Pinnacle West Capital (NYSE:PNW) Downgraded by Evercore ISI

Pinnacle West Capital (NYSE:PNW) was downgraded by Evercore ISI from an “in-line” rating to an “underperform” rating in a research report issued on Friday, August 9th, MarketBeat.com reports.

Several other research firms have also weighed in on PNW. Morgan Stanley lowered Pinnacle West Capital from an “equal weight” rating to an “underweight” rating and decreased their price target for the stock from $98.00 to $90.00 in a research report on Wednesday, June 12th. ValuEngine lowered Pinnacle West Capital from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Argus upgraded Pinnacle West Capital from a “hold” rating to a “buy” rating and set a $102.00 price target on the stock in a research report on Tuesday, July 30th. Credit Suisse Group set a $102.00 price target on Pinnacle West Capital and gave the stock a “buy” rating in a research report on Monday, April 22nd. Finally, Bank of America upgraded Pinnacle West Capital from a “neutral” rating to a “buy” rating and set a $105.00 price target on the stock in a research report on Monday, April 15th. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and four have given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $97.17.

Pinnacle West Capital stock opened at $93.78 on Friday. Pinnacle West Capital has a 12 month low of $77.19 and a 12 month high of $99.81. The stock has a market cap of $10.44 billion, a price-to-earnings ratio of 20.66, a price-to-earnings-growth ratio of 3.21 and a beta of 0.15. The business has a 50 day moving average price of $93.40 and a two-hundred day moving average price of $94.04. The company has a quick ratio of 0.36, a current ratio of 0.54 and a debt-to-equity ratio of 0.92.

Pinnacle West Capital (NYSE:PNW) last released its quarterly earnings data on Thursday, August 8th. The utilities provider reported $1.28 earnings per share for the quarter, missing the consensus estimate of $1.43 by ($0.15). Pinnacle West Capital had a net margin of 13.84% and a return on equity of 9.33%. The company had revenue of $869.50 million during the quarter, compared to the consensus estimate of $973.16 million. During the same quarter in the prior year, the company posted $1.48 earnings per share. The company’s revenue for the quarter was down 10.7% on a year-over-year basis. On average, analysts expect that Pinnacle West Capital will post 4.75 earnings per share for the current fiscal year.

Large investors have recently bought and sold shares of the business. Geode Capital Management LLC lifted its stake in Pinnacle West Capital by 8.3% in the fourth quarter. Geode Capital Management LLC now owns 1,530,593 shares of the utilities provider’s stock valued at $130,192,000 after buying an additional 117,893 shares during the last quarter. Municipal Employees Retirement System of Michigan acquired a new stake in Pinnacle West Capital in the fourth quarter valued at $256,000. Nordea Investment Management AB grew its holdings in Pinnacle West Capital by 9.2% in the fourth quarter. Nordea Investment Management AB now owns 4,893 shares of the utilities provider’s stock valued at $416,000 after purchasing an additional 412 shares during the last quarter. FMR LLC grew its holdings in Pinnacle West Capital by 19.5% in the fourth quarter. FMR LLC now owns 940,646 shares of the utilities provider’s stock valued at $80,143,000 after purchasing an additional 153,450 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in Pinnacle West Capital by 1.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 484,326 shares of the utilities provider’s stock valued at $41,265,000 after purchasing an additional 7,360 shares during the last quarter. 86.64% of the stock is currently owned by hedge funds and other institutional investors.

About Pinnacle West Capital

Pinnacle West Capital Corporation, through its subsidiary, Arizona Public Service Company, provides retail and wholesale electric services primarily in the state of Arizona. It generates, transmits, and distributes electricity using coal, nuclear, gas, oil, and solar generating facilities. The company serves approximately 1.2 million customers.

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Analyst Recommendations for Pinnacle West Capital (NYSE:PNW)

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