Pinnacle West Capital (NYSE:PNW) Price Target Increased to $76.00 by Analysts at Barclays

Pinnacle West Capital (NYSE:PNW) had its price objective raised by Barclays from $75.00 to $76.00 in a research note released on Monday morning, Benzinga reports. Barclays currently has an overweight rating on the utilities provider’s stock.

PNW has been the topic of a number of other research reports. Evercore ISI cut their price objective on shares of Pinnacle West Capital from $76.00 to $69.00 and set an in-line rating on the stock in a research report on Monday, March 4th. LADENBURG THALM/SH SH began coverage on shares of Pinnacle West Capital in a report on Wednesday, February 14th. They issued a neutral rating and a $69.00 price target on the stock. UBS Group upgraded Pinnacle West Capital from a sell rating to a neutral rating and increased their price objective for the company from $68.00 to $71.00 in a report on Monday, March 11th. Wells Fargo & Company dropped their target price on Pinnacle West Capital from $78.00 to $74.00 and set an equal weight rating on the stock in a research note on Friday, January 26th. Finally, Bank of America upgraded Pinnacle West Capital from a neutral rating to a buy rating and increased their price target for the company from $71.00 to $80.00 in a research note on Monday, March 18th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of Hold and an average target price of $73.00.

Pinnacle West Capital Price Performance

Shares of PNW stock opened at $72.11 on Monday. The stock’s 50-day moving average is $70.77 and its 200 day moving average is $72.06. Pinnacle West Capital has a 1-year low of $65.20 and a 1-year high of $86.03. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.67 and a quick ratio of 0.50. The company has a market cap of $8.19 billion, a P/E ratio of 16.35, a PEG ratio of 2.03 and a beta of 0.49.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the business. Comerica Bank acquired a new stake in Pinnacle West Capital during the 3rd quarter worth about $4,620,000. Pacer Advisors Inc. raised its position in Pinnacle West Capital by 604.2% during the fourth quarter. Pacer Advisors Inc. now owns 50,631 shares of the utilities provider’s stock valued at $3,637,000 after acquiring an additional 43,441 shares in the last quarter. Financial Counselors Inc. lifted its holdings in Pinnacle West Capital by 37.5% in the fourth quarter. Financial Counselors Inc. now owns 172,558 shares of the utilities provider’s stock valued at $12,397,000 after acquiring an additional 47,035 shares during the period. Hudson Bay Capital Management LP boosted its position in Pinnacle West Capital by 254.3% in the 3rd quarter. Hudson Bay Capital Management LP now owns 115,160 shares of the utilities provider’s stock worth $8,485,000 after purchasing an additional 82,660 shares in the last quarter. Finally, UBS Group AG grew its stake in shares of Pinnacle West Capital by 83.2% during the 3rd quarter. UBS Group AG now owns 308,765 shares of the utilities provider’s stock worth $22,750,000 after purchasing an additional 140,215 shares during the period. Hedge funds and other 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.