Pinnacle West Capital (NYSE:PNW) Upgraded to Outperform by Wells Fargo & Co

Pinnacle West Capital (NYSE:PNW) was upgraded by investment analysts at Wells Fargo & Co from a “market perform” rating to an “outperform” rating in a research report issued to clients and investors on Monday, August 6th, MarketBeat reports.

Several other brokerages have also recently weighed in on PNW. Zacks Investment Research cut shares of Pinnacle West Capital from a “buy” rating to a “hold” rating in a research report on Wednesday, July 4th. ValuEngine raised shares of Pinnacle West Capital from a “sell” rating to a “hold” rating in a research report on Wednesday, June 27th. Morgan Stanley boosted their price target on shares of Pinnacle West Capital from $78.00 to $85.00 and gave the company a “hold” rating in a research report on Monday, July 16th. Bank of America raised shares of Pinnacle West Capital from an “underperform” rating to a “neutral” rating and set a $81.00 target price on the stock in a research report on Friday, May 4th. They noted that the move was a valuation call. Finally, Credit Suisse Group raised shares of Pinnacle West Capital from a “neutral” rating to an “outperform” rating and upped their target price for the company from $85.00 to $87.00 in a research report on Tuesday, May 8th. Nine investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $83.67.

Shares of Pinnacle West Capital stock traded down $0.16 during trading hours on Monday, reaching $78.55. 1,254,000 shares of the company’s stock were exchanged, compared to its average volume of 903,131. Pinnacle West Capital has a 1 year low of $73.41 and a 1 year high of $92.48. The firm has a market capitalization of $8.89 billion, a price-to-earnings ratio of 18.05, a PEG ratio of 4.00 and a beta of 0.21. The company has a quick ratio of 0.36, a current ratio of 0.50 and a debt-to-equity ratio of 0.81.

Pinnacle West Capital (NYSE:PNW) last released its earnings results on Friday, August 3rd. The utilities provider reported $1.48 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.44 by $0.04. The business had revenue of $974.12 million during the quarter, compared to analyst estimates of $939.59 million. Pinnacle West Capital had a net margin of 12.95% and a return on equity of 9.12%. The company’s revenue for the quarter was up 3.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.49 earnings per share. research analysts anticipate that Pinnacle West Capital will post 4.44 EPS for the current fiscal year.

A number of institutional investors have recently made changes to their positions in the business. Piedmont Investment Advisors LLC acquired a new stake in shares of Pinnacle West Capital in the second quarter valued at approximately $106,000. Silvant Capital Management LLC acquired a new stake in shares of Pinnacle West Capital during the first quarter worth $127,000. Point72 Asia Hong Kong Ltd acquired a new stake in shares of Pinnacle West Capital during the first quarter worth $151,000. Dupont Capital Management Corp lifted its holdings in shares of Pinnacle West Capital by 223.9% during the second quarter. Dupont Capital Management Corp now owns 1,937 shares of the utilities provider’s stock worth $156,000 after purchasing an additional 1,339 shares during the period. Finally, Synovus Financial Corp lifted its holdings in shares of Pinnacle West Capital by 252.7% during the second quarter. Synovus Financial Corp now owns 2,000 shares of the utilities provider’s stock worth $161,000 after purchasing an additional 1,433 shares during the period. Institutional investors own 82.07% of the company’s stock.

About Pinnacle West Capital

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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