Pinnacle West Capital (NYSE:PNW) Raised to Hold at Royal Bank Of Canada

Pinnacle West Capital (NYSE:PNW) was upgraded by investment analysts at Royal Bank Of Canada to a “hold” rating in a research report issued on Tuesday,Zacks.com reports.

PNW has been the subject of a number of other research reports. Mizuho downgraded shares of Pinnacle West Capital from an “outperform” rating to a “neutral” rating and cut their price target for the company from $102.00 to $90.00 in a report on Tuesday, September 9th. Morgan Stanley set a $93.00 price target on shares of Pinnacle West Capital and gave the company an “outperform” rating in a report on Wednesday, October 22nd. BMO Capital Markets reissued a “market perform” rating and set a $99.00 price target on shares of Pinnacle West Capital in a research note on Monday, October 20th. Barclays boosted their price target on Pinnacle West Capital from $93.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 7th. Finally, Argus decreased their price target on Pinnacle West Capital from $98.00 to $95.00 and set a “buy” rating on the stock in a research note on Tuesday, September 30th. Six analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Pinnacle West Capital presently has an average rating of “Hold” and an average price target of $96.69.

Pinnacle West Capital Trading Down 1.9%

NYSE PNW opened at $88.99 on Tuesday. The stock has a market capitalization of $10.63 billion, a P/E ratio of 18.35, a P/E/G ratio of 9.39 and a beta of 0.46. Pinnacle West Capital has a 52-week low of $81.47 and a 52-week high of $96.50. The firm has a 50-day moving average price of $89.65 and a 200 day moving average price of $90.78. The company has a quick ratio of 0.37, a current ratio of 0.52 and a debt-to-equity ratio of 1.25.

Pinnacle West Capital (NYSE:PNW) last posted its quarterly earnings results on Wednesday, August 6th. The utilities provider reported $1.58 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.58. Pinnacle West Capital had a return on equity of 8.45% and a net margin of 10.96%.The firm had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.35 billion. During the same period in the previous year, the business earned $1.76 earnings per share. The company’s revenue for the quarter was up 3.8% compared to the same quarter last year. Equities research analysts expect that Pinnacle West Capital will post 5.13 EPS for the current year.

Insider Activity

In related news, EVP Jacob Tetlow sold 6,496 shares of the company’s stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $92.37, for a total transaction of $600,035.52. Following the transaction, the executive vice president owned 56 shares of the company’s stock, valued at approximately $5,172.72. This represents a 99.15% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.23% of the company’s stock.

Institutional Investors Weigh In On Pinnacle West Capital

A number of hedge funds and other institutional investors have recently made changes to their positions in PNW. ATLAS Infrastructure Partners UK Ltd. grew its position in shares of Pinnacle West Capital by 230.5% in the first quarter. ATLAS Infrastructure Partners UK Ltd. now owns 2,793,546 shares of the utilities provider’s stock valued at $266,085,000 after purchasing an additional 1,948,416 shares during the period. Norges Bank purchased a new stake in shares of Pinnacle West Capital in the second quarter valued at $114,384,000. Nuveen LLC purchased a new position in shares of Pinnacle West Capital during the 1st quarter worth about $99,364,000. Vanguard Group Inc. lifted its holdings in shares of Pinnacle West Capital by 2.2% during the 2nd quarter. Vanguard Group Inc. now owns 14,781,290 shares of the utilities provider’s stock worth $1,322,482,000 after acquiring an additional 316,629 shares during the period. Finally, Treasurer of the State of North Carolina lifted its holdings in shares of Pinnacle West Capital by 129.4% during the 2nd quarter. Treasurer of the State of North Carolina now owns 384,629 shares of the utilities provider’s stock worth $34,413,000 after acquiring an additional 216,984 shares during the period. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Pinnacle West Capital Company Profile

Pinnacle West Capital Corporation, through its subsidiary, provides retail and wholesale electric services primarily in the state of Arizona. The company engages in the generation, transmission, and distribution of electricity using coal, nuclear, gas, oil, and solar generating facilities. Its transmission facilities include overhead lines and underground lines; and distribution facilities consist of overhead lines and underground primary cables.