Pinnacle West Capital (NYSE:PNW) Price Target Cut to $73.00

Pinnacle West Capital (NYSE:PNWGet Rating) had its price target dropped by stock analysts at Morgan Stanley from $75.00 to $73.00 in a report released on Monday, Stock Target Advisor reports. The brokerage presently has an “equal weight” rating on the utilities provider’s stock. Morgan Stanley’s target price would suggest a potential downside of 4.15% from the stock’s current price.

A number of other analysts have also recently weighed in on PNW. KeyCorp boosted their price objective on shares of Pinnacle West Capital from $62.00 to $64.00 and gave the stock an “underweight” rating in a research note on Wednesday, April 20th. Wells Fargo & Company increased their price objective on Pinnacle West Capital from $68.00 to $75.00 and gave the company an “equal weight” rating in a research report on Monday, February 28th. Mizuho upped their target price on shares of Pinnacle West Capital from $72.00 to $74.00 and gave the company a “neutral” rating in a research note on Thursday, March 10th. Royal Bank of Canada increased their price target on shares of Pinnacle West Capital from $76.00 to $80.00 and gave the company a “sector perform” rating in a report on Monday, April 4th. Finally, Barclays downgraded shares of Pinnacle West Capital from an “equal weight” rating to an “underweight” rating and boosted their price objective for the stock from $72.00 to $78.00 in a report on Tuesday, April 19th. Seven investment analysts have rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Pinnacle West Capital presently has a consensus rating of “Hold” and an average price target of $73.18.

Shares of Pinnacle West Capital stock traded up $0.85 during midday trading on Monday, reaching $76.16. 1,936 shares of the company’s stock traded hands, compared to its average volume of 814,462. The company has a market cap of $8.61 billion, a price-to-earnings ratio of 14.37 and a beta of 0.32. Pinnacle West Capital has a 52 week low of $62.78 and a 52 week high of $88.34. The company’s 50 day simple moving average is $75.58 and its 200 day simple moving average is $71.28. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.76 and a current ratio of 1.00.

Pinnacle West Capital (NYSE:PNWGet Rating) last announced its quarterly earnings results on Wednesday, May 4th. The utilities provider reported $0.15 earnings per share for the quarter, topping analysts’ consensus estimates of $0.05 by $0.10. The company had revenue of $783.53 million during the quarter, compared to analysts’ expectations of $692.73 million. Pinnacle West Capital had a return on equity of 9.96% and a net margin of 15.42%. The business’s quarterly revenue was up 12.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.32 earnings per share. As a group, equities research analysts predict that Pinnacle West Capital will post 4 earnings per share for the current year.

In related news, SVP Barbara D. Lockwood sold 3,489 shares of the business’s stock in a transaction that occurred on Tuesday, May 17th. The shares were sold at an average price of $74.25, for a total value of $259,058.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.31% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its stake in shares of Pinnacle West Capital by 1.8% during the first quarter. Vanguard Group Inc. now owns 13,338,202 shares of the utilities provider’s stock worth $1,041,714,000 after purchasing an additional 241,019 shares during the period. Lazard Asset Management LLC grew its position in shares of Pinnacle West Capital by 169.7% during the 4th quarter. Lazard Asset Management LLC now owns 10,767,845 shares of the utilities provider’s stock worth $760,101,000 after buying an additional 6,774,779 shares during the period. State Street Corp increased its stake in shares of Pinnacle West Capital by 18.4% in the 1st quarter. State Street Corp now owns 6,911,753 shares of the utilities provider’s stock valued at $539,808,000 after acquiring an additional 1,072,235 shares during the last quarter. Invesco Ltd. raised its position in shares of Pinnacle West Capital by 29.6% in the 1st quarter. Invesco Ltd. now owns 3,537,942 shares of the utilities provider’s stock valued at $276,313,000 after acquiring an additional 808,207 shares during the period. Finally, Massachusetts Financial Services Co. MA boosted its stake in Pinnacle West Capital by 5.4% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 3,117,198 shares of the utilities provider’s stock worth $220,043,000 after acquiring an additional 159,020 shares during the last quarter. Institutional investors own 80.89% of the company’s stock.

Pinnacle West Capital Company Profile (Get Rating)

Pinnacle West Capital Corporation, through its subsidiary, Arizona Public Service Company, 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.

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