Morgan Stanley Cuts Pinnacle West Capital (NYSE:PNW) Price Target to $87.00

Key Points

• Morgan Stanley has lowered its price target for Pinnacle West Capital (NYSE:PNW) from $89.00 to $87.00, maintaining an "equal weight" rating on the stock.
• The current consensus rating for Pinnacle West Capital is "Hold," with a consensus price target of $96.00.
• Shares of PNW declined by 1.1% on the day of the report, closing at $86.19 amid a decrease in trading volume.

Pinnacle West Capital (NYSE:PNW - Get Free Report) had its price target decreased by stock analysts at Morgan Stanley from $89.00 to $87.00 in a report released on Thursday,Benzinga reports. The brokerage currently has an "equal weight" rating on the utilities provider's stock. Morgan Stanley's price target would indicate a potential upside of 0.95% from the company's previous close.

PNW has been the subject of a number of other research reports. Barclays lowered their target price on shares of Pinnacle West Capital from $94.00 to $93.00 and set an "equal weight" rating for the company in a research note on Wednesday, August 13th. Mizuho cut Pinnacle West Capital from an "outperform" rating to a "neutral" rating and decreased their price objective for the stock from $102.00 to $90.00 in a research report on Tuesday, September 9th. BMO Capital Markets increased their price objective on Pinnacle West Capital from $96.00 to $98.00 and gave the stock a "market perform" rating in a research report on Thursday, August 7th. KeyCorp cut their target price on Pinnacle West Capital from $101.00 to $100.00 and set an "overweight" rating for the company in a research note on Wednesday, July 16th. Finally, UBS Group cut their target price on Pinnacle West Capital from $98.00 to $95.00 and set a "neutral" rating for the company in a research note on Friday, September 12th. Three equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $96.00.

Pinnacle West Capital Stock Down 1.1%

Shares of PNW stock traded down $0.96 on Thursday, reaching $86.19. 279,895 shares of the stock were exchanged, compared to its average volume of 1,132,391. The company has a current ratio of 0.52, a quick ratio of 0.37 and a debt-to-equity ratio of 1.25. The business's 50 day moving average price is $90.10 and its 200 day moving average price is $91.07. The company has a market capitalization of $10.29 billion, a price-to-earnings ratio of 17.77, a PEG ratio of 8.99 and a beta of 0.45. Pinnacle West Capital has a twelve month low of $81.47 and a twelve month high of $96.50.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last issued its earnings results on Wednesday, August 6th. The utilities provider reported $1.58 EPS for the quarter, hitting analysts' consensus estimates of $1.58. The firm had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.35 billion. Pinnacle West Capital had a net margin of 10.96% and a return on equity of 8.45%. The company's revenue was up 3.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.76 earnings per share. As a group, sell-side analysts expect that Pinnacle West Capital will post 5.13 earnings per share for the current fiscal year.

Insider Activity

In other news, EVP Jacob Tetlow sold 6,496 shares of the firm's stock in a transaction on Monday, August 11th. The stock was sold at an average price of $92.37, for a total transaction of $600,035.52. Following the sale, the executive vice president owned 56 shares in the company, valued at $5,172.72. This trade represents a 99.15% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.23% of the stock is owned by company insiders.

Institutional Investors Weigh In On Pinnacle West Capital

Several hedge funds have recently made changes to their positions in the business. Exchange Traded Concepts LLC raised its position in shares of Pinnacle West Capital by 1.3% in the 2nd quarter. Exchange Traded Concepts LLC now owns 9,846 shares of the utilities provider's stock worth $881,000 after buying an additional 122 shares during the period. Mesirow Financial Investment Management Inc. raised its position in shares of Pinnacle West Capital by 0.9% in the 2nd quarter. Mesirow Financial Investment Management Inc. now owns 13,516 shares of the utilities provider's stock worth $1,209,000 after buying an additional 122 shares during the period. Allworth Financial LP raised its position in shares of Pinnacle West Capital by 19.1% in the 1st quarter. Allworth Financial LP now owns 780 shares of the utilities provider's stock worth $74,000 after buying an additional 125 shares during the period. AE Wealth Management LLC raised its position in shares of Pinnacle West Capital by 4.9% in the 1st quarter. AE Wealth Management LLC now owns 2,929 shares of the utilities provider's stock worth $279,000 after buying an additional 137 shares during the period. Finally, EverSource Wealth Advisors LLC raised its position in shares of Pinnacle West Capital by 11.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,330 shares of the utilities provider's stock worth $119,000 after buying an additional 140 shares during the period. Institutional investors and hedge funds 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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