Pinnacle West Capital (NYSE:PNW) Price Target Raised to $94.00

Pinnacle West Capital (NYSE:PNW) had its price target boosted by Barclays from $87.00 to $94.00 in a research note released on Tuesday,Benzinga reports. Barclays currently has an equal weight rating on the utilities provider’s stock.

Other research analysts also recently issued reports about the company. Guggenheim reiterated a “buy” rating and set a $100.00 price objective on shares of Pinnacle West Capital in a report on Wednesday, February 26th. Jefferies Financial Group decreased their price target on shares of Pinnacle West Capital from $106.00 to $104.00 and set a “buy” rating for the company in a research note on Tuesday, January 28th. LADENBURG THALM/SH SH raised shares of Pinnacle West Capital to a “strong-buy” rating in a research report on Monday, March 17th. KeyCorp raised shares of Pinnacle West Capital from a “sector weight” rating to an “overweight” rating and set a $101.00 target price for the company in a research report on Wednesday, December 4th. Finally, Morgan Stanley boosted their price target on shares of Pinnacle West Capital from $84.00 to $88.00 and gave the stock an “equal weight” rating in a research report on Thursday, March 20th. Six equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $95.50.

Pinnacle West Capital Price Performance

NYSE PNW opened at $95.23 on Tuesday. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.54 and a current ratio of 0.71. The stock has a market cap of $11.34 billion, a price-to-earnings ratio of 18.04, a PEG ratio of 3.59 and a beta of 0.53. The business has a 50 day simple moving average of $90.60 and a 200 day simple moving average of $89.04. Pinnacle West Capital has a 52-week low of $70.73 and a 52-week high of $95.83.

Pinnacle West Capital (NYSE:PNW) last released its quarterly earnings results on Tuesday, February 25th. The utilities provider reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.31) by $0.25. Pinnacle West Capital had a net margin of 12.26% and a return on equity of 9.60%. The company had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.06 billion. Analysts anticipate that Pinnacle West Capital will post 5.13 earnings per share for the current fiscal year.

Institutional Trading of Pinnacle West Capital

Large investors have recently added to or reduced their stakes in the company. HITE Hedge Asset Management LLC raised its holdings in shares of Pinnacle West Capital by 261.2% in the 3rd quarter. HITE Hedge Asset Management LLC now owns 92,311 shares of the utilities provider’s stock valued at $8,178,000 after purchasing an additional 66,755 shares during the period. XTX Topco Ltd acquired a new position in Pinnacle West Capital during the third quarter worth approximately $2,235,000. Principal Financial Group Inc. raised its stake in Pinnacle West Capital by 7.7% in the third quarter. Principal Financial Group Inc. now owns 139,243 shares of the utilities provider’s stock valued at $12,336,000 after buying an additional 9,993 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Pinnacle West Capital by 47.2% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,716 shares of the utilities provider’s stock valued at $995,000 after buying an additional 3,758 shares during the last quarter. Finally, Blue Trust Inc. boosted its stake in shares of Pinnacle West Capital by 33.3% during the 4th quarter. Blue Trust Inc. now owns 1,440 shares of the utilities provider’s stock worth $128,000 after acquiring an additional 360 shares during the period. Institutional investors and hedge funds own 91.51% of the company’s stock.

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.