Pinnacle West Capital (NYSE:PNW) Earns Hold Rating from Analysts at TD Cowen

Key Points

• TD Cowen has launched coverage of Pinnacle West Capital with a "hold" rating and a target price of $97.00, indicating a potential upside of 3.51% from its current trading price.
• Analyst ratings for Pinnacle West Capital are mixed, with five analysts giving a Buy rating, nine a Hold rating, and one a Sell rating, resulting in an average target price of $96.42.
• Pinnacle West Capital reported a net margin of 10.96% and earnings of $1.58 per share for the last quarter, matching analyst estimates.

Investment analysts at TD Cowen initiated coverage on shares of Pinnacle West Capital (NYSE:PNW - Get Free Report) in a research report issued to clients and investors on Thursday, Marketbeat.com reports. The firm set a "hold" rating and a $97.00 price target on the utilities provider's stock. TD Cowen's price objective suggests a potential upside of 3.51% from the stock's current price.

Other equities analysts have also issued reports about the stock. Barclays increased their price objective on shares of Pinnacle West Capital from $93.00 to $95.00 and gave the company an "equal weight" rating in a research report on Tuesday, October 7th. Zacks Research downgraded shares of Pinnacle West Capital from a "hold" rating to a "strong sell" rating in a research note on Friday, October 10th. Morgan Stanley decreased their price target on shares of Pinnacle West Capital from $89.00 to $87.00 and set an "equal weight" rating on the stock in a research note on Thursday, September 25th. Mizuho downgraded shares of Pinnacle West Capital from an "outperform" rating to a "neutral" rating and decreased their price target for the company from $102.00 to $90.00 in a research note on Tuesday, September 9th. Finally, BMO Capital Markets upped their price target on shares of Pinnacle West Capital from $96.00 to $98.00 and gave the company a "market perform" rating in a research note on Thursday, August 7th. Five investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $96.42.

Pinnacle West Capital Price Performance

Shares of PNW opened at $93.71 on Thursday. The firm has a market capitalization of $11.19 billion, a PE ratio of 19.32, a PEG ratio of 9.65 and a beta of 0.46. The company's 50-day moving average is $89.70 and its 200-day moving average is $90.80. Pinnacle West Capital has a fifty-two week low of $81.47 and a fifty-two week high of $96.50. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.52 and a quick ratio of 0.37.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The utilities provider reported $1.58 earnings per share for the quarter, meeting the consensus estimate of $1.58. The company had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.35 billion. Pinnacle West Capital had a net margin of 10.96% and a return on equity of 8.45%. The company's revenue was up 3.8% on a year-over-year basis. During the same period in the prior year, the firm earned $1.76 earnings per share. Equities analysts forecast that Pinnacle West Capital will post 5.13 EPS for the current year.

Insider Transactions at Pinnacle West Capital

In other Pinnacle West Capital news, EVP Jacob Tetlow sold 6,496 shares of the stock in a transaction dated Monday, August 11th. The shares were sold at an average price of $92.37, for a total transaction of $600,035.52. Following the sale, the executive vice president directly owned 56 shares in the company, valued at $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. 0.23% of the stock is owned by insiders.

Institutional Investors Weigh In On Pinnacle West Capital

Large investors have recently bought and sold shares of the company. CWM LLC lifted its holdings in shares of Pinnacle West Capital by 7.6% in the third quarter. CWM LLC now owns 6,089 shares of the utilities provider's stock worth $546,000 after acquiring an additional 429 shares during the last quarter. Spirit of America Management Corp NY lifted its holdings in shares of Pinnacle West Capital by 131.3% in the third quarter. Spirit of America Management Corp NY now owns 3,700 shares of the utilities provider's stock worth $332,000 after acquiring an additional 2,100 shares during the last quarter. Farther Finance Advisors LLC lifted its holdings in shares of Pinnacle West Capital by 103.7% in the third quarter. Farther Finance Advisors LLC now owns 6,544 shares of the utilities provider's stock worth $587,000 after acquiring an additional 3,331 shares during the last quarter. Parcion Private Wealth LLC lifted its holdings in shares of Pinnacle West Capital by 0.9% in the third quarter. Parcion Private Wealth LLC now owns 23,176 shares of the utilities provider's stock worth $2,078,000 after acquiring an additional 209 shares during the last quarter. Finally, Exchange Traded Concepts LLC lifted its holdings in shares of Pinnacle West Capital by 3.7% in the third quarter. Exchange Traded Concepts LLC now owns 10,207 shares of the utilities provider's stock worth $915,000 after acquiring an additional 361 shares during the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

About Pinnacle West Capital

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.

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