Pinnacle West Capital (NYSE:PNW) Price Target Lowered to $95.00 at UBS Group

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 - Free Report) had its target price trimmed by UBS Group from $98.00 to $95.00 in a research report sent to investors on Friday,Benzinga reports. The brokerage currently has a neutral rating on the utilities provider's stock.

A number of other brokerages have also weighed in on PNW. Morgan Stanley set a $89.00 price target on shares of Pinnacle West Capital and gave the company an "outperform" rating in a research note on Thursday, August 21st. BMO Capital Markets boosted their price target on shares of Pinnacle West Capital from $96.00 to $98.00 and gave the stock a "market perform" rating in a research note on Thursday, August 7th. Barclays decreased their price objective on shares of Pinnacle West Capital from $94.00 to $93.00 and set an "equal weight" rating for the company in a research report on Wednesday, August 13th. Mizuho cut shares of 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. Finally, KeyCorp decreased their price objective on shares of Pinnacle West Capital from $101.00 to $100.00 and set an "overweight" rating for the company in a research report on Wednesday, July 16th. Four research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $96.20.

Pinnacle West Capital Stock Performance

PNW traded up $0.73 during midday trading on Friday, hitting $86.63. 265,244 shares of the company were exchanged, compared to its average volume of 1,138,906. The company's 50 day simple moving average is $90.62 and its 200 day simple moving average is $91.29. The firm has a market capitalization of $10.35 billion, a price-to-earnings ratio of 17.84, a price-to-earnings-growth ratio of 9.03 and a beta of 0.45. 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.

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

Insider Activity

In related news, EVP Jacob Tetlow sold 6,496 shares of the company's 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 transaction, the executive vice president owned 56 shares of the company's stock, valued at approximately $5,172.72. This represents a 99.15% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.23% of the company's stock.

Institutional Investors Weigh In On Pinnacle West Capital

Several large investors have recently made changes to their positions in the business. Exchange Traded Concepts LLC increased its position in shares of Pinnacle West Capital by 1.3% in the second quarter. Exchange Traded Concepts LLC now owns 9,846 shares of the utilities provider's stock worth $881,000 after acquiring an additional 122 shares in the last quarter. Mesirow Financial Investment Management Inc. lifted its position in 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 valued at $1,209,000 after purchasing an additional 122 shares during the last quarter. Allworth Financial LP lifted its position in Pinnacle West Capital by 19.1% in the 1st quarter. Allworth Financial LP now owns 780 shares of the utilities provider's stock valued at $74,000 after purchasing an additional 125 shares during the last quarter. AE Wealth Management LLC lifted its position in 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 valued at $279,000 after purchasing an additional 137 shares during the last quarter. Finally, EverSource Wealth Advisors LLC increased its stake in Pinnacle West Capital by 11.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,330 shares of the utilities provider's stock valued at $119,000 after buying an additional 140 shares during the period. Institutional investors and hedge funds own 91.51% of the company's stock.

Pinnacle West Capital Company Profile

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.