Pinnacle West Capital (NYSE:PNW) Receives Buy Rating from Guggenheim

Pinnacle West Capital (NYSE:PNW)‘s stock had its “buy” rating reaffirmed by equities research analysts at Guggenheim in a report released on Wednesday,Benzinga reports. They currently have a $100.00 price objective on the utilities provider’s stock. Guggenheim’s price target would suggest a potential upside of 10.07% from the stock’s current price.

PNW has been the subject of a number of other reports. Citigroup boosted their price target on Pinnacle West Capital from $85.00 to $95.00 and gave the company a “neutral” rating in a report on Wednesday, December 4th. Jefferies Financial Group lowered their price target on Pinnacle West Capital from $106.00 to $104.00 and set a “buy” rating for the company in a report on Tuesday, January 28th. Morgan Stanley reduced their price objective on Pinnacle West Capital from $82.00 to $81.00 and set an “equal weight” rating for the company in a research report on Friday, November 22nd. Wells Fargo & Company boosted their price objective on Pinnacle West Capital from $92.00 to $95.00 and gave the company an “equal weight” rating in a research report on Wednesday. Finally, Barclays lowered Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $93.00 to $91.00 in a research report on Monday, November 18th. Eight research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, Pinnacle West Capital presently has an average rating of “Hold” and a consensus price target of $86.58.

Pinnacle West Capital Price Performance

PNW stock opened at $90.85 on Wednesday. The company has a quick ratio of 0.54, a current ratio of 0.71 and a debt-to-equity ratio of 1.20. Pinnacle West Capital has a 52-week low of $66.77 and a 52-week high of $95.42. The stock’s 50 day moving average is $86.68 and its two-hundred day moving average is $88.14. The company has a market capitalization of $10.33 billion, a PE ratio of 17.21, a P/E/G ratio of 3.59 and a beta of 0.57.

Pinnacle West Capital (NYSE:PNW) last issued its quarterly earnings results on Tuesday, February 25th. The utilities provider reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.25. Pinnacle West Capital had a return on equity of 9.60% and a net margin of 12.26%. The business had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.06 billion. Analysts predict that Pinnacle West Capital will post 5.13 earnings per share for the current fiscal year.

Institutional Trading of Pinnacle West Capital

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. raised its stake in shares of Pinnacle West Capital by 1.0% in the 4th quarter. Vanguard Group Inc. now owns 14,180,909 shares of the utilities provider’s stock worth $1,202,116,000 after buying an additional 143,716 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC lifted its holdings in shares of Pinnacle West Capital by 0.6% during the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 6,864,993 shares of the utilities provider’s stock valued at $581,945,000 after purchasing an additional 37,768 shares during the last quarter. State Street Corp lifted its stake in Pinnacle West Capital by 0.9% in the 3rd quarter. State Street Corp now owns 6,404,718 shares of the utilities provider’s stock worth $567,394,000 after acquiring an additional 56,644 shares in the last quarter. Invesco Ltd. lifted its stake in Pinnacle West Capital by 32.2% in the 4th quarter. Invesco Ltd. now owns 4,298,009 shares of the utilities provider’s stock worth $364,342,000 after acquiring an additional 1,045,788 shares in the last quarter. Finally, Zimmer Partners LP lifted its stake in Pinnacle West Capital by 5.7% in the 3rd quarter. Zimmer Partners LP now owns 2,899,676 shares of the utilities provider’s stock worth $256,882,000 after acquiring an additional 155,466 shares in the last quarter. Institutional investors own 91.51% of the company’s stock.

About Pinnacle West Capital

Pinnacle West Capital Corporation, through its subsidiary, provides retail and wholesale electric services primarily in the state of Arizona. The company engages in the generation, transmission, and distribution of electricity using coal, nuclear, gas, oil, and solar generating facilities. Its transmission facilities include overhead lines and underground lines; and distribution facilities consist of overhead lines and underground primary cables.