Barclays Forecasts Strong Price Appreciation for Pinnacle West Capital (NYSE:PNW) Stock

Pinnacle West Capital (NYSE:PNW) had its target price increased by research analysts at Barclays from $87.00 to $94.00 in a research report issued on Tuesday,Benzinga reports. The brokerage presently has an “equal weight” rating on the utilities provider’s stock. Barclays‘s target price would indicate a potential downside of 1.54% from the company’s current price.

PNW has been the subject of several other reports. Jefferies Financial Group cut their target price on shares of Pinnacle West Capital from $106.00 to $104.00 and set a “buy” rating for the company in a research report on Tuesday, January 28th. Morgan Stanley upped their price objective on Pinnacle West Capital from $84.00 to $88.00 and gave the stock an “equal weight” rating in a report on Thursday, March 20th. Wells Fargo & Company increased their price objective on Pinnacle West Capital from $92.00 to $95.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 26th. KeyCorp upgraded Pinnacle West Capital from a “sector weight” rating to an “overweight” rating and set a $101.00 target price for the company in a research report on Wednesday, December 4th. Finally, Citigroup increased their price target 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 assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $95.50.

Pinnacle West Capital Price Performance

Pinnacle West Capital stock opened at $95.47 on Tuesday. The stock has a market cap of $11.37 billion, a price-to-earnings ratio of 18.08, a PEG ratio of 3.59 and a beta of 0.53. 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 business has a 50-day simple moving average of $90.79 and a 200 day simple moving average of $89.08. Pinnacle West Capital has a 52 week low of $70.73 and a 52 week high of $95.84.

Pinnacle West Capital (NYSE:PNW) last issued its quarterly earnings data 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 return on equity of 9.60% and a net margin of 12.26%. The company had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.06 billion. On average, research analysts forecast that Pinnacle West Capital will post 5.13 earnings per share for the current fiscal year.

Institutional Trading of Pinnacle West Capital

Institutional investors have recently made changes to their positions in the stock. Glenmede Trust Co. NA lifted its holdings in Pinnacle West Capital by 2.5% in the 3rd quarter. Glenmede Trust Co. NA now owns 6,695 shares of the utilities provider’s stock worth $593,000 after buying an additional 163 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Pinnacle West Capital by 7.7% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 24,139 shares of the utilities provider’s stock worth $2,138,000 after purchasing an additional 1,733 shares during the last quarter. Public Sector Pension Investment Board boosted its holdings in shares of Pinnacle West Capital by 2.6% during the 3rd quarter. Public Sector Pension Investment Board now owns 19,803 shares of the utilities provider’s stock valued at $1,754,000 after acquiring an additional 500 shares during the last quarter. Atom Investors LP raised its stake in Pinnacle West Capital by 86.8% during the 3rd quarter. Atom Investors LP now owns 24,000 shares of the utilities provider’s stock valued at $2,126,000 after buying an additional 11,149 shares during the last quarter. Finally, Centiva Capital LP purchased a new position in Pinnacle West Capital in the third quarter worth about $462,000. 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.