Pinnacle West Capital (NYSE:PNW) Cut to Equal Weight at Barclays

Pinnacle West Capital (NYSE:PNW) was downgraded by investment analysts at Barclays from an “overweight” rating to an “equal weight” rating in a report released on Monday, Marketbeat reports. They presently have a $91.00 price target on the utilities provider’s stock, down from their prior price target of $93.00. Barclays‘s target price would suggest a potential downside of 0.96% from the company’s current price.

A number of other brokerages have also recently issued reports on PNW. Jefferies Financial Group initiated 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. StockNews.com raised Pinnacle West Capital from a “sell” rating to a “hold” rating in a report on Monday, August 5th. Morgan Stanley increased their target price on Pinnacle West Capital from $78.00 to $83.00 and gave the stock an “equal weight” rating in a report on Wednesday, September 25th. Finally, Wells Fargo & Company increased their target price on Pinnacle West Capital from $90.00 to $92.00 and gave the stock an “equal weight” rating in a report on Thursday, November 7th. Eight research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $82.04.

Pinnacle West Capital Price Performance

Shares of PNW stock opened at $91.88 on Monday. Pinnacle West Capital has a 12 month low of $65.20 and a 12 month high of $93.12. The company has a current ratio of 0.71, a quick ratio of 0.54 and a debt-to-equity ratio of 1.20. The stock has a 50 day moving average of $88.75 and a two-hundred day moving average of $83.38. The company has a market capitalization of $10.45 billion, a P/E ratio of 17.40, a P/E/G ratio of 2.15 and a beta of 0.52.

Institutional Investors Weigh In On Pinnacle West Capital

Hedge funds and other institutional investors have recently made changes to their positions in the company. Blue Trust Inc. increased its stake in shares of Pinnacle West Capital by 377.9% in the 2nd quarter. Blue Trust Inc. now owns 368 shares of the utilities provider’s stock valued at $28,000 after buying an additional 291 shares during the period. Cape Investment Advisory Inc. acquired a new stake in shares of Pinnacle West Capital in the 1st quarter valued at $30,000. Venturi Wealth Management LLC boosted its position in shares of Pinnacle West Capital by 124.6% in the 3rd quarter. Venturi Wealth Management LLC now owns 429 shares of the utilities provider’s stock worth $38,000 after purchasing an additional 238 shares during the last quarter. Prospera Private Wealth LLC bought a new position in shares of Pinnacle West Capital in the 3rd quarter worth $43,000. Finally, Ashton Thomas Private Wealth LLC bought a new position in shares of Pinnacle West Capital in the 2nd quarter worth $52,000. 91.51% of the stock is owned by institutional investors and hedge funds.

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.