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

According to Zacks, “Year to date loss in Pinnacle West Capital's shares were wider than its industry's decline. Pinnacle West Capital is subject to comprehensive regulations by federal, state and local regulatory agencies. Its operations are subject to fluctuations in the commodity price and weather, as well as operational hazards. The company is well positioned to gain from the ongoing economic improvement in its service territories and customer growth. Pinnacle West Capital’s long-term capital expenditure plan will further strengthen its capabilities. The company is also investing in battery storage projects, which will make its renewable projects more effective.”

PNW has been the subject of a number of other research reports. ValuEngine raised Pinnacle West Capital from a sell rating to a hold rating in a research note on Wednesday, June 27th. UBS Group boosted their target price on Pinnacle West Capital from $79.00 to $83.00 and gave the company a neutral rating in a research note on Friday, August 10th. Morgan Stanley boosted their target price on Pinnacle West Capital from $78.00 to $85.00 and gave the company a hold rating in a research note on Monday, July 16th. Finally, Wells Fargo & Co raised Pinnacle West Capital from a market perform rating to an outperform rating in a research note on Monday, August 6th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the company’s stock. The company currently has an average rating of Hold and an average target price of $84.11.

NYSE PNW opened at $79.77 on Wednesday. Pinnacle West Capital has a 1-year low of $73.41 and a 1-year high of $92.48. The company has a debt-to-equity ratio of 0.81, a current ratio of 0.50 and a quick ratio of 0.36. The stock has a market capitalization of $8.92 billion, a PE ratio of 18.34, a P/E/G ratio of 4.01 and a beta of 0.13.

Pinnacle West Capital (NYSE:PNW) last released its earnings results on Friday, August 3rd. The utilities provider reported $1.48 earnings per share for the quarter, beating analysts’ consensus estimates of $1.44 by $0.04. Pinnacle West Capital had a return on equity of 9.12% and a net margin of 12.95%. The company had revenue of $974.12 million during the quarter, compared to analyst estimates of $939.59 million. During the same quarter in the previous year, the company posted $1.49 EPS. Pinnacle West Capital’s revenue for the quarter was up 3.1% on a year-over-year basis. equities research analysts forecast that Pinnacle West Capital will post 4.44 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 4th. Shareholders of record on Wednesday, August 1st were given a dividend of $0.695 per share. This represents a $2.78 dividend on an annualized basis and a yield of 3.49%. The ex-dividend date was Tuesday, July 31st. Pinnacle West Capital’s payout ratio is 63.91%.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PNW. BlackRock Inc. raised its position in shares of Pinnacle West Capital by 13.7% in the 2nd quarter. BlackRock Inc. now owns 13,632,290 shares of the utilities provider’s stock worth $1,098,218,000 after acquiring an additional 1,642,393 shares in the last quarter. Boston Partners raised its position in shares of Pinnacle West Capital by 2.6% in the 2nd quarter. Boston Partners now owns 3,686,438 shares of the utilities provider’s stock worth $296,979,000 after acquiring an additional 93,700 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC raised its position in shares of Pinnacle West Capital by 38.0% in the 1st quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 2,514,179 shares of the utilities provider’s stock worth $200,631,000 after acquiring an additional 692,367 shares in the last quarter. Millennium Management LLC raised its position in shares of Pinnacle West Capital by 34.1% in the 2nd quarter. Millennium Management LLC now owns 2,496,216 shares of the utilities provider’s stock worth $201,095,000 after acquiring an additional 634,929 shares in the last quarter. Finally, Renaissance Technologies LLC raised its position in shares of Pinnacle West Capital by 27.5% in the 2nd quarter. Renaissance Technologies LLC now owns 1,366,800 shares of the utilities provider’s stock worth $110,109,000 after acquiring an additional 294,600 shares in the last quarter. 82.01% of the stock is owned by institutional investors and hedge funds.

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 resources. The company serves approximately 1.2 million homes and businesses.

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