Pinnacle West Capital (NYSE:PNW) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Wednesday, September 12th.
According to Zacks, “Year to date loss in Pinnacle West Capital's shares were wider than its industry's decline. Pinnacle West Capital is subject to comprehensive regulations by federal, state and local regulatory agencies. Its operations are subject to fluctuations in the commodity price and weather, as well as operational hazards. The company is well positioned to gain from the ongoing economic improvement in its service territories and customer growth. Pinnacle West Capital’s long-term capital expenditure plan will further strengthen its capabilities. The company is also investing in battery storage projects, which will make its renewable projects more effective.”
A number of other research analysts have also recently commented on the stock. Morgan Stanley increased their price target on shares of Pinnacle West Capital from $85.00 to $89.00 and gave the company a “hold” rating in a research report on Tuesday, September 11th. UBS Group raised their target price on shares of Pinnacle West Capital from $79.00 to $83.00 and gave the stock a “neutral” rating in a report on Friday, August 10th. Wells Fargo & Co upgraded shares of Pinnacle West Capital from a “market perform” rating to an “outperform” rating in a report on Monday, August 6th. Finally, ValuEngine raised Pinnacle West Capital from a “sell” rating to a “hold” rating in a research note on Wednesday, June 27th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $83.89.
Shares of PNW stock traded up $0.97 during trading on Wednesday, hitting $82.77. The company had a trading volume of 853,900 shares, compared to its average volume of 893,945. The company has a current ratio of 0.50, a quick ratio of 0.36 and a debt-to-equity ratio of 0.81. The stock has a market cap of $8.87 billion, a price-to-earnings ratio of 18.97, a price-to-earnings-growth ratio of 3.98 and a beta of 0.13. Pinnacle West Capital has a 52 week low of $73.41 and a 52 week high of $92.48.
Pinnacle West Capital (NYSE:PNW) last issued its quarterly earnings results on Friday, August 3rd. The utilities provider reported $1.48 EPS for the quarter, beating analysts’ consensus estimates of $1.44 by $0.04. Pinnacle West Capital had a net margin of 12.95% and a return on equity of 9.12%. The business had revenue of $974.12 million for the quarter, compared to analysts’ expectations of $939.59 million. During the same period last year, the business earned $1.49 earnings per share. The business’s quarterly revenue was up 3.1% on a year-over-year basis. As a group, sell-side analysts forecast that Pinnacle West Capital will post 4.45 EPS for the current fiscal year.
A number of institutional investors have recently made changes to their positions in the business. OppenheimerFunds Inc. raised its position in shares of Pinnacle West Capital by 14.1% in the 2nd quarter. OppenheimerFunds Inc. now owns 5,409 shares of the utilities provider’s stock worth $436,000 after purchasing an additional 668 shares during the last quarter. Neuburgh Advisers LLC raised its position in shares of Pinnacle West Capital by 1.2% in the 1st quarter. Neuburgh Advisers LLC now owns 57,920 shares of the utilities provider’s stock worth $4,622,000 after purchasing an additional 672 shares during the last quarter. Riverhead Capital Management LLC raised its position in shares of Pinnacle West Capital by 1.1% in the 1st quarter. Riverhead Capital Management LLC now owns 63,932 shares of the utilities provider’s stock worth $5,102,000 after purchasing an additional 686 shares during the last quarter. BB&T Securities LLC raised its position in shares of Pinnacle West Capital by 19.3% in the 2nd quarter. BB&T Securities LLC now owns 4,293 shares of the utilities provider’s stock worth $345,000 after purchasing an additional 694 shares during the last quarter. Finally, ING Groep NV raised its position in shares of Pinnacle West Capital by 7.5% in the 1st quarter. ING Groep NV now owns 11,423 shares of the utilities provider’s stock worth $912,000 after purchasing an additional 800 shares during the last quarter. 82.02% 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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