UBS Group Issues Pessimistic Forecast for Pinnacle West Capital (NYSE:PNW) Stock Price

Key Points

• UBS Group has lowered its target price for Pinnacle West Capital from $98.00 to $95.00, maintaining a "neutral" rating, which implies a potential upside of 7.43% from the current price.
• Several other analysts have also adjusted their price targets, with Barclays reducing theirs from $94.00 to $93.00, while BMO Capital Markets increased theirs from $96.00 to $98.00.
• Pinnacle West Capital reported earnings of $1.58 per share in its latest quarter, matching analyst expectations, and projects an EPS of 5.13 for the current year.

Pinnacle West Capital (NYSE:PNW - Get Free Report) had its target price cut by equities research analysts at UBS Group from $98.00 to $95.00 in a research report issued on Friday,Benzinga reports. The firm presently has a "neutral" rating on the utilities provider's stock. UBS Group's price target would suggest a potential upside of 7.43% from the company's current price.

PNW has been the subject of several other research reports. Barclays lowered their price target on Pinnacle West Capital from $94.00 to $93.00 and set an "equal weight" rating for the company in a report on Wednesday, August 13th. BMO Capital Markets raised their price target on Pinnacle West Capital from $96.00 to $98.00 and gave the stock a "market perform" rating in a report on Thursday, August 7th. KeyCorp lowered their price target on Pinnacle West Capital from $101.00 to $100.00 and set an "overweight" rating for the company in a report on Wednesday, July 16th. Mizuho downgraded Pinnacle West Capital from an "outperform" rating to a "neutral" rating and lowered their price target for the stock from $102.00 to $90.00 in a report on Tuesday. Finally, Morgan Stanley set a $89.00 target price on Pinnacle West Capital and gave the stock an "outperform" rating in a report on Thursday, August 21st. Four analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $96.20.

Pinnacle West Capital Stock Up 0.9%

NYSE:PNW opened at $88.43 on Friday. Pinnacle West Capital has a twelve month low of $81.47 and a twelve month high of $96.50. The company has a market cap of $10.56 billion, a price-to-earnings ratio of 18.23, a price-to-earnings-growth ratio of 9.05 and a beta of 0.45. The stock has a fifty day simple moving average of $90.79 and a 200-day simple moving average of $91.40. 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 (NYSE:PNW - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The utilities provider reported $1.58 EPS for the quarter, meeting the consensus estimate 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 firm posted $1.76 earnings per share. The business's revenue for the quarter was up 3.8% on a year-over-year basis. Analysts anticipate that Pinnacle West Capital will post 5.13 EPS for the current year.

Insider Activity at Pinnacle West Capital

In related news, EVP Jacob Tetlow sold 6,496 shares of the business's 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 sale, the executive vice president directly owned 56 shares in the company, valued at approximately $5,172.72. The trade was a 99.15% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.23% of the company's stock.

Institutional Trading of Pinnacle West Capital

Large investors have recently made changes to their positions in the company. Clearstead Trust LLC purchased a new stake in shares of Pinnacle West Capital during the first quarter worth approximately $25,000. Costello Asset Management INC purchased a new stake in shares of Pinnacle West Capital during the first quarter worth approximately $26,000. CYBER HORNET ETFs LLC purchased a new stake in shares of Pinnacle West Capital during the second quarter worth approximately $27,000. Ameritas Advisory Services LLC purchased a new stake in Pinnacle West Capital in the 2nd quarter valued at $31,000. Finally, MUFG Securities EMEA plc purchased a new stake in Pinnacle West Capital in the 2nd quarter valued at $32,000. 91.51% of the stock is currently owned by hedge funds and other 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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