Pinnacle West Capital (NYSE:PNW) Upgraded to Outperform by Credit Suisse Group

Credit Suisse Group upgraded shares of Pinnacle West Capital (NYSE:PNW – Get Rating) from a neutral rating to an outperform rating in a report released on Tuesday morning, The Fly reports. The firm currently has $80.00 target price on the utilities provider’s stock, up from their prior target price of $77.00.

Several other analysts have also recently commented on PNW. Guggenheim upgraded Pinnacle West Capital from a sell rating to a neutral rating and increased their target price for the stock from $54.00 to $70.00 in a report on Friday, November 18th. Evercore ISI set a $72.00 target price on Pinnacle West Capital in a report on Thursday, November 24th. Wells Fargo & Company increased their target price on Pinnacle West Capital from $70.00 to $82.00 in a report on Wednesday, December 14th. Morgan Stanley decreased their target price on Pinnacle West Capital from $79.00 to $76.00 and set an equal weight rating on the stock in a report on Wednesday, February 22nd. Finally, Wolfe Research upgraded Pinnacle West Capital from an underperform rating to a peer perform rating in a report on Thursday, November 17th. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of Hold and an average price target of $74.18.

Pinnacle West Capital Stock Performance

Pinnacle West Capital stock opened at $77.89 on Tuesday. The company has a debt-to-equity ratio of 1.26, a current ratio of 0.99 and a quick ratio of 0.74. The stock has a fifty day moving average price of $74.87 and a two-hundred day moving average price of $73.14. Pinnacle West Capital has a 52-week low of $59.03 and a 52-week high of $80.60. The firm has a market capitalization of $8.82 billion, a P/E ratio of 18.24 and a beta of 0.44.

Pinnacle West Capital (NYSE:PNW – Get Rating) last released its quarterly earnings data on Monday, February 27th. The utilities provider reported ($0.21) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.18) by ($0.03). Pinnacle West Capital had a return on equity of 7.87% and a net margin of 11.18%. The company had revenue of $1.01 billion for the quarter, compared to analyst estimates of $638.28 million. During the same quarter in the prior year, the company earned $0.24 earnings per share. The business’s revenue was up 26.3% compared to the same quarter last year. As a group, analysts anticipate that Pinnacle West Capital will post 4.14 EPS for the current fiscal year.

Hedge Funds Weigh In On Pinnacle West Capital

Hedge funds have recently added to or reduced their stakes in the stock. HighTower Advisors LLC raised its position in shares of Pinnacle West Capital by 8.0% during the first quarter. HighTower Advisors LLC now owns 21,980 shares of the utilities provider’s stock worth $1,718,000 after purchasing an additional 1,630 shares during the period. MetLife Investment Management LLC raised its position in shares of Pinnacle West Capital by 23.1% during the first quarter. MetLife Investment Management LLC now owns 30,693 shares of the utilities provider’s stock worth $2,397,000 after purchasing an additional 5,768 shares during the period. Great West Life Assurance Co. Can raised its position in shares of Pinnacle West Capital by 5.6% during the first quarter. Great West Life Assurance Co. Can now owns 31,722 shares of the utilities provider’s stock worth $2,599,000 after purchasing an additional 1,681 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Pinnacle West Capital by 6.8% during the first quarter. Dimensional Fund Advisors LP now owns 494,515 shares of the utilities provider’s stock worth $38,620,000 after purchasing an additional 31,526 shares during the period. Finally, Sei Investments Co. raised its position in shares of Pinnacle West Capital by 7.8% during the first quarter. Sei Investments Co. now owns 135,551 shares of the utilities provider’s stock worth $10,571,000 after purchasing an additional 9,777 shares during the period. Institutional investors and hedge funds own 85.21% of the company’s stock.

Pinnacle West Capital Company Profile

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Pinnacle West Capital Corp. is a holding company, which engages in providing energy and energy-related products. It offers regulated retail and wholesale electricity businesses and related activities, such as electricity generation, transmission and distribution through its subsidiary, Arizona Public Service Co The company was founded on February 20, 1985, and is headquartered in Phoenix, AZ.