Pinnacle West Capital (NYSE:PNW) had its price objective dropped by analysts at Barclays from $103.00 to $79.00 in a research note issued to investors on Thursday, BenzingaRatingsTable reports. The brokerage presently has an “equal weight” rating on the utilities provider’s stock. Barclays‘s price target would indicate a potential upside of 1.39% from the company’s previous close.
PNW has been the topic of several other reports. KeyCorp began coverage on Pinnacle West Capital in a research note on Friday, February 28th. They issued a “sector weight” rating on the stock. Bank of America reaffirmed a “hold” rating and issued a $97.00 price objective on shares of Pinnacle West Capital in a research note on Wednesday, January 22nd. Credit Suisse Group raised their price objective on Pinnacle West Capital from $97.00 to $106.00 and gave the company an “outperform” rating in a research note on Monday, February 24th. Morgan Stanley raised Pinnacle West Capital from an “underweight” rating to an “equal weight” rating and reduced their price objective for the company from $88.00 to $66.00 in a research note on Monday. Finally, Wells Fargo & Co reaffirmed a “hold” rating and issued a $110.00 price objective (up from $94.00) on shares of Pinnacle West Capital in a research note on Friday, February 21st. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $93.90.
Shares of PNW traded up $5.26 during trading hours on Thursday, hitting $77.92. 45,899 shares of the company were exchanged, compared to its average volume of 1,557,082. The company has a market cap of $7.99 billion, a price-to-earnings ratio of 16.36, a P/E/G ratio of 3.35 and a beta of 0.22. Pinnacle West Capital has a fifty-two week low of $60.05 and a fifty-two week high of $105.51. The company has a quick ratio of 0.33, a current ratio of 0.50 and a debt-to-equity ratio of 0.88. The firm’s fifty day moving average is $90.71 and its 200 day moving average is $91.55.
Pinnacle West Capital (NYSE:PNW) last released its earnings results on Friday, February 21st. The utilities provider reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.47 by $0.10. The company had revenue of $670.40 million for the quarter, compared to analyst estimates of $783.63 million. Pinnacle West Capital had a return on equity of 9.80% and a net margin of 15.51%. Pinnacle West Capital’s quarterly revenue was down 11.4% on a year-over-year basis. During the same period in the prior year, the firm posted $0.23 EPS. Analysts anticipate that Pinnacle West Capital will post 4.82 EPS for the current year.
In other news, EVP James R. Hatfield sold 20,000 shares of the firm’s stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $99.34, for a total transaction of $1,986,800.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Daniel T. Froetscher sold 2,500 shares of the firm’s stock in a transaction dated Wednesday, February 26th. The stock was sold at an average price of $98.18, for a total value of $245,450.00. Following the transaction, the chief operating officer now owns 11,127 shares of the company’s stock, valued at $1,092,448.86. The disclosure for this sale can be found here. Insiders have sold 24,128 shares of company stock worth $2,396,043 over the last three months. Insiders own 0.41% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the company. Voloridge Investment Management LLC raised its position in shares of Pinnacle West Capital by 17.1% during the third quarter. Voloridge Investment Management LLC now owns 55,607 shares of the utilities provider’s stock worth $5,398,000 after acquiring an additional 8,129 shares during the last quarter. Man Group plc raised its position in shares of Pinnacle West Capital by 15.1% during the third quarter. Man Group plc now owns 447,821 shares of the utilities provider’s stock worth $43,470,000 after acquiring an additional 58,775 shares during the last quarter. Pensionfund Sabic bought a new position in shares of Pinnacle West Capital during the fourth quarter worth about $1,709,000. State of New Jersey Common Pension Fund D raised its position in shares of Pinnacle West Capital by 1.2% during the fourth quarter. State of New Jersey Common Pension Fund D now owns 94,050 shares of the utilities provider’s stock worth $8,458,000 after acquiring an additional 1,150 shares during the last quarter. Finally, Beck Bode LLC raised its position in shares of Pinnacle West Capital by 6.2% during the third quarter. Beck Bode LLC now owns 92,099 shares of the utilities provider’s stock worth $8,940,000 after acquiring an additional 5,366 shares during the last quarter. Institutional investors own 85.13% of the company’s stock.
Pinnacle West Capital Company Profile
Pinnacle West Capital Corporation, through its subsidiary, Arizona Public Service Company, provides retail and wholesale electric services primarily in the state of Arizona. It generates, transmits, and distributes electricity using coal, nuclear, gas, oil, and solar generating facilities. The company serves approximately 1.2 million customers.
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