Pinnacle West Capital Corporation (PNW) is Upgraded by BofA/Merrill to Neutral

Pinnacle West Capital Corporation (PNW) was Upgraded by BofA/Merrill to ” Neutral”. Earlier the firm had a rating of “Underperform ” on the company shares. BofA/Merrill advised their investors in a research report released on Nov 22, 2016.

Many Wall Street Analysts have commented on Pinnacle West Capital Corporation. Williams Capital Group Upgraded Pinnacle West Capital Corporation on Oct 10, 2016 to ” Buy”, Price Target of the shares are set at $79.Company shares were Reiterated by Williams Capital Group on Aug 30, 2016 to “Hold”, Firm has raised the Price Target to $ 79 from a previous price target of $58 .

On the company’s financial health, Pinnacle West Capital Corporation reported $2.35 EPS for the quarter, missing the analyst consensus estimate by $ -0.06 based on the information available during the earnings call on Nov 3, 2016. Analyst had a consensus of $2.41. The company had revenue of $1166.92 million for the quarter, compared to analysts expectations of $1200.58 million. The company’s revenue was down -2.7 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $2.30 EPS.

Pinnacle West Capital Corporation closed down -0.49 points or -0.66% at $73.26 with 8,93,363 shares getting traded on Monday. Post opening the session at $73.67, the shares hit an intraday low of $72.92 and an intraday high of $74.31 and the price fluctuated in this range throughout the day.Shares ended Monday session in Red.

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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