Pinnacle West Capital (NYSE:PNW) Given New $81.00 Price Target at Morgan Stanley

Pinnacle West Capital (NYSE:PNW - Get Free Report) had its price target decreased by equities researchers at Morgan Stanley from $82.00 to $81.00 in a note issued to investors on Friday,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 13.54% from the company's current price.

Several other analysts also recently commented on PNW. Jefferies Financial Group started coverage on shares of Pinnacle West Capital in a research report on Thursday, September 19th. They set a "buy" rating and a $104.00 price objective on the stock. Barclays cut shares of Pinnacle West Capital from an "overweight" rating to an "equal weight" rating and cut their price target for the company from $93.00 to $91.00 in a report on Monday. Wells Fargo & Company boosted their price objective on shares of Pinnacle West Capital from $90.00 to $92.00 and gave the stock an "equal weight" rating in a report on Thursday, November 7th. Finally, StockNews.com upgraded 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 five have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $81.88.

Pinnacle West Capital Stock Up 0.1 %

PNW stock traded up $0.06 on Friday, reaching $93.68. 460,531 shares of the company traded hands, compared to its average volume of 1,164,158. The firm has a fifty day simple moving average of $88.96 and a 200-day simple moving average of $83.79. The company has a market cap of $10.65 billion, a P/E ratio of 17.77, a price-to-earnings-growth ratio of 2.13 and a beta of 0.52. Pinnacle West Capital has a one year low of $65.20 and a one year high of $94.38. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.71 and a quick ratio of 0.54.

Institutional Trading of Pinnacle West Capital

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Barrow Hanley Mewhinney & Strauss LLC raised its position in shares of Pinnacle West Capital by 24.6% during the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 6,985,619 shares of the utilities provider's stock valued at $533,562,000 after buying an additional 1,379,368 shares during the last quarter. State Street Corp increased its holdings in Pinnacle West Capital by 0.9% in the 3rd quarter. State Street Corp now owns 6,404,718 shares of the utilities provider's stock valued at $567,394,000 after acquiring an additional 56,644 shares during the last quarter. Zimmer Partners LP increased its holdings in Pinnacle West Capital by 5.7% in the 3rd quarter. Zimmer Partners LP now owns 2,899,676 shares of the utilities provider's stock valued at $256,882,000 after acquiring an additional 155,466 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in Pinnacle West Capital by 3.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,159,942 shares of the utilities provider's stock worth $88,596,000 after purchasing an additional 44,029 shares in the last quarter. 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 purchasing an additional 5,066 shares during 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.

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