Pinnacle West Capital (NYSE:PNW) PT Raised to $83.00 at Morgan Stanley

Pinnacle West Capital (NYSE:PNW) had its price objective lifted by investment analysts at Morgan Stanley from $78.00 to $83.00 in a note issued to investors on Wednesday, Benzinga reports. The firm presently has an “equal weight” rating on the utilities provider’s stock. Morgan Stanley’s target price would indicate a potential downside of 7.53% from the company’s previous close.

A number of other research firms have also weighed in on PNW. Jefferies Financial Group began coverage on shares of Pinnacle West Capital in a report on Thursday, September 19th. They set a “buy” rating and a $104.00 target price on the stock. LADENBURG THALM/SH SH raised shares of Pinnacle West Capital from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $74.00 to $83.50 in a report on Thursday, June 6th. Barclays reduced their target price on shares of Pinnacle West Capital from $81.00 to $78.00 and set an “overweight” rating on the stock in a report on Tuesday, July 2nd. Wells Fargo & Company boosted their target price on shares of Pinnacle West Capital from $80.00 to $87.00 and gave the stock an “equal weight” rating in a report on Friday, August 2nd. Finally, StockNews.com raised shares of Pinnacle West Capital from a “sell” rating to a “hold” rating in a report on Monday, August 5th. Eight analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $80.54.

Pinnacle West Capital Price Performance

PNW stock traded up $0.52 during trading on Wednesday, reaching $89.76. 154,493 shares of the company were exchanged, compared to its average volume of 1,105,264. The company has a 50-day moving average of $86.85 and a two-hundred day moving average of $79.35. The company has a market capitalization of $10.19 billion, a price-to-earnings ratio of 19.56, a P/E/G ratio of 2.30 and a beta of 0.52. Pinnacle West Capital has a twelve month low of $65.20 and a twelve month high of $91.57. The company has a debt-to-equity ratio of 1.28, a current ratio of 0.66 and a quick ratio of 0.48.

Pinnacle West Capital (NYSE:PNW) last released its quarterly earnings data on Thursday, August 1st. The utilities provider reported $1.76 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.31 by $0.45. The business had revenue of $1.31 billion during the quarter, compared to analysts’ expectations of $1.21 billion. Pinnacle West Capital had a net margin of 12.65% and a return on equity of 9.75%. The firm’s quarterly revenue was up 15.7% compared to the same quarter last year. During the same period in the prior year, the company earned $0.94 EPS. As a group, equities analysts predict that Pinnacle West Capital will post 4.77 earnings per share for the current fiscal year.

Insider Activity

In related news, EVP Robert Edgar Smith sold 4,950 shares of the business’s stock in a transaction on Friday, August 9th. The shares were sold at an average price of $85.80, for a total transaction of $424,710.00. Following the transaction, the executive vice president now owns 6,397 shares in the company, valued at approximately $548,862.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.23% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Empirical Finance LLC lifted its position in shares of 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 acquiring an additional 134 shares during the period. First Horizon Advisors Inc. lifted its position in shares of Pinnacle West Capital by 20.9% during the 2nd quarter. First Horizon Advisors Inc. now owns 794 shares of the utilities provider’s stock valued at $61,000 after acquiring an additional 137 shares during the period. Newbridge Financial Services Group Inc. lifted its position in shares of 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 acquiring an additional 199 shares during the period. Wealth Enhancement Advisory Services LLC lifted its position in shares of Pinnacle West Capital by 0.9% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 21,724 shares of the utilities provider’s stock valued at $1,659,000 after acquiring an additional 199 shares during the period. Finally, SFE Investment Counsel lifted its position in shares of Pinnacle West Capital by 1.3% during the 2nd quarter. SFE Investment Counsel now owns 18,430 shares of the utilities provider’s stock valued at $1,408,000 after acquiring an additional 245 shares during the period. Institutional investors and hedge funds own 91.51% of the company’s stock.

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.