Pinnacle West Capital's (PNW) "Buy (B)" Rating Reiterated at Weiss Ratings

Key Points

• Pinnacle West Capital's stock has received a "Buy (B)" rating from Weiss Ratings, indicating a positive outlook from equities researchers.
• Recent price targets for PNW shares have been adjusted by multiple firms, with KeyCorp lowering its target from $101 to $100 and Mizuho reducing its rating from "outperform" to "neutral."
• The company's recent earnings report showed a revenue of $1.36 billion, slightly above expectations, but earnings per share have declined year-over-year.

Pinnacle West Capital (NYSE:PNW - Get Free Report)'s stock had its "buy (b)" rating reiterated by equities researchers at Weiss Ratings in a research note issued on Wednesday,Weiss Ratings reports.

PNW has been the subject of a number of other research reports. KeyCorp lowered their price target on shares of Pinnacle West Capital from $101.00 to $100.00 and set an "overweight" rating for the company in a report on Wednesday, July 16th. Morgan Stanley lowered their price target on shares of Pinnacle West Capital from $89.00 to $87.00 and set an "equal weight" rating for the company in a report on Thursday, September 25th. Mizuho lowered shares of Pinnacle West Capital from an "outperform" rating to a "neutral" rating and lowered their price target for the company from $102.00 to $90.00 in a report on Tuesday, September 9th. UBS Group lowered their price target on shares of Pinnacle West Capital from $98.00 to $95.00 and set a "neutral" rating for the company in a report on Friday, September 12th. Finally, BMO Capital Markets raised 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 report on Thursday, August 7th. Five research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $96.09.

Pinnacle West Capital Stock Performance

NYSE PNW opened at $92.00 on Wednesday. The firm has a market cap of $10.99 billion, a price-to-earnings ratio of 18.97, a PEG ratio of 9.50 and a beta of 0.46. The company has a 50 day moving average of $89.61 and a 200-day moving average of $90.81. The company has a current ratio of 0.52, a quick ratio of 0.37 and a debt-to-equity ratio of 1.25. Pinnacle West Capital has a 1-year low of $81.47 and a 1-year high of $96.50.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The utilities provider reported $1.58 earnings per share for the quarter, hitting the consensus estimate of $1.58. The company had revenue of $1.36 billion during 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 quarter last year, the business posted $1.76 earnings per share. On average, equities analysts forecast that Pinnacle West Capital will post 5.13 earnings per share for the current fiscal year.

Insider Transactions at Pinnacle West Capital

In other Pinnacle West Capital news, EVP Jacob Tetlow sold 6,496 shares of the firm's stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $92.37, for a total value of $600,035.52. Following the transaction, the executive vice president directly owned 56 shares of the company's stock, valued at approximately $5,172.72. This trade represents a 99.15% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.23% of the company's stock.

Hedge Funds Weigh In On Pinnacle West Capital

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. boosted its stake in Pinnacle West Capital by 2.2% in the second quarter. Vanguard Group Inc. now owns 14,781,290 shares of the utilities provider's stock valued at $1,322,482,000 after acquiring an additional 316,629 shares during the last quarter. Invesco Ltd. boosted its position in shares of Pinnacle West Capital by 2.5% during the second quarter. Invesco Ltd. now owns 4,248,954 shares of the utilities provider's stock worth $380,154,000 after purchasing an additional 102,778 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Pinnacle West Capital by 1.1% during the second quarter. Geode Capital Management LLC now owns 3,026,662 shares of the utilities provider's stock worth $270,282,000 after purchasing an additional 33,216 shares in the last quarter. ATLAS Infrastructure Partners UK Ltd. boosted its position in shares of Pinnacle West Capital by 2.5% during the second quarter. ATLAS Infrastructure Partners UK Ltd. now owns 2,862,950 shares of the utilities provider's stock worth $256,148,000 after purchasing an additional 69,404 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA boosted its position in shares of Pinnacle West Capital by 3.1% during the second quarter. Massachusetts Financial Services Co. MA now owns 2,780,490 shares of the utilities provider's stock worth $248,770,000 after purchasing an additional 84,727 shares in the last quarter. 91.51% of the stock is owned by institutional investors.

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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