Pinnacle West Capital (NYSE:PNW) PT Raised to $78.00 at Morgan Stanley

Pinnacle West Capital (NYSE:PNW) had its target price upped by equities researchers at Morgan Stanley from $72.00 to $78.00 in a research note issued on Friday, Benzinga reports. The brokerage presently has an “equal weight” rating on the utilities provider’s stock. Morgan Stanley’s price target suggests a potential downside of 10.41% from the stock’s current price.

PNW has been the subject of several other reports. Citigroup initiated coverage on Pinnacle West Capital in a research note on Monday, April 29th. They issued a “neutral” rating and a $78.00 price target for the company. Wells Fargo & Company increased their target price on Pinnacle West Capital from $80.00 to $87.00 and gave the stock an “equal weight” rating in a report on Friday, August 2nd. Barclays decreased their price target on Pinnacle West Capital from $81.00 to $78.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 2nd. LADENBURG THALM/SH SH upgraded shares of Pinnacle West Capital from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $74.00 to $83.50 in a research note on Thursday, June 6th. Finally, StockNews.com upgraded shares of Pinnacle West Capital from a “sell” rating to a “hold” rating in a research report on Monday, August 5th. Eight equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $77.95.

Pinnacle West Capital Stock Performance

NYSE:PNW opened at $87.06 on Friday. The company has a current ratio of 0.58, a quick ratio of 0.42 and a debt-to-equity ratio of 1.20. The stock has a 50 day simple moving average of $81.48 and a 200 day simple moving average of $76.17. Pinnacle West Capital has a 1-year low of $65.20 and a 1-year high of $89.39. The stock has a market cap of $9.89 billion, a P/E ratio of 18.97, a PEG ratio of 2.26 and a beta of 0.50.

Pinnacle West Capital (NYSE:PNW) last announced its earnings results on Thursday, August 1st. The utilities provider reported $1.76 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.31 by $0.45. Pinnacle West Capital had a net margin of 12.65% and a return on equity of 9.73%. The company had revenue of $1.31 billion during the quarter, compared to analysts’ expectations of $1.21 billion. During the same quarter in the previous year, the business posted $0.94 earnings per share. Pinnacle West Capital’s quarterly revenue was up 15.7% on a year-over-year basis. Research analysts anticipate that Pinnacle West Capital will post 4.75 earnings per share for the current year.

Insider Transactions at Pinnacle West Capital

In other Pinnacle West Capital news, EVP Robert Edgar Smith sold 4,950 shares of the stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $85.80, for a total value of $424,710.00. Following the completion of the transaction, the executive vice president now directly owns 6,397 shares in the company, valued at $548,862.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.23% of the company’s stock.

Institutional Investors Weigh In On Pinnacle West Capital

A number of institutional investors have recently added to or reduced their stakes in PNW. Point72 Asset Management L.P. acquired a new position in Pinnacle West Capital during the 2nd quarter worth about $15,249,000. Northwestern Mutual Wealth Management Co. raised its position in shares of Pinnacle West Capital by 7.5% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 6,325 shares of the utilities provider’s stock worth $483,000 after acquiring an additional 440 shares during the last quarter. Systematic Financial Management LP raised its position in shares of Pinnacle West Capital by 25.3% during the second quarter. Systematic Financial Management LP now owns 46,470 shares of the utilities provider’s stock worth $3,549,000 after acquiring an additional 9,390 shares during the last quarter. Silver Lake Advisory LLC lifted its stake in shares of Pinnacle West Capital by 8.8% in the second quarter. Silver Lake Advisory LLC now owns 9,151 shares of the utilities provider’s stock worth $699,000 after acquiring an additional 744 shares during the period. Finally, Creative Planning boosted its holdings in Pinnacle West Capital by 36.9% in the second quarter. Creative Planning now owns 23,444 shares of the utilities provider’s stock valued at $1,791,000 after acquiring an additional 6,322 shares during the last quarter. 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.