Morgan Stanley Forecasts Strong Price Appreciation for Pinnacle West Capital (NYSE:PNW) Stock

Pinnacle West Capital (NYSE:PNW) had its price target lifted by Morgan Stanley from $84.00 to $88.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has an “equal weight” rating on the utilities provider’s stock. Morgan Stanley’s target price suggests a potential downside of 6.05% from the stock’s current price.

Several other research analysts also recently commented on PNW. Jefferies Financial Group decreased their target price on shares of Pinnacle West Capital from $106.00 to $104.00 and set a “buy” rating on the stock in a research note on Tuesday, January 28th. KeyCorp raised 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 research note on Wednesday, December 4th. Guggenheim reaffirmed a “buy” rating and issued a $100.00 target price on shares of Pinnacle West Capital in a research note on Wednesday, February 26th. LADENBURG THALM/SH SH raised shares of Pinnacle West Capital to a “strong-buy” rating in a research report on Monday, March 17th. Finally, Citigroup boosted their price objective on shares of Pinnacle West Capital from $85.00 to $95.00 and gave the company a “neutral” rating in a research report on Wednesday, December 4th. Six equities research analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $95.17.

Pinnacle West Capital Trading Down 0.6 %

Shares of PNW opened at $93.67 on Thursday. The firm has a market cap of $11.16 billion, a price-to-earnings ratio of 17.74, a PEG ratio of 3.59 and a beta of 0.53. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.54 and a current ratio of 0.71. Pinnacle West Capital has a fifty-two week low of $70.73 and a fifty-two week high of $95.42. The firm has a 50 day moving average price of $89.46 and a 200-day moving average price of $88.82.

Pinnacle West Capital (NYSE:PNW) last announced its quarterly earnings data on Tuesday, February 25th. The utilities provider reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.25. Pinnacle West Capital had a net margin of 12.26% and a return on equity of 9.60%. The firm had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.06 billion. As a group, equities research analysts forecast that Pinnacle West Capital will post 5.13 earnings per share for the current year.

Institutional Trading of Pinnacle West Capital

A number of hedge funds have recently modified their holdings of PNW. CIBC Asset Management Inc boosted its holdings in shares of Pinnacle West Capital by 8.0% during the 3rd quarter. CIBC Asset Management Inc now owns 15,737 shares of the utilities provider’s stock valued at $1,394,000 after buying an additional 1,163 shares in the last quarter. Natixis Advisors LLC boosted its holdings in shares of Pinnacle West Capital by 1.5% during the 3rd 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 in the last quarter. PNC Financial Services Group Inc. boosted its holdings in shares of Pinnacle West Capital by 3.8% during the 3rd quarter. PNC Financial Services Group Inc. now owns 65,736 shares of the utilities provider’s stock valued at $5,824,000 after buying an additional 2,433 shares in the last quarter. Prospera Private Wealth LLC bought a new stake in shares of Pinnacle West Capital during the 3rd quarter valued at $43,000. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of Pinnacle West Capital by 0.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,028,088 shares of the utilities provider’s stock valued at $91,078,000 after buying an additional 5,066 shares in the last quarter. 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.