Pinnacle West Capital (NYSE:PNW) Price Target Cut to $78.00

Pinnacle West Capital (NYSE:PNW) had its price target reduced by investment analysts at Barclays from $81.00 to $78.00 in a note issued to investors on Tuesday, Benzinga reports. The firm currently has an “overweight” rating on the utilities provider’s stock. Barclays‘s price target suggests a potential upside of 3.31% from the stock’s current price.

A number of other research analysts have also recently issued reports on the company. Mizuho cut their price objective on Pinnacle West Capital from $77.00 to $75.00 and set a “buy” rating for the company in a report on Wednesday, March 6th. StockNews.com cut Pinnacle West Capital from a “hold” rating to a “sell” rating in a report on Thursday, June 27th. Evercore ISI cut their price target on Pinnacle West Capital from $76.00 to $69.00 and set an “in-line” rating for the company in a report on Monday, March 4th. Citigroup began coverage on Pinnacle West Capital in a report on Monday, April 29th. They issued a “neutral” rating and a $78.00 price target for the company. Finally, UBS Group raised Pinnacle West Capital from a “sell” rating to a “neutral” rating and lifted their price target for the company from $68.00 to $71.00 in a report on Monday, March 11th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $75.46.

Pinnacle West Capital Stock Down 0.7 %

Shares of NYSE PNW opened at $75.50 on Tuesday. The stock has a market cap of $8.57 billion, a PE ratio of 16.45, a PEG ratio of 1.95 and a beta of 0.51. The business has a fifty day moving average of $76.29 and a two-hundred day moving average of $72.93. Pinnacle West Capital has a 52-week low of $65.20 and a 52-week high of $86.03. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.42 and a current ratio of 0.58.

Pinnacle West Capital (NYSE:PNW) last issued its quarterly earnings data on Thursday, May 2nd. The utilities provider reported $0.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.17. The company had revenue of $951.71 million during 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 was up .7% on a year-over-year basis. During the same period last year, the business earned ($0.03) earnings per share. As a group, equities research analysts expect that Pinnacle West Capital will post 4.76 earnings per share for the current fiscal year.

Institutional Trading of Pinnacle West Capital

Several institutional investors and hedge funds have recently added to or reduced their stakes in PNW. LPL Financial LLC raised its holdings in Pinnacle West Capital by 22.8% during the 3rd quarter. LPL Financial LLC now owns 62,106 shares of the utilities provider’s stock worth $4,576,000 after purchasing an additional 11,532 shares during the last quarter. Natixis Advisors L.P. grew its position in shares of Pinnacle West Capital by 13.4% during the 3rd quarter. Natixis Advisors L.P. now owns 24,797 shares of the utilities provider’s stock worth $1,827,000 after buying an additional 2,934 shares during the period. Tower Research Capital LLC TRC grew its position in shares of Pinnacle West Capital by 91.7% during the 3rd quarter. Tower Research Capital LLC TRC now owns 11,248 shares of the utilities provider’s stock worth $829,000 after buying an additional 5,380 shares during the period. Toronto Dominion Bank grew its position in shares of Pinnacle West Capital by 11.5% during the 3rd quarter. Toronto Dominion Bank now owns 33,441 shares of the utilities provider’s stock worth $2,464,000 after buying an additional 3,459 shares during the period. Finally, Teza Capital Management LLC acquired a new position in shares of Pinnacle West Capital during the 3rd quarter worth about $459,000. 91.51% of the stock is owned by institutional investors.

Pinnacle West Capital Company Profile

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.