Pinnacle West Capital Corp. (NYSE:PNW) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday. The brokerage currently has a $84.00 price target on the stock. Zacks Investment Research’s target price suggests a potential upside of 12.03% from the company’s previous close.

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.”

Several other research analysts also recently weighed in on the company. BMO Capital Markets restated a “hold” rating on shares of Pinnacle West Capital Corp. in a research note on Monday, July 18th. Williams Capital restated a “hold” rating and issued a $79.00 price target (up from $58.00) on shares of Pinnacle West Capital Corp. in a research note on Tuesday, August 30th. SunTrust Banks Inc. upped their price target on Pinnacle West Capital Corp. from $75.00 to $77.00 and gave the stock a “neutral” rating in a research note on Monday, September 26th. Mizuho upped their price target on 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. Finally, Royal Bank Of Canada restated a “sector perfor” rating and issued a $69.00 price target (down from $73.00) on shares of Pinnacle West Capital Corp. in a research note on Monday, June 20th. Three analysts have rated the stock with a sell rating, six have given a hold rating and one has assigned a buy rating to the company. Pinnacle West Capital Corp. has an average rating of “Hold” and an average target price of $71.40.

Analyst Recommendations for Pinnacle West Capital Corp. (NYSE:PNW)

Shares of Pinnacle West Capital Corp. (NYSE:PNW) traded down 2.76% on Tuesday, hitting $72.91. 369,718 shares of the company traded hands. The stock has a market capitalization of $8.11 billion, a price-to-earnings ratio of 19.25 and a beta of 0.33. Pinnacle West Capital Corp. has a 1-year low of $60.70 and a 1-year high of $82.78. The firm’s 50 day moving average price is $76.45 and its 200-day moving average price is $76.03.

Pinnacle West Capital Corp. (NYSE:PNW) last released its earnings results on Tuesday, August 2nd. The company reported $1.08 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.14 by $0.06. The firm earned $915.40 million during the quarter, compared to analysts’ expectations of $915.40 million. Pinnacle West Capital Corp. had a return on equity of 8.94% and a net margin of 12.02%. The company’s revenue was up 2.8% compared to the same quarter last year. During the same period in the prior year, the company posted $1.10 earnings per share. On average, equities research analysts expect that Pinnacle West Capital Corp. will post $3.99 earnings per share for the current year.

In related news, VP John S. Hatfield sold 4,523 shares of the firm’s stock in a transaction on Monday, September 12th. The stock was sold at an average price of $75.27, for a total value of $340,446.21. Following the completion of the sale, the vice president now directly owns 2,265 shares in the company, valued at $170,486.55. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.70% of the company’s stock.

A number of hedge funds have recently modified their holdings of the company. Goldman Sachs Group Inc. increased its stake in shares of Pinnacle West Capital Corp. by 78.6% in the first quarter. Goldman Sachs Group Inc. now owns 2,917,537 shares of the company’s stock worth $219,019,000 after buying an additional 1,284,112 shares in the last quarter. Duff & Phelps Investment Management Co. increased its stake in shares of Pinnacle West Capital Corp. by 789.7% in the second quarter. Duff & Phelps Investment Management Co. now owns 1,000,000 shares of the company’s stock worth $81,060,000 after buying an additional 887,600 shares in the last quarter. Janus Capital Management LLC increased its stake in shares of Pinnacle West Capital Corp. by 300.2% in the second quarter. Janus Capital Management LLC now owns 926,451 shares of the company’s stock worth $75,098,000 after buying an additional 694,932 shares in the last quarter. LNZ Capital LP bought a new stake in shares of Pinnacle West Capital Corp. during the second quarter worth about $42,873,000. Finally, Jennison Associates LLC bought a new stake in shares of Pinnacle West Capital Corp. during the second quarter worth about $41,915,000. Institutional investors own 82.65% of the company’s stock.

About Pinnacle West Capital Corp.

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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