Pinnacle West Capital (NYSE:PNW) Coverage Initiated at Citigroup

Investment analysts at Citigroup started coverage on shares of Pinnacle West Capital (NYSE:PNW) in a research report issued to clients and investors on Monday, MarketBeat.com reports. The firm set a “neutral” rating and a $78.00 price target on the utilities provider’s stock. Citigroup’s price target would suggest a potential upside of 5.91% from the company’s previous close.

Several other equities research analysts have also commented on the company. Evercore ISI dropped their price target on Pinnacle West Capital from $76.00 to $69.00 and set an “in-line” rating for the company in a research note on Monday, March 4th. Morgan Stanley raised their price objective on Pinnacle West Capital from $69.00 to $70.00 and gave the company an “equal weight” rating in a research note on Thursday, March 21st. LADENBURG THALM/SH SH initiated coverage on shares of Pinnacle West Capital in a research report on Wednesday, February 14th. They issued a “neutral” rating and a $69.00 target price for the company. Wells Fargo & Company decreased their price target on shares of Pinnacle West Capital from $78.00 to $74.00 and set an “equal weight” rating for the company in a report on Friday, January 26th. Finally, Royal Bank of Canada dropped their target price on Pinnacle West Capital from $83.00 to $80.00 and set a “sector perform” rating on the stock in a research report on Friday, March 1st. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, Pinnacle West Capital has an average rating of “Hold” and an average target price of $73.42.

Pinnacle West Capital Trading Down 0.5 %

NYSE PNW opened at $73.65 on Monday. 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 $8.36 billion, a P/E ratio of 16.70, a P/E/G ratio of 2.08 and a beta of 0.49. Pinnacle West Capital has a 12 month low of $65.20 and a 12 month high of $86.03. The company has a 50-day moving average of $72.11 and a 200-day moving average of $72.09.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in PNW. MeadowBrook Investment Advisors LLC bought a new position in Pinnacle West Capital during the 4th quarter valued at $25,000. Financial Gravity Asset Management Inc. raised its stake in shares of Pinnacle West Capital by 338.3% in the 3rd quarter. Financial Gravity Asset Management Inc. now owns 355 shares of the utilities provider’s stock worth $26,000 after buying an additional 274 shares in the last quarter. BOK Financial Private Wealth Inc. acquired a new stake in shares of Pinnacle West Capital in the fourth quarter valued at $26,000. First United Bank & Trust bought a new position in Pinnacle West Capital during the fourth quarter valued at about $29,000. Finally, Tobam grew its holdings in Pinnacle West Capital by 2,620.0% during the fourth quarter. Tobam now owns 408 shares of the utilities provider’s stock worth $29,000 after acquiring an additional 393 shares during the period. Institutional investors and hedge funds 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.