Morgan Stanley Issues Pessimistic Forecast for Pinnacle West Capital (NYSE:PNW) Stock Price

Pinnacle West Capital (NYSE:PNW) had its price objective decreased by research analysts at Morgan Stanley from $82.00 to $81.00 in a research note issued on Friday,Benzinga reports. The brokerage currently has an “equal weight” rating on the utilities provider’s stock. Morgan Stanley’s target price suggests a potential downside of 12.84% from the stock’s current price.

PNW has been the topic of several other research reports. StockNews.com raised Pinnacle West Capital from a “sell” rating to a “hold” rating in a report on Monday, August 5th. Wells Fargo & Company increased their price objective on Pinnacle West Capital from $90.00 to $92.00 and gave the company an “equal weight” rating in a report on Thursday, November 7th. Barclays cut Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $93.00 to $91.00 in a research note on Monday, November 18th. Finally, Jefferies Financial Group assumed coverage on shares of Pinnacle West Capital in a research note on Thursday, September 19th. They issued a “buy” rating and a $104.00 price target on the stock. Eight equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $81.88.

Pinnacle West Capital Trading Down 0.7 %

NYSE PNW opened at $92.93 on Friday. Pinnacle West Capital has a 52 week low of $65.20 and a 52 week high of $94.38. The firm has a 50 day moving average of $89.01 and a two-hundred day moving average of $83.91. 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 $10.57 billion, a PE ratio of 17.60, a price-to-earnings-growth ratio of 2.19 and a beta of 0.52.

Institutional Investors Weigh In On Pinnacle West Capital

A number of institutional investors and hedge funds have recently made changes to their positions in PNW. First Horizon Advisors Inc. increased its position in Pinnacle West Capital by 20.9% in the 2nd quarter. First Horizon Advisors Inc. now owns 794 shares of the utilities provider’s stock valued at $61,000 after acquiring an additional 137 shares during the period. GAMMA Investing LLC increased its holdings in shares of Pinnacle West Capital by 13.7% in the third quarter. GAMMA Investing LLC now owns 1,147 shares of the utilities provider’s stock valued at $102,000 after purchasing an additional 138 shares during the period. Glenmede Trust Co. NA raised its stake in shares of Pinnacle West Capital by 2.5% during the third quarter. Glenmede Trust Co. NA now owns 6,695 shares of the utilities provider’s stock worth $593,000 after purchasing an additional 163 shares during the last quarter. LRI Investments LLC lifted its holdings in shares of Pinnacle West Capital by 7.0% during the third quarter. LRI Investments LLC now owns 2,498 shares of the utilities provider’s stock worth $227,000 after purchasing an additional 163 shares during the period. Finally, Crossmark Global Holdings Inc. grew its position in Pinnacle West Capital by 2.6% in the 3rd quarter. Crossmark Global Holdings Inc. now owns 6,581 shares of the utilities provider’s stock valued at $583,000 after buying an additional 169 shares during the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

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.