Morgan Stanley Cuts Pinnacle West Capital (NYSE:PNW) Price Target to $87.00

Pinnacle West Capital (NYSE:PNW) had its price target lowered by investment analysts at Morgan Stanley from $95.00 to $87.00 in a research report issued to clients and investors on Friday, AnalystRatings.com reports. The firm presently has an “underweight” rating on the utilities provider’s stock. Morgan Stanley’s target price would indicate a potential upside of 0.71% from the company’s previous close.

Several other equities research analysts have also issued reports on the stock. Wells Fargo & Co reiterated a “hold” rating on shares of Pinnacle West Capital in a research report on Friday, August 9th. ValuEngine lowered shares of Pinnacle West Capital from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Bank of America lowered shares of Pinnacle West Capital from a “buy” rating to a “neutral” rating and set a $90.00 target price for the company. in a research report on Friday. Evercore ISI lowered shares of Pinnacle West Capital from an “in-line” rating to an “underperform” rating in a research report on Friday, August 9th. Finally, Zacks Investment Research lowered shares of Pinnacle West Capital from a “hold” rating to a “sell” rating and set a $99.00 target price for the company. in a research report on Friday, October 18th. Four equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have issued a buy rating to the stock. Pinnacle West Capital currently has an average rating of “Hold” and a consensus price target of $95.83.

Shares of PNW stock traded down $1.43 during trading hours on Friday, reaching $86.39. The stock had a trading volume of 1,362,990 shares, compared to its average volume of 981,974. Pinnacle West Capital has a 12 month low of $81.63 and a 12 month high of $99.81. The firm has a market capitalization of $10.19 billion, a PE ratio of 19.03, a PEG ratio of 3.11 and a beta of 0.06. The company has a current ratio of 0.54, a quick ratio of 0.38 and a debt-to-equity ratio of 0.92. The stock’s fifty day simple moving average is $94.82 and its 200 day simple moving average is $94.68.

Pinnacle West Capital (NYSE:PNW) last announced its earnings results on Thursday, November 7th. The utilities provider reported $2.77 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.00 by ($0.23). Pinnacle West Capital had a net margin of 13.84% and a return on equity of 9.33%. The company had revenue of $1.19 billion for the quarter, compared to the consensus estimate of $1.25 billion. During the same quarter in the previous year, the firm earned $2.80 earnings per share. The company’s revenue for the quarter was down 6.1% compared to the same quarter last year. As a group, equities research analysts anticipate that Pinnacle West Capital will post 4.75 EPS for the current fiscal year.

Several hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. raised its stake in shares of Pinnacle West Capital by 3.4% during the second quarter. Vanguard Group Inc. now owns 13,835,051 shares of the utilities provider’s stock worth $1,301,740,000 after acquiring an additional 460,562 shares in the last quarter. BlackRock Inc. raised its stake in shares of Pinnacle West Capital by 0.4% during the second quarter. BlackRock Inc. now owns 12,513,978 shares of the utilities provider’s stock worth $1,177,441,000 after acquiring an additional 49,482 shares in the last quarter. AQR Capital Management LLC raised its stake in shares of Pinnacle West Capital by 24.2% during the second quarter. AQR Capital Management LLC now owns 2,900,739 shares of the utilities provider’s stock worth $272,931,000 after acquiring an additional 565,847 shares in the last quarter. Renaissance Technologies LLC raised its stake in shares of Pinnacle West Capital by 4.1% during the second quarter. Renaissance Technologies LLC now owns 2,804,750 shares of the utilities provider’s stock worth $263,899,000 after acquiring an additional 109,400 shares in the last quarter. Finally, Invesco Ltd. raised its stake in shares of Pinnacle West Capital by 5.4% during the second quarter. Invesco Ltd. now owns 2,580,260 shares of the utilities provider’s stock worth $242,777,000 after acquiring an additional 131,640 shares in the last quarter. 88.07% of the stock is currently owned by hedge funds and other institutional investors.

About Pinnacle West Capital

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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