Pinnacle West Capital (NYSE:PNW) Stock Price Expected to Rise, Morgan Stanley Analyst Says

Pinnacle West Capital (NYSE:PNW) had its price target raised by Morgan Stanley from $84.00 to $88.00 in a research report sent to investors on Thursday morning,Benzinga reports. Morgan Stanley currently has an equal weight rating on the utilities provider’s stock.

PNW has been the topic of several other research reports. LADENBURG THALM/SH SH upgraded shares of Pinnacle West Capital to a “strong-buy” rating in a research report on Monday, March 17th. Jefferies Financial Group reduced their price target on shares of Pinnacle West Capital from $106.00 to $104.00 and set a “buy” rating on the stock in a research report on Tuesday, January 28th. Wells Fargo & Company increased their price target on shares of Pinnacle West Capital from $92.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 26th. Guggenheim restated a “buy” rating and issued a $100.00 target price on shares of Pinnacle West Capital in a research report on Wednesday, February 26th. Finally, Citigroup raised 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 report on Wednesday, December 4th. Six analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Pinnacle West Capital currently has a consensus rating of “Moderate Buy” and a consensus target price of $95.17.

Pinnacle West Capital Stock Down 0.6 %

Shares of PNW opened at $93.67 on Thursday. Pinnacle West Capital has a 12 month low of $70.73 and a 12 month high of $95.42. The firm’s 50 day moving average is $89.46 and its 200-day moving average is $88.82. The stock has a market capitalization of $11.16 billion, a PE ratio of 17.74, a P/E/G ratio of 3.59 and a beta of 0.53. The company has a current ratio of 0.71, a quick ratio of 0.54 and a debt-to-equity ratio of 1.20.

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

Hedge Funds Weigh In On Pinnacle West Capital

A number of hedge funds have recently modified their holdings of PNW. CIBC Asset Management Inc lifted its holdings in shares of Pinnacle West Capital by 8.0% during the third quarter. CIBC Asset Management Inc now owns 15,737 shares of the utilities provider’s stock worth $1,394,000 after purchasing an additional 1,163 shares during the period. Natixis Advisors LLC lifted its holdings in shares of Pinnacle West Capital by 1.5% during the third quarter. Natixis Advisors LLC now owns 23,221 shares of the utilities provider’s stock worth $2,057,000 after purchasing an additional 342 shares during the period. PNC Financial Services Group Inc. raised its stake in Pinnacle West Capital by 3.8% during the third quarter. PNC Financial Services Group Inc. now owns 65,736 shares of the utilities provider’s stock worth $5,824,000 after buying an additional 2,433 shares during the last quarter. Prospera Private Wealth LLC bought a new position in Pinnacle West Capital during the third quarter worth $43,000. Finally, Charles Schwab Investment Management Inc. raised its stake in Pinnacle West Capital by 0.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,028,088 shares of the utilities provider’s stock worth $91,078,000 after buying an additional 5,066 shares during the last quarter. Institutional investors and hedge funds 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.