Barclays Increases Pinnacle West Capital (NYSE:PNW) Price Target to $94.00

Pinnacle West Capital (NYSE:PNW) had its target price hoisted by equities researchers at Barclays from $87.00 to $94.00 in a report issued on Tuesday,Benzinga reports. The firm currently has an “equal weight” rating on the utilities provider’s stock. Barclays‘s target price suggests a potential downside of 0.87% from the stock’s previous close.

Several other research firms have also recently commented on PNW. Citigroup raised their target price on Pinnacle West Capital from $85.00 to $95.00 and gave the stock a “neutral” rating in a research note on Wednesday, December 4th. KeyCorp raised shares of Pinnacle West Capital from a “sector weight” rating to an “overweight” rating and set a $101.00 price target on the stock in a research report on Wednesday, December 4th. UBS Group upped their target price on shares of Pinnacle West Capital from $96.00 to $99.00 and gave the stock a “neutral” rating in a research note on Friday, March 21st. Guggenheim reiterated a “buy” rating and set a $100.00 price target on shares of Pinnacle West Capital in a report on Wednesday, February 26th. Finally, Morgan Stanley boosted their target price on shares of Pinnacle West Capital from $84.00 to $88.00 and gave the company an “equal weight” rating in a research note on Thursday, March 20th. Six investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $95.50.

Pinnacle West Capital Trading Down 0.4 %

NYSE PNW traded down $0.42 during trading hours on Tuesday, reaching $94.83. The company’s stock had a trading volume of 117,558 shares, compared to its average volume of 1,055,503. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.71 and a quick ratio of 0.54. Pinnacle West Capital has a 52 week low of $70.73 and a 52 week high of $95.83. The firm has a fifty day simple moving average of $90.45 and a 200-day simple moving average of $89.01. The stock has a market cap of $11.29 billion, a P/E ratio of 17.93, a P/E/G ratio of 3.59 and a beta of 0.53.

Pinnacle West Capital (NYSE:PNW) last issued its quarterly earnings data on Tuesday, February 25th. The utilities provider reported ($0.06) earnings per share (EPS) for the quarter, topping 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 company had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.06 billion. Equities analysts forecast 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 bought and sold shares of the company. Vanguard Group Inc. increased its stake in 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 acquiring an additional 143,716 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC lifted its stake in Pinnacle West Capital by 0.6% in the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 6,864,993 shares of the utilities provider’s stock worth $581,945,000 after purchasing an additional 37,768 shares during the last quarter. State Street Corp lifted its position in Pinnacle West Capital by 0.9% in the third quarter. State Street Corp now owns 6,404,718 shares of the utilities provider’s stock valued at $567,394,000 after purchasing an additional 56,644 shares during the last quarter. Invesco Ltd. boosted its position in Pinnacle West Capital by 32.2% during the 4th quarter. Invesco Ltd. now owns 4,298,009 shares of the utilities provider’s stock valued at $364,342,000 after buying an additional 1,045,788 shares during the period. Finally, Zimmer Partners LP grew its stake in shares of Pinnacle West Capital by 5.7% in the third quarter. Zimmer Partners LP now owns 2,899,676 shares of the utilities provider’s stock worth $256,882,000 after purchasing an additional 155,466 shares during 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.