Pinnacle West Capital Corporation (PNW) is Reiterated by RBC Capital Mkts to Sector Perform, Raises Price Target to $ 73

Pinnacle West Capital Corporation (PNW) was Reiterated by RBC Capital Mkts to “Sector Perform” according to the research note released today. The brokerage firm has raised the Price Target to $ 73 from a previous price target of $69 . RBC Capital Mkts advised their investors in a research report released on Jun 20, 2016.

On the company’s financial health, Pinnacle West Capital Corporation reported $0.04 EPS for the quarter, missing the analyst consensus estimate by $ -0.08 based on the information available during the earnings call on Apr 29, 2016. Analyst had a consensus of $0.12. The company had revenue of $677.20 million for the quarter, compared to analysts expectations of $695.02 million. The company’s revenue was up .9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.14 EPS.

Pinnacle West Capital Corporation opened for trading at $77.56 and hit $77.81 on the upside on Friday, eventually ending the session at $77.78, with a gain of 0.35% or 0.27 points. The heightened volatility saw the trading volume jump to 10,15,984 shares. Company has a market cap of $8,644 M.

In a different news, on May 10, 2016, Denis A. Cortese (director) sold 2,000 shares at $72.87 per share price. According to the SEC, on Mar 11, 2016, Denise R Danner (VP, Controller & CAO) sold 2,175 shares at $70.83 per share price. On Mar 2, 2016, Lee R. Nickloy (VP and Treasurer) sold 3,000 shares at $68.34 per share price, according to the Form-4 filing with the securities and exchange commission.

Pinnacle West Capital Corporation is a holding company that operates primarily through its wholly owned subsidiaries is engaged in regulated retail and wholesale electricity businesses. The Company’s operations primarily include electricity generation transmission and distribution. The Company’s subsidiaries include Arizona Public Service Company (APS) a vertically integrated electric utility that provides either retail or wholesale electric service to the State of Arizona with the exceptions of about one-half of the Phoenix metropolitan area the Tucson metropolitan area and Mohave County in northwestern Arizona; El Dorado Investment Company (El Dorado) and Bright Canyon Energy Corporation (BCE). APS provides electric service to approximately 1.2 million customers. APS has ownership interests in or leases the coal nuclear gas oil and solar generating facilities.

Pinnacle West Capital Corporation

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