rd. The utilities provider reported $2.46 EPS for the quarter, beating the Zacks’ consensus estimate of $2.33 by $0.13. The company had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $1.21 billion. Pinnacle West Capital had a net margin of 14.67% and a return on equity of 10.31%. Pinnacle West Capital’s revenue was up 1.4% compared to the same quarter last year. During the same period in the prior year, the company posted $2.35 EPS. sell-side analysts anticipate that Pinnacle West Capital will post 4.28 EPS for the current fiscal year.

In related news, EVP David P. Falck sold 4,500 shares of the company’s stock in a transaction that occurred on Thursday, December 14th. The shares were sold at an average price of $89.07, for a total transaction of $400,815.00. Following the sale, the executive vice president now owns 40,838 shares of the company’s stock, valued at approximately $3,637,440.66. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Michael L. Gallagher sold 2,012 shares of the company’s stock in a transaction that occurred on Thursday, November 9th. The stock was sold at an average price of $89.37, for a total transaction of $179,812.44. Following the sale, the director now directly owns 12,786 shares in the company, valued at approximately $1,142,684.82. The disclosure for this sale can be found here. Insiders have sold a total of 24,665 shares of company stock worth $2,206,047 in the last ninety days. 0.70% of the stock is currently owned by insiders.

A number of institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. increased its holdings in Pinnacle West Capital by 4.4% during the 2nd quarter. Vanguard Group Inc. now owns 11,774,150 shares of the utilities provider’s stock worth $1,002,686,000 after acquiring an additional 496,727 shares during the period. Goldman Sachs Group Inc. increased its holdings in shares of Pinnacle West Capital by 27.2% in the 2nd quarter. Goldman Sachs Group Inc. now owns 3,351,968 shares of the utilities provider’s stock worth $285,454,000 after buying an additional 716,993 shares during the last quarter. Boston Partners increased its holdings in shares of Pinnacle West Capital by 37.6% in the 3rd quarter. Boston Partners now owns 2,824,466 shares of the utilities provider’s stock worth $238,837,000 after buying an additional 771,900 shares during the last quarter. American Century Companies Inc. increased its holdings in shares of Pinnacle West Capital by 3.8% in the 3rd quarter. American Century Companies Inc. now owns 2,610,779 shares of the utilities provider’s stock worth $220,767,000 after buying an additional 94,914 shares during the last quarter. Finally, Janus Henderson Group PLC increased its holdings in shares of Pinnacle West Capital by 11,341.5% in the 2nd quarter. Janus Henderson Group PLC now owns 1,838,427 shares of the utilities provider’s stock worth $156,560,000 after buying an additional 1,822,359 shares during the last quarter. 82.74% 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.

Analyst Recommendations for Pinnacle West Capital (NYSE:PNW)

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