Evercore ISI Downgrades Pinnacle West Capital (NYSE:PNW) to Underperform

Pinnacle West Capital (NYSE:PNW) was downgraded by equities research analysts at Evercore ISI from an “in-line” rating to an “underperform” rating in a research report issued to clients and investors on Friday, Marketbeat.com reports.

A number of other analysts have also commented on the company. Credit Suisse Group set a $102.00 target price on Pinnacle West Capital and gave the stock a “buy” rating in a report on Monday, April 22nd. Bank of America raised Pinnacle West Capital from a “neutral” rating to a “buy” rating and set a $105.00 target price for the company in a report on Monday, April 15th. Zacks Investment Research raised Pinnacle West Capital from a “hold” rating to a “buy” rating and set a $108.00 target price for the company in a report on Monday, May 20th. Argus raised Pinnacle West Capital from a “hold” rating to a “buy” rating and set a $102.00 target price for the company in a report on Tuesday, July 30th. Finally, ValuEngine lowered Pinnacle West Capital from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $95.82.

NYSE:PNW traded down $0.34 during trading hours on Friday, reaching $92.44. 1,274,329 shares of the company traded hands, compared to its average volume of 1,017,805. The firm has a 50-day moving average price of $93.95. The firm has a market capitalization of $10.42 billion, a PE ratio of 20.36, a P/E/G ratio of 3.80 and a beta of 0.15. Pinnacle West Capital has a 1 year low of $77.19 and a 1 year high of $99.81. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.55 and a quick ratio of 0.36.

Pinnacle West Capital (NYSE:PNW) last announced its quarterly earnings data on Thursday, August 8th. The utilities provider reported $1.28 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.43 by ($0.15). The company had revenue of $869.50 million for the quarter, compared to analysts’ expectations of $973.16 million. Pinnacle West Capital had a net margin of 13.84% and a return on equity of 9.31%. The firm’s quarterly revenue was down 10.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.48 EPS. As a group, analysts anticipate that Pinnacle West Capital will post 4.75 EPS for the current fiscal year.

In related news, Director Michael L. Gallagher sold 5,000 shares of Pinnacle West Capital stock in a transaction on Monday, May 13th. The stock was sold at an average price of $95.90, for a total value of $479,500.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.41% of the stock is currently owned by company insiders.

Institutional investors and hedge funds have recently modified their holdings of the stock. FMR LLC grew its holdings in shares of Pinnacle West Capital by 19.5% in the fourth quarter. FMR LLC now owns 940,646 shares of the utilities provider’s stock worth $80,143,000 after acquiring an additional 153,450 shares during the period. IFM Investors Pty Ltd grew its holdings in shares of Pinnacle West Capital by 23.8% in the second quarter. IFM Investors Pty Ltd now owns 7,020 shares of the utilities provider’s stock worth $661,000 after acquiring an additional 1,350 shares during the period. Zions Bancorporation N.A. bought a new stake in shares of Pinnacle West Capital in the first quarter worth $26,000. Wakefield Asset Management LLLP grew its holdings in shares of Pinnacle West Capital by 2.1% in the first quarter. Wakefield Asset Management LLLP now owns 10,705 shares of the utilities provider’s stock worth $1,023,000 after acquiring an additional 225 shares during the period. Finally, BP PLC bought a new stake in shares of Pinnacle West Capital in the second quarter worth $1,129,000. 85.33% of the stock is owned by 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.

Featured Article: What does relative strength index mean?

Analyst Recommendations for Pinnacle West Capital (NYSE:PNW)

Receive News & Ratings for Pinnacle West Capital Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Pinnacle West Capital and related companies with MarketBeat.com's FREE daily email newsletter.