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

Pinnacle West Capital (NYSE:PNW) had its price objective hoisted by investment analysts at UBS Group from $96.00 to $99.00 in a research note issued on Friday,Benzinga reports. The firm currently has a “neutral” rating on the utilities provider’s stock. UBS Group’s target price suggests a potential upside of 5.80% from the stock’s current price.

PNW has been the topic of several other reports. Morgan Stanley upped their price objective on shares of Pinnacle West Capital from $84.00 to $88.00 and gave the stock an “equal weight” rating in a research report on Thursday. KeyCorp upgraded Pinnacle West Capital from a “sector weight” rating to an “overweight” rating and set a $101.00 price objective for the company in a report on Wednesday, December 4th. Citigroup raised their price objective on Pinnacle West Capital from $85.00 to $95.00 and gave the company a “neutral” rating in a research report on Wednesday, December 4th. LADENBURG THALM/SH SH upgraded shares of Pinnacle West Capital to a “strong-buy” rating in a research note on Monday. Finally, Guggenheim reiterated a “buy” rating and issued a $100.00 price target on shares of Pinnacle West Capital in a research note on Wednesday, February 26th. Six equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $95.17.

Pinnacle West Capital Stock Down 0.7 %

PNW stock traded down $0.63 during midday trading on Friday, reaching $93.57. 312,473 shares of the company’s stock traded hands, compared to its average volume of 977,140. The company has a market cap of $11.14 billion, a price-to-earnings ratio of 17.72, a P/E/G ratio of 3.59 and a beta of 0.53. The firm’s fifty day moving average price is $89.22 and its 200-day moving average price is $88.77. The company has a quick ratio of 0.54, a current ratio of 0.71 and a debt-to-equity ratio of 1.20. Pinnacle West Capital has a 52 week low of $70.73 and a 52 week high of $95.42.

Pinnacle West Capital (NYSE:PNW) last issued its quarterly earnings results on Tuesday, February 25th. The utilities provider reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.25. The company had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.06 billion. Pinnacle West Capital had a net margin of 12.26% and a return on equity of 9.60%. As a group, sell-side analysts forecast that Pinnacle West Capital will post 5.13 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Pinnacle West Capital

Several hedge funds and other institutional investors have recently made changes to their positions in PNW. Norges Bank purchased a new stake in shares of Pinnacle West Capital during the 4th quarter valued at about $194,655,000. Invesco Ltd. increased its holdings in Pinnacle West Capital by 32.2% in the 4th quarter. Invesco Ltd. now owns 4,298,009 shares of the utilities provider’s stock worth $364,342,000 after acquiring an additional 1,045,788 shares in the last quarter. Merewether Investment Management LP purchased a new stake in Pinnacle West Capital in the 4th quarter worth approximately $69,233,000. Two Sigma Advisers LP increased its holdings in Pinnacle West Capital by 462.8% in the 4th quarter. Two Sigma Advisers LP now owns 912,900 shares of the utilities provider’s stock worth $77,387,000 after acquiring an additional 750,700 shares in the last quarter. Finally, Deutsche Bank AG increased its holdings in Pinnacle West Capital by 33.4% in the 4th quarter. Deutsche Bank AG now owns 2,435,065 shares of the utilities provider’s stock worth $206,420,000 after acquiring an additional 610,042 shares in the last quarter. Hedge funds and other institutional investors 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.