KeyCorp Issues Pessimistic Forecast for Pinnacle West Capital (NYSE:PNW) Stock Price

Pinnacle West Capital (NYSE:PNW) had its target price decreased by equities researchers at KeyCorp from $101.00 to $100.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the utilities provider’s stock. KeyCorp’s target price indicates a potential upside of 9.25% from the company’s previous close.

PNW has been the topic of a number of other reports. BMO Capital Markets started coverage on Pinnacle West Capital in a report on Tuesday, May 13th. They issued a “market perform” rating and a $95.00 target price on the stock. Morgan Stanley cut their price target on Pinnacle West Capital from $88.00 to $87.00 and set an “equal weight” rating for the company in a research note on Thursday, May 22nd. UBS Group reiterated a “neutral” rating and issued a $98.00 price target (up previously from $96.00) on shares of Pinnacle West Capital in a research note on Friday, July 11th. Wells Fargo & Company increased their price target on Pinnacle West Capital from $95.00 to $98.00 and gave the stock an “equal weight” rating in a research note on Friday, May 2nd. Finally, LADENBURG THALM/SH SH upgraded Pinnacle West Capital to a “hold” rating in a research report on Friday, May 9th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $96.78.

Pinnacle West Capital Price Performance

Pinnacle West Capital stock opened at $91.54 on Wednesday. Pinnacle West Capital has a 52 week low of $81.27 and a 52 week high of $96.50. The business has a 50-day simple moving average of $90.14 and a 200 day simple moving average of $90.26. The company has a quick ratio of 0.34, a current ratio of 0.50 and a debt-to-equity ratio of 1.18. The stock has a market cap of $10.93 billion, a price-to-earnings ratio of 18.20, a PEG ratio of 9.46 and a beta of 0.42.

Pinnacle West Capital (NYSE:PNW) last released its quarterly earnings results on Thursday, May 1st. The utilities provider reported ($0.04) EPS for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.09). Pinnacle West Capital had a net margin of 11.28% and a return on equity of 8.78%. The business had revenue of $1.03 billion for the quarter, compared to the consensus estimate of $988.95 million. During the same period in the previous year, the company earned $0.15 EPS. The company’s revenue for the quarter was up 8.5% on a year-over-year basis. On average, research analysts forecast that Pinnacle West Capital will post 5.13 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Pinnacle West Capital

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Centennial Wealth Advisory LLC acquired a new position in Pinnacle West Capital in the second quarter valued at $429,000. Sonora Investment Management Group LLC boosted its holdings in Pinnacle West Capital by 5.3% during the second quarter. Sonora Investment Management Group LLC now owns 25,335 shares of the utilities provider’s stock worth $2,267,000 after buying an additional 1,271 shares in the last quarter. NovaPoint Capital LLC boosted its holdings in Pinnacle West Capital by 2.2% during the second quarter. NovaPoint Capital LLC now owns 10,257 shares of the utilities provider’s stock worth $918,000 after buying an additional 225 shares in the last quarter. Patton Fund Management Inc. purchased a new stake in Pinnacle West Capital during the second quarter worth about $210,000. Finally, ST Germain D J Co. Inc. boosted its holdings in Pinnacle West Capital by 19.8% during the second quarter. ST Germain D J Co. Inc. now owns 1,132 shares of the utilities provider’s stock worth $101,000 after buying an additional 187 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

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.