Zacks Investment Research upgraded shares of Pinnacle West Capital (NYSE:PNW) from a hold rating to a buy rating in a report issued on Wednesday morning. They currently have $89.00 target price on the utilities provider’s stock.
According to Zacks, “In a month’s time shares of Pinnacle West Capital Corporation have outperformed the industry it belongs to. 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. 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.”
Several other brokerages have also issued reports on PNW. Morgan Stanley lifted their price objective on shares of Pinnacle West Capital from $90.00 to $91.00 and gave the company an underweight rating in a report on Wednesday, December 13th. ValuEngine lowered shares of Pinnacle West Capital from a buy rating to a hold rating in a report on Tuesday, December 19th. SunTrust Banks reissued a hold rating and set a $88.00 price objective on shares of Pinnacle West Capital in a report on Thursday, December 21st. Bank of America lowered shares of Pinnacle West Capital from a neutral rating to an underperform rating and set a $84.00 price objective on the stock. in a report on Wednesday, January 3rd. Finally, Williams Capital reissued a hold rating and set a $84.00 price objective (down from $87.00) on shares of Pinnacle West Capital in a report 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. The company currently has a consensus rating of Hold and a consensus price target of $84.55.
Pinnacle West Capital (NYSE:PNW) last issued its quarterly earnings data on Friday, February 23rd. The utilities provider reported $0.19 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.10 by $0.09. The company 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%. Pinnacle West Capital’s revenue was up 2.8% compared to the same quarter last year. During the same period last year, the company posted $0.47 earnings per share. sell-side analysts predict that Pinnacle West Capital will post 4.46 EPS for the current year.
In other Pinnacle West Capital news, Chairman Donald E. Brandt sold 24,216 shares of Pinnacle West Capital stock in a transaction on Friday, January 19th. The shares were sold at an average price of $79.21, for a total value of $1,918,149.36. Following the transaction, the chairman now directly owns 94,358 shares of the company’s stock, valued at $7,474,097.18. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP John S. Hatfield sold 2,145 shares of Pinnacle West Capital stock in a transaction on Tuesday, March 13th. The stock was sold at an average price of $76.14, for a total transaction of $163,320.30. Following the completion of 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 sold 68,110 shares of company stock worth $5,300,760 over the last ninety days. Corporate insiders own 0.53% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Xact Kapitalforvaltning AB grew its holdings in Pinnacle West Capital by 20.3% in the fourth quarter. Xact Kapitalforvaltning AB now owns 11,214 shares of the utilities provider’s stock worth $955,000 after purchasing an additional 1,890 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its holdings in Pinnacle West Capital by 7.3% in the fourth quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 46,357 shares of the utilities provider’s stock worth $3,949,000 after purchasing an additional 3,146 shares during the last quarter. William Blair Investment Management LLC grew its holdings in Pinnacle West Capital by 36.0% in the fourth quarter. William Blair Investment Management LLC now owns 15,028 shares of the utilities provider’s stock worth $1,280,000 after purchasing an additional 3,977 shares during the last quarter. OLD Mutual Customised Solutions Proprietary Ltd. grew its holdings in Pinnacle West Capital by 39.9% in the fourth quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 7,720 shares of the utilities provider’s stock worth $658,000 after purchasing an additional 2,200 shares during the last quarter. Finally, SWS Partners purchased a new position in Pinnacle West Capital in the fourth quarter worth $1,515,000. 82.70% of the stock is currently owned by institutional investors and hedge funds.
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Pinnacle West Capital Company Profile
Pinnacle West Capital Corporation, through its subsidiary, Arizona Public Service Company, provides retail and wholesale electric services primarily in the state of Arizona. It generates, transmits, and distributes electricity using coal, nuclear, gas, oil, and solar resources. The company serves approximately 1.2 million homes and businesses.
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