Pinnacle West Capital (NYSE:PNW) PT Raised to $83.00 at Morgan Stanley

Pinnacle West Capital (NYSE:PNW - Get Free Report) had its price objective increased by analysts at Morgan Stanley from $78.00 to $83.00 in a research report issued on Wednesday, Benzinga reports. The brokerage presently has an "equal weight" rating on the utilities provider's stock. Morgan Stanley's target price points to a potential downside of 6.69% from the stock's previous close.

Several other analysts have also recently commented on the company. Wells Fargo & Company boosted their price target on Pinnacle West Capital from $80.00 to $87.00 and gave the stock an "equal weight" rating in a research report on Friday, August 2nd. LADENBURG THALM/SH SH raised shares of Pinnacle West Capital from a "neutral" rating to a "buy" rating and upped their target price for the stock from $74.00 to $83.50 in a report on Thursday, June 6th. Barclays decreased their price target on shares of Pinnacle West Capital from $81.00 to $78.00 and set an "overweight" rating on the stock in a research note on Tuesday, July 2nd. Jefferies Financial Group began coverage on shares of Pinnacle West Capital in a research note on Thursday, September 19th. They set a "buy" rating and a $104.00 price objective for the company. Finally, StockNews.com upgraded shares of Pinnacle West Capital from a "sell" rating to a "hold" rating in a report on Monday, August 5th. Eight analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $80.54.

Pinnacle West Capital Price Performance

Shares of NYSE:PNW traded down $0.29 during trading on Wednesday, reaching $88.95. 1,150,638 shares of the company's stock traded hands, compared to its average volume of 1,111,455. The company has a quick ratio of 0.48, a current ratio of 0.66 and a debt-to-equity ratio of 1.28. Pinnacle West Capital has a fifty-two week low of $65.20 and a fifty-two week high of $91.57. The company has a 50-day simple moving average of $86.98 and a 200-day simple moving average of $79.42. The firm has a market cap of $10.10 billion, a PE ratio of 19.38, a P/E/G ratio of 2.30 and a beta of 0.52.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last issued its quarterly earnings data on Thursday, August 1st. The utilities provider reported $1.76 EPS for the quarter, beating the consensus estimate of $1.31 by $0.45. The company had revenue of $1.31 billion for the quarter, compared to analyst estimates of $1.21 billion. Pinnacle West Capital had a return on equity of 9.75% and a net margin of 12.65%. Pinnacle West Capital's quarterly revenue was up 15.7% compared to the same quarter last year. During the same period last year, the company earned $0.94 earnings per share. As a group, analysts predict that Pinnacle West Capital will post 4.77 earnings per share for the current year.

Insider Buying and Selling

In other news, EVP Robert Edgar Smith sold 4,950 shares of the business's stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $85.80, for a total transaction of $424,710.00. Following the transaction, the executive vice president now directly owns 6,397 shares in the company, valued at $548,862.60. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 0.23% of the company's stock.

Institutional Investors Weigh In On Pinnacle West Capital

Several institutional investors have recently modified their holdings of PNW. Capital Research Global Investors raised its position in shares of Pinnacle West Capital by 97.5% during the 1st quarter. Capital Research Global Investors now owns 12,851,930 shares of the utilities provider's stock worth $960,425,000 after purchasing an additional 6,344,121 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC raised its holdings in shares of Pinnacle West Capital by 24.6% in the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 6,985,619 shares of the utilities provider's stock worth $533,562,000 after acquiring an additional 1,379,368 shares during the last quarter. Lazard Asset Management LLC lifted its position in shares of Pinnacle West Capital by 72.7% in the first quarter. Lazard Asset Management LLC now owns 6,719,397 shares of the utilities provider's stock valued at $502,139,000 after acquiring an additional 2,828,450 shares in the last quarter. Zimmer Partners LP acquired a new stake in shares of Pinnacle West Capital during the first quarter valued at $198,409,000. Finally, First Trust Advisors LP raised its stake in Pinnacle West Capital by 2.5% in the 4th quarter. First Trust Advisors LP now owns 1,205,800 shares of the utilities provider's stock valued at $86,625,000 after purchasing an additional 29,767 shares during the last quarter. Hedge funds and other institutional investors 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.