Pinnacle West Capital (NYSE:PNW) Given New $104.00 Price Target at UBS Group

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Pinnacle West Capital (NYSE:PNW) had its price target upped by equities research analysts at UBS Group from $99.00 to $104.00 in a note issued to investors on Friday, September 20th, BenzingaRatingsTable reports. The brokerage currently has a “neutral” rating on the utilities provider’s stock. UBS Group’s price objective would indicate a potential upside of 8.95% from the company’s current price.

Other equities analysts have also recently issued research reports about the stock. Argus raised shares of Pinnacle West Capital from a “hold” rating to a “buy” rating and set a $102.00 target price on the stock in a report on Tuesday, July 30th. SunTrust Banks dropped their target price on Pinnacle West Capital from $99.00 to $98.00 and set a “hold” rating on the stock in a report on Friday, August 9th. Wells Fargo & Co reiterated a “hold” rating on shares of Pinnacle West Capital in a research report on Friday, August 9th. Williams Capital restated a “hold” rating and set a $97.00 price target (up from $87.00) on shares of Pinnacle West Capital in a report on Monday, August 12th. Finally, ValuEngine cut shares of Pinnacle West Capital from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and four have issued a buy rating to the company’s stock. Pinnacle West Capital has a consensus rating of “Hold” and a consensus price target of $98.25.

NYSE:PNW traded up $0.09 during mid-day trading on Friday, reaching $95.46. The stock had a trading volume of 973,148 shares, compared to its average volume of 828,924. The company has a market capitalization of $10.71 billion, a price-to-earnings ratio of 21.03, a price-to-earnings-growth ratio of 3.29 and a beta of 0.10. Pinnacle West Capital has a 1-year low of $80.22 and a 1-year high of $99.81. The stock’s 50 day simple moving average is $95.47 and its two-hundred day simple moving average is $94.93. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.54 and a quick ratio of 0.38.

Pinnacle West Capital (NYSE:PNW) last posted its quarterly earnings results on Thursday, August 8th. The utilities provider reported $1.28 EPS for the quarter, missing the Zacks’ consensus estimate of $1.43 by ($0.15). The firm had revenue of $869.50 million during the quarter, compared to analyst estimates of $973.16 million. Pinnacle West Capital had a return on equity of 9.33% and a net margin of 13.84%. The firm’s revenue for the quarter was down 10.7% on a year-over-year basis. During the same quarter last year, the business posted $1.48 earnings per share. Sell-side analysts anticipate that Pinnacle West Capital will post 4.76 EPS for the current fiscal year.

A number of large investors have recently modified their holdings of the business. Vanguard Group Inc. boosted its position in shares of Pinnacle West Capital by 3.4% in the second quarter. Vanguard Group Inc. now owns 13,835,051 shares of the utilities provider’s stock valued at $1,301,740,000 after acquiring an additional 460,562 shares during the period. BlackRock Inc. boosted its position in shares of Pinnacle West Capital by 0.4% in the second quarter. BlackRock Inc. now owns 12,513,978 shares of the utilities provider’s stock valued at $1,177,441,000 after acquiring an additional 49,482 shares during the period. American Century Companies Inc. boosted its position in shares of Pinnacle West Capital by 21.9% in the first quarter. American Century Companies Inc. now owns 3,639,150 shares of the utilities provider’s stock valued at $347,830,000 after acquiring an additional 654,505 shares during the period. AQR Capital Management LLC boosted its position in shares of Pinnacle West Capital by 24.2% in the second quarter. AQR Capital Management LLC now owns 2,900,739 shares of the utilities provider’s stock valued at $272,931,000 after acquiring an additional 565,847 shares during the period. Finally, Renaissance Technologies LLC boosted its position in shares of Pinnacle West Capital by 4.1% in the second quarter. Renaissance Technologies LLC now owns 2,804,750 shares of the utilities provider’s stock valued at $263,899,000 after acquiring an additional 109,400 shares during the period. Hedge funds and other institutional investors own 88.10% of the company’s stock.

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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