Pinnacle West Capital (PNW) Given a $98.00 Price Target at Morgan Stanley

Pinnacle West Capital (NYSE:PNW) received a $98.00 price objective from equities researchers at Morgan Stanley in a research note issued on Thursday, TipRanks reports. The brokerage currently has a “hold” rating on the utilities provider’s stock. Morgan Stanley’s target price suggests a potential upside of 2.02% from the stock’s previous close.

Other equities research analysts also recently issued reports about the company. ValuEngine upgraded Pinnacle West Capital from a “hold” rating to a “buy” rating in a report on Friday, May 10th. Credit Suisse Group set a $102.00 price objective on Pinnacle West Capital and gave the stock a “buy” rating in a report on Monday, April 22nd. Bank of America upgraded Pinnacle West Capital from a “neutral” rating to a “buy” rating and set a $105.00 price objective for the company in a report on Monday, April 15th. Zacks Investment Research downgraded Pinnacle West Capital from a “buy” rating to a “hold” rating in a report on Friday, May 10th. Finally, Williams Capital reiterated a “hold” rating on shares of Pinnacle West Capital in a report on Monday, March 18th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and three have given a buy rating to the company’s stock. Pinnacle West Capital has a consensus rating of “Hold” and an average price target of $92.09.

Shares of NYSE:PNW traded up $0.24 on Thursday, hitting $96.06. 722,300 shares of the company traded hands, compared to its average volume of 1,016,079. Pinnacle West Capital has a 52 week low of $73.41 and a 52 week high of $97.27. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.55 and a quick ratio of 0.36. The company has a market capitalization of $10.69 billion, a PE ratio of 21.16, a PEG ratio of 3.93 and a beta of 0.18.

Pinnacle West Capital (NYSE:PNW) last issued its quarterly earnings results on Wednesday, May 1st. The utilities provider reported $0.16 earnings per share for the quarter, missing the consensus estimate of $0.17 by ($0.01). Pinnacle West Capital had a net margin of 14.06% and a return on equity of 9.84%. The company had revenue of $740.53 million for the quarter, compared to the consensus estimate of $718.60 million. During the same quarter in the previous year, the business earned $0.03 earnings per share. Pinnacle West Capital’s revenue was up 6.9% compared to the same quarter last year. On average, sell-side analysts anticipate that Pinnacle West Capital will post 4.85 earnings per share for the current fiscal year.

In other Pinnacle West Capital news, VP Lee R. Nickloy sold 1,000 shares of the business’s stock in a transaction dated Tuesday, February 26th. The stock was sold at an average price of $93.50, for a total transaction of $93,500.00. Following the completion of the sale, the vice president now directly owns 931 shares in the company, valued at approximately $87,048.50. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Michael L. Gallagher sold 5,000 shares of the business’s stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $95.90, for a total value of $479,500.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 52,420 shares of company stock valued at $4,895,239. Corporate insiders own 0.41% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the business. Cleararc Capital Inc. purchased a new position in shares of Pinnacle West Capital during the 1st quarter valued at about $261,000. CWM Advisors LLC lifted its position in shares of Pinnacle West Capital by 44.2% during the 1st quarter. CWM Advisors LLC now owns 5,435 shares of the utilities provider’s stock valued at $519,000 after buying an additional 1,665 shares in the last quarter. BlueCrest Capital Management Ltd purchased a new position in shares of Pinnacle West Capital during the 1st quarter valued at about $471,000. HighTower Advisors LLC lifted its position in shares of Pinnacle West Capital by 61.9% during the 1st quarter. HighTower Advisors LLC now owns 10,720 shares of the utilities provider’s stock valued at $1,025,000 after buying an additional 4,099 shares in the last quarter. Finally, Ladenburg Thalmann Financial Services Inc. lifted its position in shares of Pinnacle West Capital by 5.4% during the 1st quarter. Ladenburg Thalmann Financial Services Inc. now owns 15,687 shares of the utilities provider’s stock valued at $1,500,000 after buying an additional 801 shares in the last quarter. Institutional investors and hedge funds own 85.87% 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 generating facilities. The company serves approximately 1.2 million customers.

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Analyst Recommendations for Pinnacle West Capital (NYSE:PNW)

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