Pinnacle West Capital (NYSE:PNW) Given New $95.00 Price Target at Argus

Key Points

• Argus has lowered its price target for Pinnacle West Capital from $98.00 to $95.00, suggesting a potential upside of 6.95% from the company's previous close while maintaining a "buy" rating.
• Other analysts, including Mizuho and UBS Group, have also adjusted their ratings and price targets for Pinnacle West Capital, indicating mixed sentiment among research firms.
• The company's recent earnings report showed an EPS of $1.58, meeting analysts' expectations, with a year-over-year revenue increase of 3.8%.

Pinnacle West Capital (NYSE:PNW - Get Free Report) had its price target cut by research analysts at Argus from $98.00 to $95.00 in a report released on Tuesday,Benzinga reports. The firm presently has a "buy" rating on the utilities provider's stock. Argus' target price would suggest a potential upside of 6.95% from the company's previous close.

A number of other research analysts have also recently issued reports on PNW. Mizuho cut shares of Pinnacle West Capital from an "outperform" rating to a "neutral" rating and decreased their price objective for the company from $102.00 to $90.00 in a research note on Tuesday, September 9th. KeyCorp cut their target price on shares of Pinnacle West Capital from $101.00 to $100.00 and set an "overweight" rating on the stock in a research report on Wednesday, July 16th. UBS Group cut their target price on shares of Pinnacle West Capital from $98.00 to $95.00 and set a "neutral" rating on the stock in a research report on Friday, September 12th. BMO Capital Markets raised their target price on shares of Pinnacle West Capital from $96.00 to $98.00 and gave the company a "market perform" rating in a research report on Thursday, August 7th. Finally, Barclays cut their target price on shares of Pinnacle West Capital from $94.00 to $93.00 and set an "equal weight" rating on the stock in a research report on Wednesday, August 13th. Four 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.com, Pinnacle West Capital presently has an average rating of "Hold" and an average target price of $95.91.

Pinnacle West Capital Trading Up 1.3%

NYSE:PNW traded up $1.18 during trading hours on Tuesday, hitting $88.83. 64,760 shares of the stock were exchanged, compared to its average volume of 1,134,397. The company's 50 day moving average is $89.76 and its two-hundred day moving average is $90.95. The company has a market capitalization of $10.61 billion, a P/E ratio of 18.30, a price-to-earnings-growth ratio of 8.96 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. The company has a quick ratio of 0.37, a current ratio of 0.52 and a debt-to-equity ratio of 1.25.

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

Insiders Place Their Bets

In other news, EVP Jacob Tetlow sold 6,496 shares of the stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $92.37, for a total transaction of $600,035.52. Following the completion of the transaction, the executive vice president directly owned 56 shares of the company's stock, valued at $5,172.72. This represents a 99.15% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.23% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of PNW. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Pinnacle West Capital by 26.2% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 29,775 shares of the utilities provider's stock valued at $2,524,000 after buying an additional 6,183 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Pinnacle West Capital by 12.0% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 13,127 shares of the utilities provider's stock valued at $1,236,000 after buying an additional 1,411 shares in the last quarter. Stratos Wealth Partners LTD. lifted its stake in shares of Pinnacle West Capital by 26.2% during the 1st quarter. Stratos Wealth Partners LTD. now owns 5,546 shares of the utilities provider's stock valued at $528,000 after buying an additional 1,150 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its stake in shares of Pinnacle West Capital by 8.5% during the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,650 shares of the utilities provider's stock valued at $443,000 after buying an additional 366 shares in the last quarter. Finally, Amalgamated Bank lifted its stake in shares of Pinnacle West Capital by 1.7% during the 1st quarter. Amalgamated Bank now owns 22,300 shares of the utilities provider's stock valued at $2,124,000 after buying an additional 372 shares in the last quarter. 91.51% of the stock is 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.

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