Pinnacle West Capital (NYSE:PNW) Price Target Cut to $93.00 by Analysts at Barclays

Key Points

• Analysts at Barclays have reduced the price target for Pinnacle West Capital from $94.00 to $93.00, indicating a potential downside of 0.04% from the stock's previous close.
• Other firms have varied opinions on the stock, with Wells Fargo raising their target to $98.00, while Wall Street Zen downgraded it from "hold" to "sell."
• Pinnacle West Capital reported earnings of $1.58 per share for the last quarter, meeting analyst expectations, while achieving a year-over-year revenue increase of 3.8% to $1.36 billion.

Pinnacle West Capital (NYSE:PNW - Get Free Report) had its price objective decreased by investment analysts at Barclays from $94.00 to $93.00 in a research note issued on Wednesday,Benzinga reports. The firm presently has an "equal weight" rating on the utilities provider's stock. Barclays's price target points to a potential downside of 0.04% from the stock's previous close.

A number of other equities analysts have also issued reports on PNW. Wells Fargo & Company raised their price target on Pinnacle West Capital from $95.00 to $98.00 and gave the stock an "equal weight" rating in a report on Friday, May 2nd. Morgan Stanley lowered their price objective on Pinnacle West Capital from $88.00 to $87.00 and set an "equal weight" rating on the stock in a report on Thursday, May 22nd. Wall Street Zen lowered Pinnacle West Capital from a "hold" rating to a "sell" rating in a report on Monday, May 5th. UBS Group reaffirmed a "neutral" rating and issued a $98.00 price objective (up previously from $96.00) on shares of Pinnacle West Capital in a report on Friday, July 11th. Finally, KeyCorp lowered their price objective on Pinnacle West Capital from $101.00 to $100.00 and set an "overweight" rating on the stock in a report on Wednesday, July 16th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and three have assigned a buy rating to the company's stock. According to MarketBeat, Pinnacle West Capital presently has an average rating of "Hold" and an average target price of $97.00.

Pinnacle West Capital Stock Performance

Shares of NYSE PNW traded up $0.59 during midday trading on Wednesday, reaching $93.04. 1,494,092 shares of the company were exchanged, compared to its average volume of 1,173,601. The company has a current ratio of 0.52, a quick ratio of 0.37 and a debt-to-equity ratio of 1.25. Pinnacle West Capital has a 1 year low of $81.47 and a 1 year high of $96.50. The stock has a fifty day simple moving average of $90.54 and a 200 day simple moving average of $91.21. The stock has a market cap of $11.11 billion, a P/E ratio of 19.18, a PEG ratio of 9.55 and a beta of 0.38.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last released its quarterly 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 for the quarter, compared to analyst estimates of $1.35 billion. During the same quarter last year, the company posted $1.76 earnings per share. The business's revenue was up 3.8% on a year-over-year basis. On average, research analysts forecast that Pinnacle West Capital will post 5.13 earnings per share for the current fiscal year.

Insider Activity

In related news, EVP Jacob Tetlow sold 6,496 shares of Pinnacle West Capital stock in a transaction that occurred 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 completion of the transaction, the executive vice president directly owned 56 shares in the company, valued at $5,172.72. The trade was a 99.15% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.23% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of PNW. ATLAS Infrastructure Partners UK Ltd. raised its position in shares of Pinnacle West Capital by 230.5% during the 1st quarter. ATLAS Infrastructure Partners UK Ltd. now owns 2,793,546 shares of the utilities provider's stock worth $266,085,000 after purchasing an additional 1,948,416 shares during the last quarter. Norges Bank acquired a new position in shares of Pinnacle West Capital during the 2nd quarter worth approximately $114,384,000. Nuveen LLC acquired a new position in shares of Pinnacle West Capital during the 1st quarter worth approximately $99,364,000. Merewether Investment Management LP acquired a new position in shares of Pinnacle West Capital during the 4th quarter worth approximately $69,233,000. Finally, Two Sigma Advisers LP raised its position in shares of Pinnacle West Capital by 462.8% during the 4th quarter. Two Sigma Advisers LP now owns 912,900 shares of the utilities provider's stock worth $77,387,000 after purchasing an additional 750,700 shares during the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

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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