Morgan Stanley Issues Positive Forecast for Pinnacle West Capital (NYSE:PNW) Stock Price

Pinnacle West Capital (NYSE:PNW) had its price target lifted by Morgan Stanley from $84.00 to $88.00 in a research report released on Thursday,Benzinga reports. The brokerage currently has an equal weight rating on the utilities provider’s stock.

Several other research firms also recently commented on PNW. Guggenheim restated 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 objective on Pinnacle West Capital from $106.00 to $104.00 and set a “buy” rating for the company in a report on Tuesday, January 28th. KeyCorp upgraded shares of Pinnacle West Capital from a “sector weight” rating to an “overweight” rating and set a $101.00 target price on the stock in a report on Wednesday, December 4th. Wells Fargo & Company raised their target price on shares of Pinnacle West Capital from $92.00 to $95.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 26th. Finally, LADENBURG THALM/SH SH raised shares of Pinnacle West Capital to a “strong-buy” rating in a research report on Monday. Five research analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $94.69.

Pinnacle West Capital Stock Up 0.1 %

Shares of PNW opened at $94.25 on Thursday. The firm has a fifty day moving average price of $89.22 and a 200-day moving average price of $88.77. The company has a current ratio of 0.71, a quick ratio of 0.54 and a debt-to-equity ratio of 1.20. The firm has a market capitalization of $11.23 billion, a P/E ratio of 17.85, a P/E/G ratio of 3.59 and a beta of 0.53. Pinnacle West Capital has a 12-month low of $70.73 and a 12-month high of $95.42.

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

Institutional Investors Weigh In On Pinnacle West Capital

Institutional investors have recently bought and sold shares of the company. CIBC Asset Management Inc boosted its position in shares of Pinnacle West Capital by 8.0% in the 3rd quarter. CIBC Asset Management Inc now owns 15,737 shares of the utilities provider’s stock worth $1,394,000 after purchasing an additional 1,163 shares in the last quarter. Natixis Advisors LLC raised its stake in Pinnacle West Capital by 1.5% in the third quarter. Natixis Advisors LLC now owns 23,221 shares of the utilities provider’s stock valued at $2,057,000 after buying an additional 342 shares during the last quarter. PNC Financial Services Group Inc. boosted its holdings in Pinnacle West Capital by 3.8% in the third quarter. PNC Financial Services Group Inc. now owns 65,736 shares of the utilities provider’s stock worth $5,824,000 after acquiring an additional 2,433 shares in the last quarter. Prospera Private Wealth LLC purchased a new stake in shares of Pinnacle West Capital during the third quarter worth about $43,000. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of Pinnacle West Capital by 0.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,028,088 shares of the utilities provider’s stock valued at $91,078,000 after acquiring an additional 5,066 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

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.