Pinnacle West Capital (PNW) Rating Lowered to Neutral at Goldman Sachs Group

Goldman Sachs Group downgraded shares of Pinnacle West Capital (NYSE:PNW) from a buy rating to a neutral rating in a report released on Thursday, Marketbeat.com reports.

PNW has been the subject of several other reports. ValuEngine downgraded shares of Pinnacle West Capital from a buy rating to a hold rating in a research report on Thursday, November 1st. Williams Capital boosted their target price on shares of Pinnacle West Capital from $80.00 to $84.00 and gave the stock a hold rating in a research report on Monday, October 15th. Barclays began coverage on shares of Pinnacle West Capital in a research report on Monday, October 22nd. They issued a hold rating and a $86.00 target price for the company. Royal Bank of Canada reissued a buy rating and issued a $92.00 target price on shares of Pinnacle West Capital in a research report on Wednesday, November 14th. Finally, Wells Fargo & Co raised shares of Pinnacle West Capital to a buy rating and boosted their target price for the stock from $88.00 to $90.00 in a research report on Sunday, September 16th. One analyst has rated the stock with a sell rating, eight have given a hold rating and four have given a buy rating to the company’s stock. Pinnacle West Capital currently has an average rating of Hold and a consensus price target of $86.00.

PNW stock opened at $84.77 on Thursday. The company has a quick ratio of 0.52, a current ratio of 0.70 and a debt-to-equity ratio of 0.82. The company has a market capitalization of $9.49 billion, a price-to-earnings ratio of 19.49, a price-to-earnings-growth ratio of 3.91 and a beta of 0.17. Pinnacle West Capital has a 12 month low of $73.41 and a 12 month high of $92.64.

Pinnacle West Capital (NYSE:PNW) last posted its earnings results on Thursday, November 8th. The utilities provider reported $2.80 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.75 by $0.05. The company had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.15 billion. Pinnacle West Capital had a net margin of 13.71% and a return on equity of 9.68%. The company’s revenue for the quarter was up 7.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.46 earnings per share. On average, equities research analysts predict that Pinnacle West Capital will post 4.48 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 1st. Stockholders of record on Friday, February 1st will be paid a $0.7375 dividend. This represents a $2.95 dividend on an annualized basis and a dividend yield of 3.48%. The ex-dividend date of this dividend is Thursday, January 31st. Pinnacle West Capital’s payout ratio is 67.82%.

In other news, Chairman Donald E. Brandt sold 15,876 shares of the business’s stock in a transaction on Wednesday, November 14th. The shares were sold at an average price of $88.59, for a total value of $1,406,454.84. Following the completion of the sale, the chairman now directly owns 77,310 shares in the company, valued at $6,848,892.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Denise R. Danner sold 3,320 shares of the company’s stock in a transaction on Tuesday, November 27th. The shares were sold at an average price of $88.78, for a total transaction of $294,749.60. Following the transaction, the vice president now owns 8,759 shares of the company’s stock, valued at $777,624.02. The disclosure for this sale can be found here. Insiders sold 23,896 shares of company stock valued at $2,129,938 over the last 90 days. 0.53% of the stock is owned by corporate insiders.

A number of large investors have recently added to or reduced their stakes in the stock. Sound Income Strategies LLC raised its stake in Pinnacle West Capital by 100.0% during the 4th quarter. Sound Income Strategies LLC now owns 600 shares of the utilities provider’s stock valued at $51,000 after purchasing an additional 300 shares during the last quarter. Palo Capital Inc. raised its stake in Pinnacle West Capital by 7.3% during the 3rd quarter. Palo Capital Inc. now owns 9,357 shares of the utilities provider’s stock valued at $741,000 after purchasing an additional 638 shares during the last quarter. OppenheimerFunds Inc. raised its stake in Pinnacle West Capital by 14.1% during the 2nd quarter. OppenheimerFunds Inc. now owns 5,409 shares of the utilities provider’s stock valued at $436,000 after purchasing an additional 668 shares during the last quarter. BB&T Securities LLC raised its stake in Pinnacle West Capital by 19.3% during the 2nd quarter. BB&T Securities LLC now owns 4,293 shares of the utilities provider’s stock valued at $345,000 after purchasing an additional 694 shares during the last quarter. Finally, Whittier Trust Co. raised its stake in Pinnacle West Capital by 38.9% during the 3rd quarter. Whittier Trust Co. now owns 2,500 shares of the utilities provider’s stock valued at $198,000 after purchasing an additional 700 shares during the last quarter. Hedge funds and other institutional investors own 82.41% of the company’s stock.

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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Analyst Recommendations for Pinnacle West Capital (NYSE:PNW)

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