Zacks Investment Research upgraded shares of Pinnacle West Capital Corporation (NYSE:PNW) from a hold rating to a buy rating in a report published on Monday. The firm currently has $100.00 price target on the utilities provider’s stock.

According to Zacks, “In the last 12 months, shares of Pinnacle West have gained more than industry it belongs to. Second-quarter earnings and total revenues topped the Zacks Consensus Estimate. The company gained from higher demand, thanks to higher electricity usage as a result of hotter weather. Pinnacle West Capital is well positioned to reap the benefits of ongoing economic improvement in its service territories. Better economic prospects, increase in the customer count and higher customer spending are expected to drive earnings. The company is also expanding its renewable generation portfolio. However, the company 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 topic of several other research reports. Royal Bank Of Canada reissued a hold rating and issued a $89.00 price target on shares of Pinnacle West Capital Corporation in a research note on Monday, July 24th. Morgan Stanley lifted their target price on Pinnacle West Capital Corporation from $79.00 to $83.00 and gave the company an underweight rating in a research report on Thursday, August 10th. BMO Capital Markets reaffirmed a hold rating and issued a $86.00 target price on shares of Pinnacle West Capital Corporation in a research report on Wednesday, May 17th. KeyCorp reaffirmed a hold rating on shares of Pinnacle West Capital Corporation in a research report on Friday, September 1st. Finally, BidaskClub raised Pinnacle West Capital Corporation from a hold rating to a buy rating in a research report on Tuesday, August 22nd. One research analyst has rated the stock with a sell rating, nine have given a hold rating and two have assigned a buy rating to the company. Pinnacle West Capital Corporation has an average rating of Hold and a consensus target price of $83.67.

Shares of Pinnacle West Capital Corporation (NYSE PNW) opened at 88.12 on Monday. Pinnacle West Capital Corporation has a 1-year low of $70.86 and a 1-year high of $90.92. The company has a market cap of $9.84 billion, a P/E ratio of 19.46 and a beta of 0.38. The stock’s 50 day moving average price is $88.86 and its 200 day moving average price is $86.14.

Pinnacle West Capital Corporation (NYSE:PNW) last released its quarterly earnings results on Thursday, August 3rd. The utilities provider reported $1.49 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.16 by $0.33. Pinnacle West Capital Corporation had a return on equity of 10.20% and a net margin of 14.37%. The firm had revenue of $944.59 million for the quarter, compared to the consensus estimate of $921.79 million. During the same quarter last year, the business posted $1.08 EPS. The company’s revenue for the quarter was up 3.2% on a year-over-year basis. Equities research analysts forecast that Pinnacle West Capital Corporation will post $4.25 earnings per share for the current year.

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The firm also recently declared a quarterly dividend, which was paid on Friday, September 1st. Investors of record on Tuesday, August 1st were issued a dividend of $0.655 per share. This represents a $2.62 dividend on an annualized basis and a yield of 2.97%. The ex-dividend date of this dividend was Friday, July 28th. Pinnacle West Capital Corporation’s payout ratio is currently 57.96%.

In related news, EVP David P. Falck sold 4,600 shares of Pinnacle West Capital Corporation stock in a transaction dated Thursday, August 24th. The stock was sold at an average price of $89.98, for a total transaction of $413,908.00. Following the completion of the transaction, the executive vice president now owns 42,840 shares in the company, valued at $3,854,743.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Kathryn L. Munro sold 1,806 shares of Pinnacle West Capital Corporation stock in a transaction dated Friday, August 25th. The stock was sold at an average price of $90.28, for a total value of $163,045.68. Following the transaction, the director now owns 17,852 shares of the company’s stock, valued at approximately $1,611,678.56. The disclosure for this sale can be found here. Insiders have sold 41,419 shares of company stock valued at $3,713,068 in the last quarter. 0.70% of the stock is currently owned by corporate insiders.

Institutional investors have recently bought and sold shares of the stock. State of Wisconsin Investment Board grew its holdings in Pinnacle West Capital Corporation by 38.0% during the second quarter. State of Wisconsin Investment Board now owns 82,960 shares of the utilities provider’s stock worth $7,065,000 after purchasing an additional 22,860 shares during the period. Franklin Resources Inc. grew its holdings in Pinnacle West Capital Corporation by 0.3% during the second quarter. Franklin Resources Inc. now owns 1,962,966 shares of the utilities provider’s stock worth $167,166,000 after purchasing an additional 5,092 shares during the period. American Century Companies Inc. grew its holdings in Pinnacle West Capital Corporation by 140.6% during the second quarter. American Century Companies Inc. now owns 2,515,865 shares of the utilities provider’s stock worth $214,251,000 after purchasing an additional 1,470,383 shares during the period. State Board of Administration of Florida Retirement System grew its holdings in Pinnacle West Capital Corporation by 2.2% during the second quarter. State Board of Administration of Florida Retirement System now owns 178,086 shares of the utilities provider’s stock worth $15,166,000 after purchasing an additional 3,792 shares during the period. Finally, Lazard Asset Management LLC grew its holdings in Pinnacle West Capital Corporation by 0.3% during the first quarter. Lazard Asset Management LLC now owns 151,331 shares of the utilities provider’s stock worth $12,617,000 after purchasing an additional 385 shares during the period. Institutional investors and hedge funds own 84.20% of the company’s stock.

Pinnacle West Capital Corporation Company Profile

Pinnacle West Capital Corporation is a holding company that operates through its subsidiaries. The Company operates through regulated electricity segment, which consists of traditional regulated retail and wholesale electricity businesses and related activities, and includes electricity generation, transmission and distribution.

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