Barclays Has Lowered Expectations for Pinnacle West Capital (NYSE:PNW) Stock Price

Pinnacle West Capital (NYSE:PNW) had its price target lowered by Barclays from $94.00 to $93.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has an “equal weight” rating on the utilities provider’s stock. Barclays‘s price target points to a potential upside of 1.08% from the company’s current price.

Several other brokerages have also recently issued reports on PNW. LADENBURG THALM/SH SH upgraded Pinnacle West Capital to a “hold” rating in a research note on Friday, May 9th. UBS Group restated a “neutral” rating and set a $98.00 price objective (up from $96.00) on shares of Pinnacle West Capital in a research note on Friday, July 11th. Wall Street Zen cut Pinnacle West Capital from a “hold” rating to a “sell” rating in a research note on Monday, May 5th. Morgan Stanley reduced their price objective on Pinnacle West Capital from $88.00 to $87.00 and set an “equal weight” rating on the stock in a research note on Thursday, May 22nd. Finally, BMO Capital Markets raised their price objective on Pinnacle West Capital from $96.00 to $98.00 and gave the stock a “market perform” rating in a research note on Thursday, August 7th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $97.00.

Pinnacle West Capital Stock Down 1.1%

PNW stock opened at $92.00 on Wednesday. Pinnacle West Capital has a twelve month low of $81.47 and a twelve month high of $96.50. The company has a current ratio of 0.52, a quick ratio of 0.37 and a debt-to-equity ratio of 1.25. The company has a market capitalization of $10.99 billion, a P/E ratio of 18.97, a PEG ratio of 9.61 and a beta of 0.38. The firm has a 50 day simple moving average of $90.66 and a 200-day simple moving average of $91.25.

Pinnacle West Capital (NYSE:PNW) last released its quarterly earnings results on Wednesday, August 6th. The utilities provider reported $1.58 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.58. Pinnacle West Capital had a net margin of 10.96% and a return on equity of 8.45%. The business had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.35 billion. During the same quarter last year, the company earned $1.76 earnings per share. The business’s quarterly revenue was up 3.8% compared to the same quarter last year. On average, equities research analysts predict that Pinnacle West Capital will post 5.13 earnings per share for the current fiscal year.

Insider Activity

In other news, EVP Jacob Tetlow sold 6,496 shares of the business’s stock in a transaction on Monday, August 11th. The shares were sold at an average price of $92.37, for a total transaction of $600,035.52. Following the completion of the transaction, the executive vice president owned 56 shares of the company’s stock, valued at approximately $5,172.72. The trade was a 99.15% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.23% of the company’s stock.

Hedge Funds Weigh In On Pinnacle West Capital

Several hedge funds and other institutional investors have recently modified their holdings of PNW. ATLAS Infrastructure Partners UK Ltd. boosted its holdings in shares of Pinnacle West Capital by 230.5% during the first quarter. ATLAS Infrastructure Partners UK Ltd. now owns 2,793,546 shares of the utilities provider’s stock valued at $266,085,000 after acquiring an additional 1,948,416 shares during the period. Norges Bank acquired a new stake in Pinnacle West Capital in the second quarter worth about $114,384,000. Nuveen LLC acquired a new stake in Pinnacle West Capital in the first quarter worth about $99,364,000. Merewether Investment Management LP acquired a new stake in Pinnacle West Capital in the fourth quarter worth about $69,233,000. Finally, Two Sigma Advisers LP lifted its holdings in Pinnacle West Capital by 462.8% in the fourth quarter. Two Sigma Advisers LP now owns 912,900 shares of the utilities provider’s stock worth $77,387,000 after purchasing an additional 750,700 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.