Morgan Stanley Has Lowered Expectations for Pinnacle West Capital (NYSE:PNW) Stock Price

Pinnacle West Capital (NYSE:PNW) had its price objective reduced by stock analysts at Morgan Stanley from $82.00 to $81.00 in a research note issued on Friday,Benzinga reports. The brokerage currently has an “equal weight” rating on the utilities provider’s stock. Morgan Stanley’s price objective indicates a potential downside of 13.54% from the stock’s current price.

Several other research analysts have also commented on the company. Jefferies Financial Group assumed coverage on Pinnacle West Capital in a research report on Thursday, September 19th. They issued a “buy” rating and a $104.00 price target for the company. StockNews.com raised Pinnacle West Capital from a “sell” rating to a “hold” rating in a research report on Monday, August 5th. Wells Fargo & Company increased their price target on Pinnacle West Capital from $90.00 to $92.00 and gave the company an “equal weight” rating in a report on Thursday, November 7th. Finally, Barclays lowered shares of Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $93.00 to $91.00 in a research note on Monday. Eight research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, Pinnacle West Capital presently has a consensus rating of “Hold” and a consensus target price of $81.88.

Pinnacle West Capital Price Performance

PNW stock traded up $0.06 during trading on Friday, hitting $93.68. 460,531 shares of the company’s stock traded hands, compared to its average volume of 1,164,158. The business has a fifty day simple moving average of $88.96 and a 200 day simple moving average of $83.79. Pinnacle West Capital has a 52 week low of $65.20 and a 52 week high of $94.38. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.54 and a current ratio of 0.71. The stock has a market capitalization of $10.65 billion, a price-to-earnings ratio of 17.77, a P/E/G ratio of 2.13 and a beta of 0.52.

Hedge Funds Weigh In On Pinnacle West Capital

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Barrow Hanley Mewhinney & Strauss LLC raised its holdings in shares of Pinnacle West Capital by 24.6% in the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 6,985,619 shares of the utilities provider’s stock valued at $533,562,000 after acquiring an additional 1,379,368 shares in the last quarter. State Street Corp increased its position in Pinnacle West Capital by 0.9% during the 3rd quarter. State Street Corp now owns 6,404,718 shares of the utilities provider’s stock valued at $567,394,000 after purchasing an additional 56,644 shares during the period. Zimmer Partners LP raised its holdings in shares of Pinnacle West Capital by 5.7% in the 3rd quarter. Zimmer Partners LP now owns 2,899,676 shares of the utilities provider’s stock valued at $256,882,000 after purchasing an additional 155,466 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of Pinnacle West Capital by 3.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,159,942 shares of the utilities provider’s stock worth $88,596,000 after purchasing an additional 44,029 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Pinnacle West Capital by 0.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,028,088 shares of the utilities provider’s stock valued at $91,078,000 after purchasing an additional 5,066 shares in the last quarter. 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.