Morgan Stanley Raises Pinnacle West Capital (NYSE:PNW) Price Target to $88.00

Pinnacle West Capital (NYSE:PNW) had its price objective hoisted by stock analysts at Morgan Stanley from $84.00 to $88.00 in a research report issued on Thursday,Benzinga reports. The brokerage currently has an “equal weight” rating on the utilities provider’s stock. Morgan Stanley’s price objective suggests a potential downside of 6.05% from the company’s previous close.

Several other research firms have also recently issued reports on PNW. Jefferies Financial Group lowered their target price on shares of Pinnacle West Capital from $106.00 to $104.00 and set a “buy” rating on the stock in a research note on Tuesday, January 28th. Wells Fargo & Company upped their target price on shares of Pinnacle West Capital from $92.00 to $95.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 26th. KeyCorp upgraded shares of Pinnacle West Capital from a “sector weight” rating to an “overweight” rating and set a $101.00 target price on the stock in a research note on Wednesday, December 4th. LADENBURG THALM/SH SH upgraded shares of Pinnacle West Capital to a “strong-buy” rating in a research note on Monday, March 17th. Finally, Citigroup upped their target price on shares of Pinnacle West Capital from $85.00 to $95.00 and gave the company a “neutral” rating in a research note on Wednesday, December 4th. Six investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $95.17.

Pinnacle West Capital Stock Performance

Shares of Pinnacle West Capital stock opened at $93.67 on Thursday. The stock has a market cap of $11.16 billion, a price-to-earnings ratio of 17.74, a PEG ratio of 3.59 and a beta of 0.53. The firm’s 50-day moving average is $89.46 and its 200 day moving average is $88.82. Pinnacle West Capital has a 1 year low of $70.73 and a 1 year high of $95.42. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.71 and a quick ratio of 0.54.

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

Institutional Investors Weigh In On Pinnacle West Capital

Several hedge funds and other institutional investors have recently made changes to their positions in PNW. Norges Bank purchased a new stake in Pinnacle West Capital in the 4th quarter worth approximately $194,655,000. Invesco Ltd. increased its holdings in Pinnacle West Capital by 32.2% in the 4th quarter. Invesco Ltd. now owns 4,298,009 shares of the utilities provider’s stock worth $364,342,000 after acquiring an additional 1,045,788 shares in the last quarter. Merewether Investment Management LP purchased a new stake in Pinnacle West Capital in the 4th quarter worth approximately $69,233,000. Two Sigma Advisers LP increased its holdings in Pinnacle West Capital by 462.8% in the 4th quarter. Two Sigma Advisers LP now owns 912,900 shares of the utilities provider’s stock worth $77,387,000 after acquiring an additional 750,700 shares in the last quarter. Finally, Deutsche Bank AG increased its holdings in Pinnacle West Capital by 33.4% in the 4th quarter. Deutsche Bank AG now owns 2,435,065 shares of the utilities provider’s stock worth $206,420,000 after acquiring an additional 610,042 shares in 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.