Zacks Investment Research lowered shares of Pinnacle West Capital Corp. (NYSE:PNW) from a buy rating to a hold rating in a research report sent to investors on Monday.

According to Zacks, “Pinnacle West Capital Corporation is well positioned to reap the benefits of ongoing economic improvement in its service territories.Warmer weather aided Pinnacle West’s bottom line in the second quarter. Better economic prospects, increase in the customer count and higher customer spending are expected to drive its earnings.The company is also expanding its renewable generation portfolio. However, it is subject to comprehensive regulations by federal, state and local regulatory agencies. In addition, its operations are subject to fluctuations in commodity price, as well as operational risks and hazards.”

PNW has been the subject of several other reports. SunTrust Banks Inc. lifted their price target on shares of Pinnacle West Capital Corp. from $75.00 to $77.00 and gave the company a neutral rating in a report on Monday, September 26th. BMO Capital Markets reaffirmed a hold rating on shares of Pinnacle West Capital Corp. in a research note on Monday, July 18th. Royal Bank Of Canada reaffirmed a sector perfor rating and issued a $69.00 target price (down from $73.00) on shares of Pinnacle West Capital Corp. in a research note on Monday, June 20th. Williams Capital reaffirmed a hold rating and issued a $79.00 target price (up from $58.00) on shares of Pinnacle West Capital Corp. in a research note on Tuesday, August 30th. Finally, Mizuho boosted their target price on shares of Pinnacle West Capital Corp. from $70.00 to $78.00 and gave the stock a neutral rating in a research note on Wednesday, August 3rd. Three investment analysts have rated the stock with a sell rating and seven have assigned a hold rating to the stock. Pinnacle West Capital Corp. currently has a consensus rating of Hold and an average price target of $71.70.

Shares of Pinnacle West Capital Corp. (NYSE:PNW) opened at 74.98 on Monday. The company’s 50-day moving average is $76.45 and its 200-day moving average is $76.03. The company has a market capitalization of $8.34 billion, a PE ratio of 19.80 and a beta of 0.33. Pinnacle West Capital Corp. has a one year low of $60.70 and a one year high of $82.78.

Pinnacle West Capital Corp. (NYSE:PNW) last announced its quarterly earnings results on Tuesday, August 2nd. The company reported $1.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.14 by $0.06. Pinnacle West Capital Corp. had a net margin of 12.02% and a return on equity of 8.94%. The firm had revenue of $915.40 million for the quarter, compared to the consensus estimate of $915.40 million. During the same period in the prior year, the business earned $1.10 earnings per share. The company’s revenue for the quarter was up 2.8% on a year-over-year basis. Equities analysts predict that Pinnacle West Capital Corp. will post $3.99 earnings per share for the current year.

In other Pinnacle West Capital Corp. news, VP John S. Hatfield sold 4,523 shares of the company’s stock in a transaction on Monday, September 12th. The shares were sold at an average price of $75.27, for a total value of $340,446.21. Following the transaction, the vice president now directly owns 2,265 shares in the company, valued at $170,486.55. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.70% of the stock is currently owned by company insiders.

Several institutional investors have recently added to or reduced their stakes in PNW. Credit Agricole S A increased its position in Pinnacle West Capital Corp. by 15.8% in the first quarter. Credit Agricole S A now owns 51,678 shares of the company’s stock valued at $3,879,000 after buying an additional 7,055 shares in the last quarter. Aviva PLC increased its position in Pinnacle West Capital Corp. by 0.7% in the first quarter. Aviva PLC now owns 57,170 shares of the company’s stock valued at $4,292,000 after buying an additional 378 shares in the last quarter. Huntington Asset Advisors Inc. bought a new position in Pinnacle West Capital Corp. during the first quarter valued at approximately $1,532,000. M&T Bank Corp increased its position in Pinnacle West Capital Corp. by 18.4% in the first quarter. M&T Bank Corp now owns 6,833 shares of the company’s stock valued at $514,000 after buying an additional 1,062 shares in the last quarter. Finally, Bessemer Group Inc. increased its position in Pinnacle West Capital Corp. by 38,297.1% in the first quarter. Bessemer Group Inc. now owns 65,275 shares of the company’s stock valued at $4,900,000 after buying an additional 65,105 shares in the last quarter. Hedge funds and other institutional investors own 82.65% of the company’s stock.

Pinnacle West Capital Corp. Company Profile

Pinnacle West Capital Corporation is a holding company that operates primarily through its subsidiaries. The Company operates through electricity segment, which consists of traditional regulated retail and wholesale electricity businesses (primarily electric service to Native Load customers) and related activities, and includes electricity generation, transmission and distribution.

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