Pinnacle West Capital (NYSE:PNW) Upgraded to “Overweight” at KeyCorp

Pinnacle West Capital (NYSE:PNW) was upgraded by stock analysts at KeyCorp from a “sector weight” rating to an “overweight” rating in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has a $101.00 price target on the utilities provider’s stock. KeyCorp’s price objective would suggest a potential upside of 10.65% from the company’s current price.

PNW has been the subject of several other reports. Morgan Stanley decreased their target price on shares of Pinnacle West Capital from $82.00 to $81.00 and set an “equal weight” rating for the company in a report on Friday, November 22nd. Barclays cut Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and lowered their price objective for the company from $93.00 to $91.00 in a research report on Monday, November 18th. Jefferies Financial Group started coverage on Pinnacle West Capital in a report on Thursday, September 19th. They issued a “buy” rating and a $104.00 target price for the company. Finally, Wells Fargo & Company upped their price target 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. Eight research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $83.35.

Pinnacle West Capital Stock Performance

Shares of PNW opened at $91.28 on Wednesday. The business’s 50 day moving average price is $89.47 and its 200-day moving average price is $84.79. 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 cap of $10.38 billion, a P/E ratio of 17.29, a P/E/G ratio of 2.19 and a beta of 0.54. Pinnacle West Capital has a 52 week low of $65.20 and a 52 week high of $95.42.

Hedge Funds Weigh In On Pinnacle West Capital

Institutional investors and hedge funds have recently bought and sold shares of the stock. Blue Trust Inc. raised its stake in shares of Pinnacle West Capital by 377.9% in the second quarter. Blue Trust Inc. now owns 368 shares of the utilities provider’s stock worth $28,000 after buying an additional 291 shares during the period. Venturi Wealth Management LLC lifted its holdings in Pinnacle West Capital by 124.6% during the third quarter. Venturi Wealth Management LLC now owns 429 shares of the utilities provider’s stock valued at $38,000 after purchasing an additional 238 shares in the last quarter. Prospera Private Wealth LLC purchased a new stake in shares of Pinnacle West Capital in the third quarter worth $43,000. Ashton Thomas Private Wealth LLC bought a new stake in Pinnacle West Capital during the second quarter valued at about $52,000. Finally, First Horizon Advisors Inc. lifted its holdings 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 worth $61,000 after purchasing an additional 137 shares in the last quarter. 91.51% of the stock is currently 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.