Pinnacle West Capital (NYSE:PNW) PT Lowered to $72.00

Pinnacle West Capital (NYSE:PNW) had its target price reduced by equities researchers at Morgan Stanley from $76.00 to $72.00 in a report released on Monday, Benzinga reports. The brokerage presently has an “equal weight” rating on the utilities provider’s stock. Morgan Stanley’s target price suggests a potential downside of 4.28% from the company’s previous close.

Several other equities research analysts have also recently issued reports on the stock. StockNews.com upgraded shares of Pinnacle West Capital from a “sell” rating to a “hold” rating in a research report on Friday, June 7th. Bank of America raised shares of Pinnacle West Capital from a “neutral” rating to a “buy” rating and increased their target price for the stock from $71.00 to $80.00 in a research note on Monday, March 18th. Citigroup started coverage on shares of Pinnacle West Capital in a research note on Monday, April 29th. They set a “neutral” rating and a $78.00 target price for the company. Mizuho lowered their target price on shares of Pinnacle West Capital from $77.00 to $75.00 and set a “buy” rating for the company in a research note on Wednesday, March 6th. Finally, Evercore ISI lowered their target price on shares of 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. Eight equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $75.71.

Pinnacle West Capital Price Performance

Shares of NYSE PNW opened at $75.22 on Monday. Pinnacle West Capital has a 52 week low of $65.20 and a 52 week high of $86.03. The stock has a market capitalization of $8.54 billion, a price-to-earnings ratio of 16.39, a price-to-earnings-growth ratio of 1.90 and a beta of 0.50. The firm has a 50-day simple moving average of $76.05 and a 200-day simple moving average of $72.88. The company has a quick ratio of 0.42, a current ratio of 0.58 and a debt-to-equity ratio of 1.20.

Pinnacle West Capital (NYSE:PNW) last released its quarterly earnings data on Thursday, May 2nd. The utilities provider reported $0.15 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.02) by $0.17. Pinnacle West Capital had a net margin of 11.09% and a return on equity of 8.29%. The firm had revenue of $951.71 million during the quarter, compared to analysts’ expectations of $981.82 million. During the same period last year, the business earned ($0.03) earnings per share. Pinnacle West Capital’s revenue was up .7% compared to the same quarter last year. On average, equities analysts predict that Pinnacle West Capital will post 4.77 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in PNW. Empirical Finance LLC lifted its stake in Pinnacle West Capital by 3.4% in the first quarter. Empirical Finance LLC now owns 4,059 shares of the utilities provider’s stock worth $303,000 after acquiring an additional 134 shares during the last quarter. MCF Advisors LLC lifted its stake in Pinnacle West Capital by 9.2% in the fourth quarter. MCF Advisors LLC now owns 2,070 shares of the utilities provider’s stock worth $149,000 after acquiring an additional 174 shares during the last quarter. Newbridge Financial Services Group Inc. lifted its stake in Pinnacle West Capital by 70.6% in the fourth quarter. Newbridge Financial Services Group Inc. now owns 481 shares of the utilities provider’s stock worth $35,000 after acquiring an additional 199 shares during the last quarter. Atria Wealth Solutions Inc. lifted its stake in Pinnacle West Capital by 4.9% in the fourth quarter. Atria Wealth Solutions Inc. now owns 4,921 shares of the utilities provider’s stock worth $354,000 after acquiring an additional 229 shares during the last quarter. Finally, Prime Capital Investment Advisors LLC lifted its stake in Pinnacle West Capital by 6.1% in the fourth quarter. Prime Capital Investment Advisors LLC now owns 4,083 shares of the utilities provider’s stock worth $293,000 after acquiring an additional 233 shares during the last quarter. 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.