Pinnacle West Capital (NYSE:PNW) Given New $94.00 Price Target at Barclays

Pinnacle West Capital (NYSE:PNW - Get Free Report) had its price target hoisted by stock analysts at Barclays from $87.00 to $94.00 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has an "equal weight" rating on the utilities provider's stock. Barclays's price objective would indicate a potential upside of 3.13% from the company's previous close.

A number of other analysts have also issued reports on PNW. UBS Group lifted their price objective on shares of Pinnacle West Capital from $96.00 to $99.00 and gave the company a "neutral" rating in a research note on Friday, March 21st. LADENBURG THALM/SH SH raised shares of Pinnacle West Capital to a "strong-buy" rating in a research report on Monday, March 17th. Jefferies Financial Group dropped their target price on Pinnacle West Capital from $106.00 to $104.00 and set a "buy" rating on the stock in a research report on Tuesday, January 28th. Citigroup increased their price target on Pinnacle West Capital from $85.00 to $95.00 and gave the company a "neutral" rating in a report on Wednesday, December 4th. Finally, KeyCorp raised 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 report on Wednesday, December 4th. Six investment analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $95.50.

Remove Ads

Pinnacle West Capital Trading Down 4.3 %

PNW traded down $4.06 during trading on Tuesday, hitting $91.15. 1,787,302 shares of the company's stock were exchanged, compared to its average volume of 1,062,133. The stock has a 50 day moving average price of $90.98 and a 200 day moving average price of $89.13. Pinnacle West Capital has a 1 year low of $70.73 and a 1 year high of $96.50. 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 cap of $10.86 billion, a P/E ratio of 17.26, a price-to-earnings-growth ratio of 3.59 and a beta of 0.53.

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

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of PNW. Norges Bank acquired a new stake in Pinnacle West Capital during the fourth quarter worth about $194,655,000. Invesco Ltd. grew its holdings in shares of Pinnacle West Capital by 32.2% during the fourth quarter. Invesco Ltd. now owns 4,298,009 shares of the utilities provider's stock valued at $364,342,000 after purchasing an additional 1,045,788 shares during the last quarter. Merewether Investment Management LP acquired a new stake in shares of Pinnacle West Capital during the 4th quarter worth approximately $69,233,000. Two Sigma Advisers LP lifted its holdings in shares of Pinnacle West Capital by 462.8% in the 4th quarter. Two Sigma Advisers LP now owns 912,900 shares of the utilities provider's stock worth $77,387,000 after purchasing an additional 750,700 shares during the last quarter. Finally, Deutsche Bank AG boosted its position 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 purchasing an additional 610,042 shares during the period. 91.51% of the stock is currently owned by institutional investors.

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.