Pinnacle West Capital (PNW) Lifted to Buy at Zacks Investment Research

Pinnacle West Capital (NYSE:PNW) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Monday. The brokerage presently has a $87.00 price objective on the utilities provider’s stock. Zacks Investment Research‘s target price points to 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. “

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Several other equities analysts also recently weighed in on the stock. 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 research note on Wednesday, January 3rd. Morgan Stanley raised their price target 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. ValuEngine downgraded shares of Pinnacle West Capital from a “buy” rating to a “hold” rating in a research note on Tuesday, December 19th. SunTrust Banks reissued a “hold” rating and issued a $88.00 price target on shares of Pinnacle West Capital in a research note on Thursday, December 21st. Finally, Williams Capital reissued a “hold” rating and issued a $84.00 price target (down 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 assigned a buy rating to the company’s stock. Pinnacle West Capital has a consensus rating of “Hold” and an average price target of $84.36.

Pinnacle West Capital stock opened at $77.99 on Monday. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.85 and a quick ratio of 0.61. The firm has a market cap of $8,717.03, a PE ratio of 17.87, a PEG ratio of 5.89 and a beta of 0.31. Pinnacle West Capital has a 52 week low of $73.81 and a 52 week high of $92.48.

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

In related news, CEO Donald E. Brandt sold 39,083 shares of the firm’s stock in a transaction dated 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 completion of the sale, the chief executive officer now directly owns 88,741 shares in the company, valued at $6,853,467.43. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Chairman Donald E. Brandt sold 24,216 shares of the firm’s stock in a transaction dated Friday, January 19th. The stock was sold at an average price of $79.21, for a total transaction of $1,918,149.36. Following the sale, the chairman now owns 94,358 shares of the company’s stock, valued at $7,474,097.18. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 68,110 shares of company stock valued at $5,300,760. 0.70% of the stock is owned by company insiders.

A number of institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. increased its position in Pinnacle West Capital by 1.0% during the fourth quarter. BlackRock Inc. now owns 11,348,077 shares of the utilities provider’s stock worth $966,629,000 after purchasing an additional 114,132 shares during the last quarter. Boston Partners increased its position in shares of Pinnacle West Capital by 24.3% during the fourth quarter. Boston Partners now owns 3,511,585 shares of the utilities provider’s stock valued at $299,117,000 after acquiring an additional 687,119 shares during the last quarter. American Century Companies Inc. increased its position in shares of Pinnacle West Capital by 2.5% during the fourth quarter. American Century Companies Inc. now owns 2,674,862 shares of the utilities provider’s stock valued at $227,845,000 after acquiring an additional 64,083 shares during the last quarter. Millennium Management LLC increased its position in shares of Pinnacle West Capital by 9.8% during the fourth quarter. Millennium Management LLC now owns 2,588,824 shares of the utilities provider’s stock valued at $220,516,000 after acquiring an additional 230,870 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in shares of Pinnacle West Capital by 3.9% during the fourth quarter. Geode Capital Management LLC now owns 1,250,377 shares of the utilities provider’s stock valued at $106,303,000 after acquiring an additional 46,410 shares during the last quarter. Hedge funds and other institutional investors own 82.63% of the company’s stock.

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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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