Credit Suisse Group initiated coverage on shares of Pinnacle West Capital Corporation (NYSE:PNW) in a report released on Wednesday, MarketBeat Ratings reports. The brokerage issued a neutral rating and a $90.00 price target on the utilities provider’s stock.

A number of other analysts have also recently weighed in on PNW. BidaskClub cut shares of Pinnacle West Capital Corporation from a buy rating to a hold rating in a research note on Saturday, June 24th. Zacks Investment Research cut shares of Pinnacle West Capital Corporation from a buy rating to a hold rating in a research note on Tuesday, July 11th. Royal Bank Of Canada restated a hold rating and issued a $89.00 price objective on shares of Pinnacle West Capital Corporation in a research note on Monday, July 24th. BMO Capital Markets restated a hold rating and issued a $89.00 price objective on shares of Pinnacle West Capital Corporation in a research note on Friday, August 4th. Finally, Morgan Stanley boosted their price objective on shares of Pinnacle West Capital Corporation from $79.00 to $83.00 and gave the stock an underweight rating in a research note on Thursday, August 10th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and two have given a buy rating to the stock. The stock presently has an average rating of Hold and an average price target of $84.30.

Pinnacle West Capital Corporation (NYSE:PNW) opened at 86.15 on Wednesday. Pinnacle West Capital Corporation has a one year low of $70.86 and a one year high of $90.92. The firm’s 50-day moving average is $89.15 and its 200 day moving average is $86.36. The firm has a market capitalization of $9.62 billion, a price-to-earnings ratio of 19.03 and a beta of 0.38.

Pinnacle West Capital Corporation (NYSE:PNW) last issued its quarterly earnings data on Thursday, August 3rd. The utilities provider reported $1.49 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.16 by $0.33. Pinnacle West Capital Corporation had a net margin of 14.37% and a return on equity of 10.20%. The business had revenue of $944.59 million during the quarter, compared to analysts’ expectations of $921.79 million. During the same period in the previous year, the company earned $1.08 earnings per share. Pinnacle West Capital Corporation’s revenue for the quarter was up 3.2% on a year-over-year basis. Analysts forecast that Pinnacle West Capital Corporation will post $4.25 EPS for the current fiscal year.

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In other Pinnacle West Capital Corporation news, Chairman Donald E. Brandt sold 35,013 shares of the business’s stock in a transaction on Wednesday, August 23rd. The shares were sold at an average price of $89.57, for a total value of $3,136,114.41. Following the sale, the chairman now owns 118,574 shares of the company’s stock, valued at approximately $10,620,673.18. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP David P. Falck sold 4,600 shares of the business’s stock in a transaction on Thursday, August 24th. The shares were sold at an average price of $89.98, for a total transaction of $413,908.00. Following the completion of the sale, the executive vice president now directly owns 42,840 shares in the company, valued at approximately $3,854,743.20. The disclosure for this sale can be found here. Insiders sold a total of 41,419 shares of company stock worth $3,713,068 in the last three months. Insiders own 0.70% of the company’s stock.

Institutional investors have recently made changes to their positions in the business. Northwest Investment Counselors LLC bought a new stake in Pinnacle West Capital Corporation in the 2nd quarter valued at $106,000. WealthTrust Arizona LLC increased its holdings in Pinnacle West Capital Corporation by 0.7% in the 2nd quarter. WealthTrust Arizona LLC now owns 1,253 shares of the utilities provider’s stock valued at $107,000 after buying an additional 9 shares during the period. Captrust Financial Advisors bought a new stake in Pinnacle West Capital Corporation in the 2nd quarter valued at $109,000. Parallel Advisors LLC increased its holdings in Pinnacle West Capital Corporation by 8.9% in the 1st quarter. Parallel Advisors LLC now owns 2,069 shares of the utilities provider’s stock valued at $175,000 after buying an additional 169 shares during the period. Finally, Pacer Advisors Inc. increased its holdings in Pinnacle West Capital Corporation by 3.3% in the 1st quarter. Pacer Advisors Inc. now owns 2,096 shares of the utilities provider’s stock valued at $175,000 after buying an additional 66 shares during the period. 84.20% of the stock is currently owned by hedge funds and other institutional investors.

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.

Analyst Recommendations for Pinnacle West Capital Corporation (NYSE:PNW)

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