Pinnacle West Capital (PNW) Upgraded by Royal Bank of Canada to “Outperform”

Pinnacle West Capital (NYSE:PNW) was upgraded by analysts at Royal Bank of Canada from a “sector perform” rating to an “outperform” rating in a research report issued on Thursday, MarketBeat.com reports.

Other equities research analysts have also issued reports about the stock. ValuEngine raised shares of Pinnacle West Capital from a “hold” rating to a “buy” rating in a report on Tuesday, November 14th. Morgan Stanley raised shares of Pinnacle West Capital from an “underweight” rating to an “equal weight” rating and set a $85.00 target price for the company in a report on Tuesday, February 13th. SunTrust Banks restated a “hold” rating and issued a $91.00 price target on shares of Pinnacle West Capital in a research note on Friday, November 24th. Williams Capital restated 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. Finally, Zacks Investment Research downgraded Pinnacle West Capital from a “buy” rating to a “hold” rating in a research note on Tuesday, January 23rd. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and two have given a buy rating to the company. Pinnacle West Capital presently has a consensus rating of “Hold” and an average target price of $84.27.

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Shares of Pinnacle West Capital (NYSE:PNW) opened at $76.38 on Thursday. The stock has a market cap of $8,580.00, a P/E ratio of 17.24, a P/E/G ratio of 5.71 and a beta of 0.31. Pinnacle West Capital has a fifty-two week low of $73.81 and a fifty-two week high of $92.48. The company has a quick ratio of 0.61, a current ratio of 0.85 and a debt-to-equity ratio of 0.93.

Pinnacle West Capital (NYSE:PNW) last released its earnings results on Friday, February 23rd. The utilities provider reported $0.19 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.10 by $0.09. The company had revenue of $759.65 million during 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%. The firm’s quarterly revenue was up 2.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.47 EPS. analysts predict that Pinnacle West Capital will post 4.45 earnings per share for the current fiscal year.

In other news, Director Kathryn L. Munro sold 2,666 shares of the stock in a transaction that occurred on Wednesday, March 7th. The stock was sold at an average price of $75.36, for a total transaction of $200,909.76. Following the completion of the transaction, the director now directly owns 15,630 shares in the company, valued at approximately $1,177,876.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Donald E. Brandt sold 39,083 shares of the stock in a transaction that occurred on Thursday, March 1st. The shares were sold at an average price of $77.23, for a total value of $3,018,380.09. Following the transaction, the chief executive officer now owns 88,741 shares of the company’s stock, valued at $6,853,467.43. The disclosure for this sale can be found here. Insiders sold a total of 70,465 shares of company stock valued at $5,538,254 over the last 90 days. 0.70% of the stock is currently owned by corporate insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of PNW. Banced Corp bought a new position in shares of Pinnacle West Capital during the 4th quarter valued at approximately $201,000. Kovack Advisors Inc. bought a new position in shares of Pinnacle West Capital during the 4th quarter valued at approximately $202,000. Krilogy Financial LLC bought a new position in shares of Pinnacle West Capital during the 3rd quarter valued at approximately $211,000. Newport Wealth Strategies Inc. bought a new position in shares of Pinnacle West Capital during the 4th quarter valued at approximately $238,000. Finally, IBM Retirement Fund bought a new position in shares of Pinnacle West Capital during the 4th quarter valued at approximately $281,000. Hedge funds and other institutional investors own 82.02% 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.

Analyst Recommendations for Pinnacle West Capital (NYSE:PNW)

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