Guggenheim Reaffirms Buy Rating for Pinnacle West Capital (NYSE:PNW)

Pinnacle West Capital (NYSE:PNW - Get Free Report)'s stock had its "buy" rating restated by equities research analysts at Guggenheim in a research note issued to investors on Wednesday,Benzinga reports. They currently have a $100.00 price objective on the utilities provider's stock. Guggenheim's target price indicates a potential upside of 8.07% from the stock's previous close.

A number of other research firms have also recently commented on PNW. Jefferies Financial Group lowered their target price on 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. Barclays cut Pinnacle West Capital from an "overweight" rating to an "equal weight" rating and decreased their price target for the company from $93.00 to $91.00 in a research report on Monday, November 18th. Morgan Stanley decreased their price target on Pinnacle West Capital from $82.00 to $81.00 and set an "equal weight" rating on the stock in a research report on Friday, November 22nd. Wells Fargo & Company upped their price target on Pinnacle West Capital from $92.00 to $95.00 and gave the company an "equal weight" rating in a research report on Wednesday. Finally, KeyCorp upgraded Pinnacle West Capital from a "sector weight" rating to an "overweight" rating and set a $101.00 price target on the stock in a research report on Wednesday, December 4th. Eight investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $86.58.

Pinnacle West Capital Stock Up 1.8 %

NYSE PNW traded up $1.67 during mid-day trading on Wednesday, hitting $92.53. The company's stock had a trading volume of 938,189 shares, compared to its average volume of 1,026,315. The company's 50 day simple moving average is $86.96 and its 200 day simple moving average is $88.21. Pinnacle West Capital has a twelve month low of $67.51 and a twelve month high of $95.42. 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 $10.52 billion, a price-to-earnings ratio of 17.53, a PEG ratio of 3.59 and a beta of 0.57.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last posted its quarterly earnings data on Tuesday, February 25th. The utilities provider reported ($0.06) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.31) by $0.25. The firm had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.06 billion. Pinnacle West Capital had a net margin of 12.26% and a return on equity of 9.60%. Analysts anticipate that Pinnacle West Capital will post 5.13 earnings per share for the current year.

Hedge Funds Weigh In On Pinnacle West Capital

A number of institutional investors and hedge funds have recently modified their holdings of PNW. Norges Bank purchased a new position in shares of Pinnacle West Capital in the 4th quarter worth approximately $194,655,000. Invesco Ltd. boosted its holdings in Pinnacle West Capital by 32.2% during the 4th quarter. Invesco Ltd. now owns 4,298,009 shares of the utilities provider's stock valued at $364,342,000 after acquiring an additional 1,045,788 shares during the period. Merewether Investment Management LP purchased a new position in Pinnacle West Capital during the 4th quarter valued at $69,233,000. Two Sigma Advisers LP boosted its holdings in Pinnacle West Capital by 462.8% during the 4th quarter. Two Sigma Advisers LP now owns 912,900 shares of the utilities provider's stock valued at $77,387,000 after acquiring an additional 750,700 shares during the period. Finally, Deutsche Bank AG boosted its holdings in Pinnacle West Capital by 33.4% during the 4th quarter. Deutsche Bank AG now owns 2,435,065 shares of the utilities provider's stock valued at $206,420,000 after acquiring an additional 610,042 shares during the period. 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.