Pinnacle West Capital (NYSE:PNW) PT Raised to $77.00 at Morgan Stanley

Pinnacle West Capital (NYSE:PNWGet Rating) had its target price boosted by research analysts at Morgan Stanley from $71.00 to $77.00 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 price target would suggest a potential downside of 1.92% from the stock’s previous close.

A number of other equities analysts have also recently commented on PNW. Barclays cut shares of Pinnacle West Capital from an “equal weight” rating to an “underweight” rating and boosted their price target for the stock from $72.00 to $78.00 in a research note on Tuesday. UBS Group downgraded shares of Pinnacle West Capital from a “neutral” rating to a “sell” rating and cut their price objective for the company from $72.00 to $64.00 in a research report on Wednesday, January 5th. Royal Bank of Canada increased their price objective on shares of Pinnacle West Capital from $76.00 to $80.00 and gave the stock a “sector perform” rating in a research note on Monday, April 4th. Wedbush raised their target price on shares of Pinnacle West Capital from $72.00 to $80.00 in a report on Friday, January 7th. Finally, KeyCorp lifted their price objective on shares of Pinnacle West Capital from $62.00 to $64.00 and gave the stock an “underweight” rating in a research note on Wednesday. Six research analysts have rated the stock with a sell rating, six have issued a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $74.75.

PNW stock traded up $0.69 during trading hours on Wednesday, hitting $78.51. 2,941 shares of the stock were exchanged, compared to its average volume of 838,026. The firm has a market capitalization of $8.87 billion, a P/E ratio of 14.35 and a beta of 0.28. Pinnacle West Capital has a 12 month low of $62.78 and a 12 month high of $88.54. The company has a current ratio of 0.88, a quick ratio of 0.67 and a debt-to-equity ratio of 1.15. The company has a 50-day simple moving average of $73.91 and a two-hundred day simple moving average of $70.36.

Pinnacle West Capital (NYSE:PNWGet Rating) last issued its earnings results on Friday, February 25th. The utilities provider reported $0.24 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.07 by $0.17. The business had revenue of $798.90 million during the quarter, compared to the consensus estimate of $659.68 million. Pinnacle West Capital had a return on equity of 10.38% and a net margin of 16.27%. The firm’s revenue for the quarter was up 7.8% on a year-over-year basis. During the same period in the previous year, the company posted ($0.17) earnings per share. On average, equities research analysts predict that Pinnacle West Capital will post 3.96 earnings per share for the current year.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Lazard Asset Management LLC lifted its stake in shares of Pinnacle West Capital by 169.7% during the fourth quarter. Lazard Asset Management LLC now owns 10,767,845 shares of the utilities provider’s stock valued at $760,101,000 after acquiring an additional 6,774,779 shares during the period. American Century Companies Inc. grew its holdings in shares of Pinnacle West Capital by 2.3% during the third quarter. American Century Companies Inc. now owns 4,763,826 shares of the utilities provider’s stock worth $344,711,000 after buying an additional 105,459 shares in the last quarter. Massachusetts Financial Services Co. MA grew its stake in Pinnacle West Capital by 5.4% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 3,117,198 shares of the utilities provider’s stock valued at $220,043,000 after purchasing an additional 159,020 shares in the last quarter. Invesco Ltd. grew its stake in Pinnacle West Capital by 1.8% in the fourth quarter. Invesco Ltd. now owns 2,729,735 shares of the utilities provider’s stock valued at $192,692,000 after purchasing an additional 49,459 shares in the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp lifted its position in shares of Pinnacle West Capital by 14.1% in the fourth quarter. Mitsubishi UFJ Trust & Banking Corp now owns 2,477,391 shares of the utilities provider’s stock valued at $174,879,000 after buying an additional 305,991 shares during the last quarter. Institutional investors and hedge funds own 80.03% of the company’s stock.

About Pinnacle West Capital (Get Rating)

Pinnacle West Capital Corporation, through its subsidiary, Arizona Public Service Company, 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.

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