Bank of America upgraded shares of Pinnacle West Capital (NYSE:PNW) from a neutral rating to a buy rating in a research report report published on Monday morning, Benzinga reports. They currently have $105.00 price target on the utilities provider’s stock.
PNW has been the topic of a number of other research reports. Credit Suisse Group upped their price objective on Pinnacle West Capital from $93.00 to $100.00 and gave the stock an outperform rating in a research note on Monday, February 25th. Royal Bank of Canada lowered Pinnacle West Capital from an outperform rating to a sector perform rating and set a $93.00 target price on the stock. in a report on Friday, March 1st. Goldman Sachs Group lowered Pinnacle West Capital from a buy rating to a neutral rating in a report on Thursday, January 10th. Williams Capital reissued a hold rating on shares of Pinnacle West Capital in a report on Monday, March 18th. Finally, Wells Fargo & Co reissued a buy rating on shares of Pinnacle West Capital in a report on Monday, December 24th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the stock. The stock has a consensus rating of Hold and an average target price of $90.73.
NYSE:PNW opened at $95.82 on Monday. Pinnacle West Capital has a fifty-two week low of $73.41 and a fifty-two week high of $97.27. The company has a current ratio of 0.56, a quick ratio of 0.38 and a debt-to-equity ratio of 0.87. The stock has a market cap of $10.70 billion, a PE ratio of 21.11, a price-to-earnings-growth ratio of 3.92 and a beta of 0.19.
Pinnacle West Capital (NYSE:PNW) last released its quarterly earnings data on Friday, February 22nd. The utilities provider reported $0.23 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.17 by $0.06. The business had revenue of $756.40 million for the quarter, compared to analysts’ expectations of $703.26 million. Pinnacle West Capital had a return on equity of 9.67% and a net margin of 13.85%. Pinnacle West Capital’s revenue for the quarter was down .4% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.19 EPS. As a group, equities analysts expect that Pinnacle West Capital will post 4.85 EPS for the current fiscal year.
In other Pinnacle West Capital news, CAO Denise R. Danner sold 3,278 shares of the company’s stock in a transaction on Wednesday, February 27th. The stock was sold at an average price of $92.88, for a total value of $304,460.64. Following the transaction, the chief accounting officer now directly owns 6,479 shares of the company’s stock, valued at approximately $601,769.52. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Donna M. Easterly sold 2,358 shares of the company’s stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $95.67, for a total value of $225,589.86. Following the completion of the transaction, the vice president now directly owns 2,991 shares in the company, valued at $286,148.97. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 44,406 shares of company stock worth $4,132,062. Insiders own 0.41% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of PNW. Bank of New York Mellon Corp grew its holdings in Pinnacle West Capital by 1.2% in the 3rd quarter. Bank of New York Mellon Corp now owns 1,229,830 shares of the utilities provider’s stock valued at $97,379,000 after buying an additional 14,806 shares in the last quarter. FMR LLC lifted its position in shares of Pinnacle West Capital by 42.7% during the 3rd quarter. FMR LLC now owns 787,196 shares of the utilities provider’s stock valued at $62,330,000 after acquiring an additional 235,397 shares during the period. Virtu Financial LLC bought a new stake in shares of Pinnacle West Capital during the 3rd quarter valued at $294,000. Dimensional Fund Advisors LP lifted its position in shares of Pinnacle West Capital by 56.3% during the 3rd quarter. Dimensional Fund Advisors LP now owns 476,966 shares of the utilities provider’s stock valued at $37,762,000 after acquiring an additional 171,731 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Pinnacle West Capital during the 3rd quarter valued at $463,000. 85.29% of the stock is currently owned by hedge funds and other institutional investors.
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 generating facilities. The company serves approximately 1.2 million customers.
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