Pinnacle West Capital (NYSE:PNW) Given New $72.00 Price Target at Morgan Stanley

Pinnacle West Capital (NYSE:PNW) had its price target cut by analysts at Morgan Stanley from $76.00 to $72.00 in a research note issued to investors on Monday, Benzinga reports. The brokerage presently has an “equal weight” rating on the utilities provider’s stock. Morgan Stanley’s price objective would indicate a potential downside of 4.77% from the stock’s current price.

PNW has been the topic of a number of other reports. Royal Bank of Canada lowered their price objective on Pinnacle West Capital from $83.00 to $80.00 and set a “sector perform” rating on the stock in a research report on Friday, March 1st. Wells Fargo & Company lifted their price objective on Pinnacle West Capital from $77.00 to $80.00 and gave the stock an “equal weight” rating in a research note on Wednesday, June 5th. UBS Group raised Pinnacle West Capital from a “sell” rating to a “neutral” rating and boosted their target price for the company from $68.00 to $71.00 in a research report on Monday, March 11th. Mizuho cut their target price on Pinnacle West Capital from $77.00 to $75.00 and set a “buy” rating on the stock in a research report on Wednesday, March 6th. Finally, Bank of America upgraded Pinnacle West Capital from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $71.00 to $80.00 in a report on Monday, March 18th. Eight analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $75.71.

Pinnacle West Capital Stock Performance

NYSE PNW traded up $1.00 during trading hours on Monday, hitting $75.61. The company’s stock had a trading volume of 153,488 shares, compared to its average volume of 1,209,402. Pinnacle West Capital has a 12 month low of $65.20 and a 12 month high of $86.03. The company’s 50 day simple moving average is $75.90 and its two-hundred day simple moving average is $72.88. The company has a market cap of $8.59 billion, a P/E ratio of 16.47, a price-to-earnings-growth ratio of 1.93 and a beta of 0.50. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.58 and a quick ratio of 0.42.

Pinnacle West Capital (NYSE:PNW) last announced its earnings results on Thursday, May 2nd. The utilities provider reported $0.15 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.02) by $0.17. The business had revenue of $951.71 million for the quarter, compared to analysts’ expectations of $981.82 million. Pinnacle West Capital had a return on equity of 8.29% and a net margin of 11.09%. The business’s revenue for the quarter was up .7% on a year-over-year basis. During the same period last year, the firm posted ($0.03) earnings per share. As a group, sell-side analysts expect that Pinnacle West Capital will post 4.77 EPS for the current fiscal year.

Institutional Investors Weigh In On Pinnacle West Capital

A number of hedge funds have recently made changes to their positions in PNW. Empirical Finance LLC increased its position in Pinnacle West Capital by 3.4% during the 1st quarter. Empirical Finance LLC now owns 4,059 shares of the utilities provider’s stock valued at $303,000 after buying an additional 134 shares in the last quarter. MCF Advisors LLC increased its position in Pinnacle West Capital by 9.2% during the 4th quarter. MCF Advisors LLC now owns 2,070 shares of the utilities provider’s stock valued at $149,000 after buying an additional 174 shares in the last quarter. Newbridge Financial Services Group Inc. increased its position in Pinnacle West Capital by 70.6% during the 4th quarter. Newbridge Financial Services Group Inc. now owns 481 shares of the utilities provider’s stock valued at $35,000 after buying an additional 199 shares in the last quarter. Atria Wealth Solutions Inc. increased its position in Pinnacle West Capital by 4.9% during the 4th quarter. Atria Wealth Solutions Inc. now owns 4,921 shares of the utilities provider’s stock valued at $354,000 after buying an additional 229 shares in the last quarter. Finally, Prime Capital Investment Advisors LLC increased its position in Pinnacle West Capital by 6.1% during the 4th quarter. Prime Capital Investment Advisors LLC now owns 4,083 shares of the utilities provider’s stock valued at $293,000 after buying an additional 233 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.