Pinnacle West Capital’s “Equal Weight” Rating Reaffirmed at Morgan Stanley (PNW)
Pinnacle West Capital (NYSE:PNW)‘s stock had its “equal weight” rating reaffirmed by stock analysts at Morgan Stanley in a report issued on Tuesday. They currently have a $58.00 target price on the stock, up from their previous target price of $56.00. Morgan Stanley’s price objective suggests a potential upside of 2.84% from the stock’s previous close.
The analysts wrote, “Shares are likely to be active based on tonight’s Arizona Commission primary election results since it may tilt the balance of power in regards to solar policy in the state. Two (of five) Commissioners’ terms are expiring and investor perception is that 1-2 of the existing seats are filled by those who are less receptive to utility arguments regarding solar customers paying a more meaningful share of grid costs. “There are four republican and two democratic candidates running for the two open seats. On the republican side, two of the candidates appear responsive to these utility arguments while the other two seem less convinced. This,combined with Arizona being considered a largely republican state, makes the primaries a potential indication of Commission composition (and possibly policy) going forward. Current polling shows a relatively tight race with a utility supportive candidate ahead and the rest fairly close. It is worth noting, however, that democratic candidates have filled Commission seats previously, thus the primaries are only an indication.”
Shares of Pinnacle West Capital (NYSE:PNW) traded down 0.32% on Tuesday, hitting $56.22. 333,696 shares of the company’s stock traded hands. Pinnacle West Capital has a 52-week low of $51.15 and a 52-week high of $58.70. The stock has a 50-day moving average of $55.25 and a 200-day moving average of $55.12. The company has a market cap of $6.207 billion and a P/E ratio of 15.67.
Pinnacle West Capital (NYSE:PNW) last posted its quarterly earnings results on Thursday, July 31st. The company reported $1.19 EPS for the quarter, beating the Thomson Reuters consensus estimate of $1.15 by $0.04. The company had revenue of $906.26 million for the quarter, compared to the consensus estimate of $931.65 million. During the same quarter in the prior year, the company posted $1.18 earnings per share. The company’s quarterly revenue was down 1.0% on a year-over-year basis. Analysts expect that Pinnacle West Capital will post $3.70 EPS for the current fiscal year.
A number of other analysts have also recently weighed in on PNW. Analysts at Citigroup Inc. reiterated a “neutral” rating on shares of Pinnacle West Capital in a research note on Wednesday, July 23rd. They now have a $62.00 price target on the stock, up previously from $59.00. Analysts at CRT Capital reiterated a “fairly valued” rating on shares of Pinnacle West Capital in a research note on Monday, July 21st. They now have a $58.00 price target on the stock, up previously from $55.00. Five research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $59.67.
Pinnacle West Capital Corporation (NYSE:PNW) is a holding company that conducts business through its subsidiaries.
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