Pinnacle West Capital (NYSE:PNW) was upgraded by research analysts at Bank of America from a “neutral” rating to a “buy” rating in a report released on Monday, The Fly reports. The brokerage currently has a $105.00 target price on the utilities provider’s stock. Bank of America‘s price target suggests a potential upside of 9.60% from the company’s previous close.

Several other brokerages have also issued reports on PNW. Williams Capital reissued a “hold” rating on shares of Pinnacle West Capital in a report on Monday, March 18th. Royal Bank of Canada lowered shares of Pinnacle West Capital from an “outperform” rating to a “sector perform” rating and set a $93.00 price target on the stock. in a report on Friday, March 1st. Credit Suisse Group boosted their price target on shares of Pinnacle West Capital from $93.00 to $100.00 and gave the company an “outperform” rating in a report on Monday, February 25th. Wells Fargo & Co reissued a “market perform” rating and issued a $99.00 price target (up previously from $93.00) on shares of Pinnacle West Capital in a report on Sunday, February 24th. Finally, Goldman Sachs Group lowered shares of Pinnacle West Capital from a “buy” rating to a “neutral” rating in a report on Thursday, January 10th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $89.85.

PNW stock traded up $0.49 on Monday, reaching $95.80. 4,912 shares of the company were exchanged, compared to its average volume of 941,298. Pinnacle West Capital has a 12 month low of $73.41 and a 12 month high of $97.27. The firm has a market capitalization of $10.70 billion, a P/E ratio of 21.10, a price-to-earnings-growth ratio of 3.92 and a beta of 0.19. The company has a current ratio of 0.56, a quick ratio of 0.38 and a debt-to-equity ratio of 0.87.

Pinnacle West Capital (NYSE:PNW) last announced its earnings results on Friday, February 22nd. The utilities provider reported $0.23 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.17 by $0.06. Pinnacle West Capital had a net margin of 13.85% and a return on equity of 9.67%. The business had revenue of $756.40 million for the quarter, compared to analyst estimates of $703.26 million. During the same quarter in the previous year, the firm posted $0.19 earnings per share. Pinnacle West Capital’s revenue was down .4% compared to the same quarter last year. Equities research analysts anticipate that Pinnacle West Capital will post 4.85 EPS for the current fiscal year.

In related news, VP Lee R. Nickloy sold 1,000 shares of the stock in a transaction that occurred on Tuesday, February 26th. The stock was sold at an average price of $93.50, for a total transaction of $93,500.00. Following the completion of the sale, the vice president now directly owns 931 shares of the company’s stock, valued at approximately $87,048.50. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Denise R. Danner sold 3,278 shares of the stock in a transaction that occurred on Wednesday, February 27th. The stock was sold at an average price of $92.88, for a total value of $304,460.64. Following the sale, the chief accounting officer now directly owns 6,479 shares of the company’s stock, valued at $601,769.52. The disclosure for this sale can be found here. Insiders have sold a total of 44,406 shares of company stock valued at $4,132,062 over the last three months. Company insiders own 0.41% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. FMR LLC lifted its holdings in Pinnacle West Capital by 19.5% during the 4th 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. Gotham Asset Management LLC acquired a new stake in shares of Pinnacle West Capital during the fourth quarter valued at about $2,490,000. Gateway Investment Advisers LLC boosted its stake in shares of Pinnacle West Capital by 0.5% during the fourth quarter. Gateway Investment Advisers LLC now owns 82,606 shares of the utilities provider’s stock valued at $7,038,000 after purchasing an additional 428 shares in the last quarter. Verition Fund Management LLC boosted its stake in shares of Pinnacle West Capital by 152.6% during the third quarter. Verition Fund Management LLC now owns 23,840 shares of the utilities provider’s stock valued at $1,888,000 after purchasing an additional 14,404 shares in the last quarter. Finally, Pacer Advisors Inc. boosted its stake in shares of Pinnacle West Capital by 13.9% during the third quarter. Pacer Advisors Inc. now owns 5,865 shares of the utilities provider’s stock valued at $464,000 after purchasing an additional 714 shares in the last quarter. 85.28% 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 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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