Pinnacle West Capital (NYSE:PNW) Rating Lowered to Neutral at Bank of America

Pinnacle West Capital (NYSE:PNW) was downgraded by analysts at Bank of America from a “buy” rating to a “neutral” rating in a report issued on Friday, Marketbeat.com reports. They currently have a $90.00 price objective on the utilities provider’s stock. Bank of America‘s target price would suggest a potential upside of 4.18% from the stock’s previous close.

PNW has been the topic of several other research reports. UBS Group upped their target price on shares of Pinnacle West Capital from $99.00 to $104.00 and gave the company a “neutral” rating in a research note on Friday, September 20th. Credit Suisse Group upped their target price on shares of Pinnacle West Capital from $101.00 to $108.00 and gave the company an “outperform” rating in a research note on Monday, October 7th. Williams Capital reaffirmed a “hold” rating and set a $97.00 price target (up previously from $87.00) on shares of Pinnacle West Capital in a research report on Monday, August 12th. Evercore ISI lowered shares of Pinnacle West Capital from an “in-line” rating to an “underperform” rating in a research report on Friday, August 9th. Finally, ValuEngine lowered shares of Pinnacle West Capital from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Four investment analysts have rated the stock with a sell rating, nine have issued a hold rating and two have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $95.83.

PNW traded down $1.43 during midday trading on Friday, hitting $86.39. 1,362,990 shares of the company traded hands, compared to its average volume of 981,974. The company has a quick ratio of 0.38, a current ratio of 0.54 and a debt-to-equity ratio of 0.92. The firm has a market capitalization of $10.19 billion, a PE ratio of 19.03, a price-to-earnings-growth ratio of 3.11 and a beta of 0.06. The company’s 50-day moving average is $94.82 and its 200 day moving average is $94.68. Pinnacle West Capital has a 52 week low of $81.63 and a 52 week high of $99.81.

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Pinnacle West Capital (NYSE:PNW) last posted its earnings results on Thursday, November 7th. The utilities provider reported $2.77 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $3.00 by ($0.23). The company had revenue of $1.19 billion for the quarter, compared to the consensus estimate of $1.25 billion. Pinnacle West Capital had a net margin of 13.84% and a return on equity of 9.33%. Pinnacle West Capital’s revenue was down 6.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.80 EPS. On average, sell-side analysts predict that Pinnacle West Capital will post 4.75 earnings per share for the current fiscal year.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in Pinnacle West Capital by 3.4% in the 2nd quarter. Vanguard Group Inc. now owns 13,835,051 shares of the utilities provider’s stock worth $1,301,740,000 after acquiring an additional 460,562 shares in the last quarter. BlackRock Inc. increased its holdings in Pinnacle West Capital by 0.4% in the 2nd quarter. BlackRock Inc. now owns 12,513,978 shares of the utilities provider’s stock worth $1,177,441,000 after acquiring an additional 49,482 shares in the last quarter. AQR Capital Management LLC increased its holdings in Pinnacle West Capital by 24.2% in the 2nd quarter. AQR Capital Management LLC now owns 2,900,739 shares of the utilities provider’s stock worth $272,931,000 after acquiring an additional 565,847 shares in the last quarter. Renaissance Technologies LLC increased its holdings in Pinnacle West Capital by 4.1% in the 2nd quarter. Renaissance Technologies LLC now owns 2,804,750 shares of the utilities provider’s stock worth $263,899,000 after acquiring an additional 109,400 shares in the last quarter. Finally, Invesco Ltd. increased its holdings in Pinnacle West Capital by 5.4% in the 2nd quarter. Invesco Ltd. now owns 2,580,260 shares of the utilities provider’s stock worth $242,777,000 after acquiring an additional 131,640 shares in the last quarter. 88.07% of the stock is owned by hedge funds and other institutional investors.

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 generating facilities. The company serves approximately 1.2 million customers.

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Analyst Recommendations for Pinnacle West Capital (NYSE:PNW)

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