Pinnacle West Capital (NYSE:PNW) Price Target Cut to $79.00 by Analysts at Barclays

Pinnacle West Capital (NYSE:PNW) had its price objective reduced by equities researchers at Barclays from $103.00 to $79.00 in a research note issued to investors on Thursday, BenzingaRatingsTable reports. The brokerage currently has an “equal weight” rating on the utilities provider’s stock. Barclays‘s target price suggests a potential upside of 1.39% from the stock’s current price.

Several other equities research analysts have also recently weighed in on PNW. Morgan Stanley upgraded Pinnacle West Capital from an “underweight” rating to an “equal weight” rating and dropped their target price for the company from $88.00 to $66.00 in a report on Monday. Bank of America restated a “hold” rating and set a $97.00 target price on shares of Pinnacle West Capital in a report on Wednesday, January 22nd. Wells Fargo & Co restated a “hold” rating and set a $110.00 target price (up from $94.00) on shares of Pinnacle West Capital in a report on Friday, February 21st. UBS Group dropped their target price on Pinnacle West Capital from $108.00 to $85.00 and set a “neutral” rating for the company in a report on Monday, March 16th. Finally, KeyCorp assumed coverage on Pinnacle West Capital in a report on Friday, February 28th. They set a “sector weight” rating for the company. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and two have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $93.90.

Shares of PNW traded up $5.26 during midday trading on Thursday, reaching $77.92. The stock had a trading volume of 45,899 shares, compared to its average volume of 1,557,082. The company’s 50-day moving average is $90.71 and its 200 day moving average is $91.55. Pinnacle West Capital has a 12-month low of $60.05 and a 12-month high of $105.51. The company has a current ratio of 0.50, a quick ratio of 0.33 and a debt-to-equity ratio of 0.88. The company has a market capitalization of $7.99 billion, a price-to-earnings ratio of 16.36, a price-to-earnings-growth ratio of 3.35 and a beta of 0.22.

Pinnacle West Capital (NYSE:PNW) last posted its quarterly earnings data on Friday, February 21st. The utilities provider reported $0.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.47 by $0.10. Pinnacle West Capital had a return on equity of 9.80% and a net margin of 15.51%. The firm had revenue of $670.40 million during the quarter, compared to analysts’ expectations of $783.63 million. During the same period in the prior year, the business earned $0.23 EPS. The company’s revenue for the quarter was down 11.4% compared to the same quarter last year. Research analysts forecast that Pinnacle West Capital will post 4.82 EPS for the current fiscal year.

In other news, COO Daniel T. Froetscher sold 2,500 shares of the stock in a transaction that occurred on Wednesday, February 26th. The stock was sold at an average price of $98.18, for a total value of $245,450.00. Following the completion of the transaction, the chief operating officer now owns 11,127 shares of the company’s stock, valued at approximately $1,092,448.86. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP James R. Hatfield sold 20,000 shares of the stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $99.34, for a total value of $1,986,800.00. The disclosure for this sale can be found here. Insiders sold a total of 24,128 shares of company stock valued at $2,396,043 in the last three months. Corporate insiders own 0.41% of the company’s stock.

Several large investors have recently made changes to their positions in PNW. Parkside Financial Bank & Trust increased its position in Pinnacle West Capital by 211.0% during the 4th quarter. Parkside Financial Bank & Trust now owns 311 shares of the utilities provider’s stock valued at $28,000 after buying an additional 211 shares in the last quarter. McIlrath & Eck LLC purchased a new stake in Pinnacle West Capital during the 4th quarter valued at $29,000. Vigilant Capital Management LLC purchased a new stake in Pinnacle West Capital during the 4th quarter valued at $33,000. Reilly Financial Advisors LLC boosted its stake in shares of Pinnacle West Capital by 100.0% in the 4th quarter. Reilly Financial Advisors LLC now owns 400 shares of the utilities provider’s stock worth $36,000 after buying an additional 200 shares during the last quarter. Finally, CENTRAL TRUST Co boosted its stake in shares of Pinnacle West Capital by 120.0% in the 4th quarter. CENTRAL TRUST Co now owns 550 shares of the utilities provider’s stock worth $49,000 after buying an additional 300 shares during the last quarter. 85.13% of the stock is owned by hedge funds and other institutional investors.

Pinnacle West Capital Company Profile

Pinnacle West Capital Corporation, through its subsidiary, Arizona Public Service Company, provides retail and wholesale electric services primarily in the state of Arizona. It generates, transmits, and distributes electricity using coal, nuclear, gas, oil, and solar generating facilities. The company serves approximately 1.2 million customers.

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Analyst Recommendations for Pinnacle West Capital (NYSE:PNW)

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