Pinnacle West Capital (NYSE:PNW) Stock Price Expected to Rise, Morgan Stanley Analyst Says

Pinnacle West Capital (NYSE:PNW) had its price target upped by Morgan Stanley from $84.00 to $88.00 in a research note issued on Thursday,Benzinga reports. The firm currently has an “equal weight” rating on the utilities provider’s stock. Morgan Stanley’s price objective would suggest a potential downside of 6.50% from the stock’s previous close.

PNW has been the subject of several other reports. Wells Fargo & Company lifted their price objective on Pinnacle West Capital from $92.00 to $95.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 26th. Citigroup lifted their price objective on Pinnacle West Capital from $85.00 to $95.00 and gave the stock a “neutral” rating in a report on Wednesday, December 4th. Guggenheim reaffirmed a “buy” rating and set a $100.00 price objective on shares of Pinnacle West Capital in a report on Wednesday, February 26th. LADENBURG THALM/SH SH raised Pinnacle West Capital to a “strong-buy” rating in a report on Monday. Finally, KeyCorp raised Pinnacle West Capital from a “sector weight” rating to an “overweight” rating and set a $101.00 price objective for the company in a report on Wednesday, December 4th. Five equities research analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $94.69.

Pinnacle West Capital Stock Performance

NYSE:PNW traded down $0.08 during mid-day trading on Thursday, reaching $94.12. 114,367 shares of the stock were exchanged, compared to its average volume of 976,058. Pinnacle West Capital has a 1 year low of $70.73 and a 1 year high of $95.42. The company has a 50 day simple moving average of $89.00 and a 200-day simple moving average of $88.74. The company has a quick ratio of 0.54, a current ratio of 0.71 and a debt-to-equity ratio of 1.20. The stock has a market capitalization of $11.21 billion, a P/E ratio of 17.83, a P/E/G ratio of 3.59 and a beta of 0.53.

Pinnacle West Capital (NYSE:PNW) last posted its quarterly earnings data on Tuesday, February 25th. The utilities provider reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.25. The company had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.06 billion. Pinnacle West Capital had a return on equity of 9.60% and a net margin of 12.26%. Analysts anticipate that Pinnacle West Capital will post 5.13 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of PNW. Norges Bank purchased a new position in Pinnacle West Capital in the fourth quarter valued at about $194,655,000. Invesco Ltd. boosted its holdings in Pinnacle West Capital by 32.2% in the fourth quarter. Invesco Ltd. now owns 4,298,009 shares of the utilities provider’s stock valued at $364,342,000 after purchasing an additional 1,045,788 shares during the last quarter. Merewether Investment Management LP purchased a new position in Pinnacle West Capital in the fourth quarter valued at about $69,233,000. Two Sigma Advisers LP boosted its holdings in Pinnacle West Capital by 462.8% in the fourth quarter. Two Sigma Advisers LP now owns 912,900 shares of the utilities provider’s stock valued at $77,387,000 after purchasing an additional 750,700 shares during the last quarter. Finally, Deutsche Bank AG boosted its holdings in Pinnacle West Capital by 33.4% in the fourth quarter. Deutsche Bank AG now owns 2,435,065 shares of the utilities provider’s stock valued at $206,420,000 after purchasing an additional 610,042 shares during the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Pinnacle West Capital Company Profile

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.