Pinnacle West Capital (PNW) PT Raised to $88.00

Pinnacle West Capital (NYSE:PNW) had its price objective hoisted by stock analysts at Credit Suisse Group from $87.00 to $88.00 in a report released on Friday, Stock Target Advisor reports. The brokerage currently has an “outperform” rating on the utilities provider’s stock. Credit Suisse Group’s price target suggests a potential upside of 7.98% from the company’s current price.

A number of other analysts have also weighed in on the stock. Wells Fargo & Co reduced their price target on shares of Pinnacle West Capital from $90.00 to $87.00 and set a “buy” rating for the company in a research note on Sunday, September 30th. Morgan Stanley reduced their price target on shares of Pinnacle West Capital from $89.00 to $85.00 and set a “hold” rating for the company in a research note on Friday, September 21st. Zacks Investment Research lowered shares of Pinnacle West Capital from a “hold” rating to a “sell” rating in a research note on Wednesday, September 12th. UBS Group boosted their target price on shares of Pinnacle West Capital from $79.00 to $83.00 and gave the stock a “neutral” rating in a report on Friday, August 10th. Finally, ValuEngine upgraded shares of Pinnacle West Capital from a “sell” rating to a “hold” rating in a report on Wednesday, June 27th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the company. Pinnacle West Capital has an average rating of “Hold” and a consensus price target of $84.00.

Shares of NYSE:PNW opened at $81.50 on Friday. The company has a market capitalization of $8.87 billion, a PE ratio of 18.74, a P/E/G ratio of 3.98 and a beta of 0.13. Pinnacle West Capital has a twelve month low of $73.41 and a twelve month high of $92.48. The company has a quick ratio of 0.36, a current ratio of 0.50 and a debt-to-equity ratio of 0.81.

Pinnacle West Capital (NYSE:PNW) last issued its quarterly earnings results on Friday, August 3rd. The utilities provider reported $1.48 earnings per share for the quarter, topping analysts’ consensus estimates of $1.44 by $0.04. The company had revenue of $974.12 million during the quarter, compared to analyst estimates of $939.59 million. Pinnacle West Capital had a net margin of 12.95% and a return on equity of 9.12%. The business’s revenue for the quarter was up 3.1% compared to the same quarter last year. During the same period in the prior year, the business posted $1.49 EPS. Equities analysts forecast that Pinnacle West Capital will post 4.45 earnings per share for the current year.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PNW. BlackRock Inc. raised its holdings in shares of Pinnacle West Capital by 13.7% during the second quarter. BlackRock Inc. now owns 13,632,290 shares of the utilities provider’s stock valued at $1,098,218,000 after acquiring an additional 1,642,393 shares during the period. Vanguard Group Inc. raised its holdings in shares of Pinnacle West Capital by 4.4% during the second quarter. Vanguard Group Inc. now owns 11,774,150 shares of the utilities provider’s stock valued at $1,002,686,000 after acquiring an additional 496,727 shares during the period. State Street Corp raised its holdings in shares of Pinnacle West Capital by 7.8% during the first quarter. State Street Corp now owns 6,259,188 shares of the utilities provider’s stock valued at $469,889,000 after acquiring an additional 455,533 shares during the period. BlackRock Fund Advisors raised its holdings in shares of Pinnacle West Capital by 4.2% during the third quarter. BlackRock Fund Advisors now owns 5,562,341 shares of the utilities provider’s stock valued at $422,682,000 after acquiring an additional 225,302 shares during the period. Finally, Millennium Management LLC raised its holdings in shares of Pinnacle West Capital by 201.3% during the fourth quarter. Millennium Management LLC now owns 3,882,104 shares of the utilities provider’s stock valued at $250,318,000 after acquiring an additional 2,593,802 shares during the period. Institutional investors and hedge funds own 82.02% of the company’s stock.

Pinnacle West Capital Company Profile

Pinnacle West Capital Corporation, through its subsidiary, Arizona Public Service Company, provides retail and wholesale electric services primarily in the state of Arizona. It generates, transmits, and distributes electricity using coal, nuclear, gas, oil, and solar resources. The company serves approximately 1.2 million homes and businesses.

Further Reading: Understanding Price to Earnings Ratio (PE)

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