Morgan Stanley Reiterates $84.00 Price Target for Pinnacle West Capital (PNW)

Morgan Stanley set a $84.00 price target on Pinnacle West Capital (NYSE:PNW) in a report issued on Monday. The brokerage currently has a hold rating on the utilities provider’s stock.

A number of other equities research analysts have also recently commented on PNW. Zacks Investment Research cut Pinnacle West Capital from a buy rating to a hold rating in a research note on Friday, April 6th. SunTrust Banks reissued a hold rating and issued a $82.00 target price on shares of Pinnacle West Capital in a research note on Wednesday, April 11th. UBS assumed coverage on Pinnacle West Capital in a research note on Friday, February 2nd. They issued a neutral rating and a $81.00 target price on the stock. Finally, Royal Bank of Canada reissued a neutral rating on shares of Pinnacle West Capital in a research note on Thursday, February 1st. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and two have issued a buy rating to the stock. The stock presently has a consensus rating of Hold and an average target price of $84.91.

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NYSE PNW opened at $79.29 on Monday. Pinnacle West Capital has a 12 month low of $73.81 and a 12 month high of $92.48. The firm has a market capitalization of $8,736.04, a PE ratio of 18.23, a P/E/G ratio of 5.90 and a beta of 0.27. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.61 and a current ratio of 0.85.

Pinnacle West Capital (NYSE:PNW) last released its earnings results on Friday, February 23rd. The utilities provider reported $0.19 EPS for the quarter, topping analysts’ consensus estimates of $0.10 by $0.09. Pinnacle West Capital had a return on equity of 9.59% and a net margin of 13.70%. The firm had revenue of $759.65 million for the quarter, compared to analysts’ expectations of $773.12 million. During the same period in the prior year, the firm posted $0.47 earnings per share. The company’s quarterly revenue was up 2.8% on a year-over-year basis. equities analysts anticipate that Pinnacle West Capital will post 4.46 earnings per share for the current year.

In other news, Chairman Donald E. Brandt sold 24,216 shares of the company’s stock in a transaction on Friday, January 19th. The stock was sold at an average price of $79.21, for a total transaction of $1,918,149.36. Following the transaction, the chairman now directly owns 94,358 shares of the company’s stock, valued at $7,474,097.18. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Kathryn L. Munro sold 2,666 shares of the company’s stock in a transaction on Wednesday, March 7th. The shares were sold at an average price of $75.36, for a total value of $200,909.76. Following the transaction, the director now directly owns 15,630 shares in the company, valued at $1,177,876.80. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 68,110 shares of company stock worth $5,300,760. Corporate insiders own 0.53% of the company’s stock.

Large investors have recently made changes to their positions in the company. Banced Corp bought a new position in shares of Pinnacle West Capital during the fourth quarter valued at $201,000. Kovack Advisors Inc. bought a new position in shares of Pinnacle West Capital during the fourth quarter valued at $202,000. Newport Wealth Strategies Inc. bought a new position in Pinnacle West Capital in the fourth quarter valued at about $238,000. IBM Retirement Fund bought a new position in Pinnacle West Capital in the fourth quarter valued at about $281,000. Finally, Commerzbank Aktiengesellschaft FI bought a new position in Pinnacle West Capital in the fourth quarter valued at about $290,000. 82.65% of the stock is currently owned by hedge funds and other institutional investors.

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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 resources. The company serves approximately 1.2 million homes and businesses.

Analyst Recommendations for Pinnacle West Capital (NYSE:PNW)

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