Pinnacle West Capital (NYSE:PNW) Stock Price Expected to Rise, Morgan Stanley Analyst Says

Pinnacle West Capital (NYSE:PNW) had its target price raised by investment analysts at Morgan Stanley from $84.00 to $88.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has an “equal weight” rating on the utilities provider’s stock. Morgan Stanley’s price objective would indicate a potential downside of 6.50% from the company’s previous close.

A number of other equities analysts have also issued reports on PNW. KeyCorp raised Pinnacle West Capital from a “sector weight” rating to an “overweight” rating and set a $101.00 price target for the company in a research note on Wednesday, December 4th. Jefferies Financial Group decreased their price target on Pinnacle West Capital from $106.00 to $104.00 and set a “buy” rating for the company in a research note on Tuesday, January 28th. Citigroup increased their price target on Pinnacle West Capital from $85.00 to $95.00 and gave the company a “neutral” rating in a research note on Wednesday, December 4th. Guggenheim reaffirmed a “buy” rating and set a $100.00 price target on shares of Pinnacle West Capital in a research note on Wednesday, February 26th. Finally, LADENBURG THALM/SH SH raised Pinnacle West Capital to a “strong-buy” rating in a research note on Monday. Five analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $94.69.

Pinnacle West Capital Stock Performance

Shares of Pinnacle West Capital stock traded down $0.08 on Thursday, reaching $94.12. 114,367 shares of the company were exchanged, compared to its average volume of 976,058. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.54 and a current ratio of 0.71. The company’s 50-day moving average is $89.00 and its two-hundred day moving average is $88.74. The firm has a market cap of $11.21 billion, a price-to-earnings ratio of 17.83, a P/E/G ratio of 3.59 and a beta of 0.53. Pinnacle West Capital has a 1-year low of $70.73 and a 1-year high of $95.42.

Pinnacle West Capital (NYSE:PNW) last posted its earnings results on Tuesday, February 25th. The utilities provider reported ($0.06) EPS for the quarter, beating the consensus estimate 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 firm had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.06 billion. As a group, research analysts expect that Pinnacle West Capital will post 5.13 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Pinnacle West Capital

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Norges Bank acquired a new stake in Pinnacle West Capital during the fourth quarter worth about $194,655,000. Invesco Ltd. grew its position in Pinnacle West Capital by 32.2% during the fourth quarter. Invesco Ltd. now owns 4,298,009 shares of the utilities provider’s stock worth $364,342,000 after buying an additional 1,045,788 shares in the last quarter. Merewether Investment Management LP acquired a new stake in Pinnacle West Capital during the fourth quarter worth about $69,233,000. Two Sigma Advisers LP grew its position in Pinnacle West Capital by 462.8% during the fourth quarter. Two Sigma Advisers LP now owns 912,900 shares of the utilities provider’s stock worth $77,387,000 after buying an additional 750,700 shares in the last quarter. Finally, Deutsche Bank AG grew its position in Pinnacle West Capital by 33.4% during the fourth quarter. Deutsche Bank AG now owns 2,435,065 shares of the utilities provider’s stock worth $206,420,000 after buying an additional 610,042 shares in the last quarter. 91.51% of the stock is owned by institutional investors and hedge funds.

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.