Pinnacle West Capital (PNW) Rating Lowered to Neutral at Goldman Sachs Group

Goldman Sachs Group lowered shares of Pinnacle West Capital (NYSE:PNW) from a buy rating to a neutral rating in a research report report published on Thursday morning, Marketbeat.com reports.

A number of other brokerages also recently weighed in on PNW. Royal Bank of Canada reiterated a buy rating and issued a $92.00 price target on shares of Pinnacle West Capital in a research report on Wednesday, November 14th. Barclays set a $90.00 price target on shares of Pinnacle West Capital and gave the company a hold rating in a research report on Saturday, November 17th. ValuEngine upgraded shares of Pinnacle West Capital from a hold rating to a buy rating in a research report on Wednesday, November 21st. SunTrust Banks increased their price target on shares of Pinnacle West Capital to $90.00 and gave the company an average rating in a research report on Friday, November 9th. They noted that the move was a valuation call. Finally, Wells Fargo & Co reiterated a buy rating on shares of Pinnacle West Capital in a research report on Thursday, November 8th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and four have given a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and an average target price of $86.00.

Shares of NYSE PNW opened at $84.77 on Thursday. The stock has a market capitalization of $9.49 billion, a PE ratio of 19.49, a price-to-earnings-growth ratio of 3.91 and a beta of 0.17. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.52 and a current ratio of 0.70. Pinnacle West Capital has a 1 year low of $73.41 and a 1 year high of $92.64.



Pinnacle West Capital (NYSE:PNW) last issued its earnings results on Thursday, November 8th. The utilities provider reported $2.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.75 by $0.05. The company had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.15 billion. Pinnacle West Capital had a net margin of 13.71% and a return on equity of 9.68%. The company’s revenue for the quarter was up 7.2% on a year-over-year basis. During the same quarter last year, the firm earned $2.46 EPS. Analysts expect that Pinnacle West Capital will post 4.48 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 1st. Stockholders of record on Friday, February 1st will be paid a dividend of $0.7375 per share. The ex-dividend date of this dividend is Thursday, January 31st. This represents a $2.95 annualized dividend and a dividend yield of 3.48%. Pinnacle West Capital’s dividend payout ratio is currently 67.82%.

In related news, VP Denise R. Danner sold 3,320 shares of the firm’s stock in a transaction on Tuesday, November 27th. The shares were sold at an average price of $88.78, for a total value of $294,749.60. Following the completion of the transaction, the vice president now directly owns 8,759 shares of the company’s stock, valued at $777,624.02. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Chairman Donald E. Brandt sold 15,876 shares of the firm’s stock in a transaction on Wednesday, November 14th. The shares were sold at an average price of $88.59, for a total transaction of $1,406,454.84. Following the completion of the transaction, the chairman now directly owns 77,310 shares of the company’s stock, valued at $6,848,892.90. The disclosure for this sale can be found here. Insiders have sold a total of 23,896 shares of company stock valued at $2,129,938 over the last ninety days. Company insiders own 0.53% of the company’s stock.

Several large investors have recently added to or reduced their stakes in PNW. Sound Income Strategies LLC grew its stake in shares of Pinnacle West Capital by 100.0% in the fourth quarter. Sound Income Strategies LLC now owns 600 shares of the utilities provider’s stock valued at $51,000 after buying an additional 300 shares in the last quarter. First Hawaiian Bank bought a new position in shares of Pinnacle West Capital in the third quarter valued at $152,000. Cerebellum GP LLC bought a new position in shares of Pinnacle West Capital in the third quarter valued at $186,000. Whittier Trust Co. grew its stake in shares of Pinnacle West Capital by 38.9% in the third quarter. Whittier Trust Co. now owns 2,500 shares of the utilities provider’s stock valued at $198,000 after buying an additional 700 shares in the last quarter. Finally, MML Investors Services LLC bought a new position in shares of Pinnacle West Capital in the third quarter valued at $200,000. 82.41% of the stock is owned by institutional investors and hedge funds.

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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