UBS Group Lowers Pinnacle West Capital (NYSE:PNW) Price Target to $95.00

Pinnacle West Capital (NYSE:PNW) had its target price lowered by research analysts at UBS Group from $98.00 to $95.00 in a research report issued on Friday,Benzinga reports. The brokerage currently has a “neutral” rating on the utilities provider’s stock. UBS Group’s price target would suggest a potential upside of 7.72% from the company’s previous close.

Other analysts have also recently issued reports about the company. Morgan Stanley set a $89.00 price objective on Pinnacle West Capital and gave the company an “outperform” rating in a research note on Thursday, August 21st. BMO Capital Markets increased their price objective on Pinnacle West Capital from $96.00 to $98.00 and gave the company a “market perform” rating in a research note on Thursday, August 7th. Mizuho cut Pinnacle West Capital from an “outperform” rating to a “neutral” rating and reduced their price objective for the company from $102.00 to $90.00 in a research note on Tuesday, September 9th. KeyCorp reduced their price objective on Pinnacle West Capital from $101.00 to $100.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 16th. Finally, Barclays reduced their price objective on Pinnacle West Capital from $94.00 to $93.00 and set an “equal weight” rating on the stock in a research note on Wednesday, August 13th. Four investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat, Pinnacle West Capital has a consensus rating of “Hold” and a consensus price target of $96.20.

Pinnacle West Capital Trading Down 0.2%

PNW opened at $88.19 on Friday. Pinnacle West Capital has a 52 week low of $81.47 and a 52 week high of $96.50. The business has a fifty day simple moving average of $90.74 and a 200-day simple moving average of $91.36. The firm has a market cap of $10.53 billion, a P/E ratio of 18.18, a P/E/G ratio of 9.13 and a beta of 0.45. The company has a quick ratio of 0.37, a current ratio of 0.52 and a debt-to-equity ratio of 1.25.

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

Insiders Place Their Bets

In other Pinnacle West Capital news, EVP Jacob Tetlow sold 6,496 shares of the firm’s stock in a transaction on Monday, August 11th. The stock was sold at an average price of $92.37, for a total value of $600,035.52. Following the sale, the executive vice president directly owned 56 shares in the company, valued at $5,172.72. This trade represents a 99.15% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.23% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Pinnacle West Capital

Hedge funds have recently made changes to their positions in the company. Clearstead Trust LLC purchased a new position in shares of Pinnacle West Capital during the first quarter worth about $25,000. Costello Asset Management INC purchased a new position in shares of Pinnacle West Capital during the first quarter worth about $26,000. CYBER HORNET ETFs LLC purchased a new position in shares of Pinnacle West Capital during the second quarter worth about $27,000. Ameritas Advisory Services LLC purchased a new position in shares of Pinnacle West Capital during the second quarter worth about $31,000. Finally, MUFG Securities EMEA plc purchased a new position in shares of Pinnacle West Capital during the second quarter worth about $32,000. Hedge funds and other institutional investors 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.