UBS Group lowers Pinnacle West Capital (NYSE:PNW) price target to $67.00


Pinnacle West Capital (NYSE: PNW – Get Note) had its price target lowered by UBS Group equity analysts from $74.00 to $67.00 in a research note released Thursday, The Fly reports. The company currently has a “sell” rating on the utility provider’s stock. The UBS Group price target indicates a potential decline of 10.28% from the company’s previous close.

Other analysts have also recently released reports on the stock. StockNews.com began covering Pinnacle West Capital shares in a report on Thursday, March 31. They issued a “holding” rating on the stock. Barclays downgraded Pinnacle West Capital shares from an “equal weight” rating to an “underweight” rating and raised its price target for the stock from $72.00 to $78.00 in a report for Tuesday 19 April. Royal Bank of Canada raised its price target on Pinnacle West Capital shares from $76.00 to $80.00 and gave the stock an ‘sector performance’ rating in a Monday, April 4 report . Credit Suisse Group began covering Pinnacle West Capital shares in a Monday, April 25 report. They set an “underperforming” rating and a price target of $73.00 on the stock. Finally, Mizuho raised its price target on Pinnacle West Capital stock from $72.00 to $74.00 and gave the stock a “neutral” rating in a Thursday, March 10 report. Seven research analysts gave the stock a sell rating, five gave the company a hold rating and two gave the company a buy rating. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $73.39.

PNW stock opened at $74.68 on Thursday. The company’s fifty-day simple moving average is $73.63 and its 200-day simple moving average is $72.78. The company has a market capitalization of $8.44 billion, a P/E ratio of 14.09 and a beta of 0.31. The company has a debt ratio of 1.19, a current ratio of 1.00 and a quick ratio of 0.76. Pinnacle West Capital has a 12-month low of $62.78 and a 12-month high of $86.87.

Pinnacle West Capital (NYSE:PNW – Get Rating) last released quarterly earnings data on Wednesday, May 4. The utility provider reported EPS of $0.15 for the quarter, beating the consensus estimate of $0.05 by $0.10. The company posted revenue of $783.53 million for the quarter, versus a consensus estimate of $692.73 million. Pinnacle West Capital posted a net margin of 15.42% and a return on equity of 9.96%. The company’s revenue for the quarter increased 12.5% ​​year over year. During the same period of the previous year, the company achieved EPS of $0.32. As a group, sell-side analysts expect Pinnacle West Capital to post earnings per share of 4.01 for the current year.

In other news, SVP Barbara D. Lockwood sold 3,489 shares in a trade dated Tuesday, May 17. The shares were sold at an average price of $74.25, for a total value of $259,058.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available on the SEC’s website. 0.31% of the shares are held by insiders.

Several hedge funds and other institutional investors have recently changed their holdings in PNW. Lazard Asset Management LLC increased its position in Pinnacle West Capital by 169.7% during the fourth quarter. Lazard Asset Management LLC now owns 10,767,845 shares of the utility provider worth $760,101,000 after purchasing an additional 6,774,779 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC acquired a new stake in Pinnacle West Capital during the fourth quarter valued at approximately $122,830,000. State Street Corp increased its position in Pinnacle West Capital by 18.4% during the first quarter. State Street Corp now owns 6,911,753 shares of the utility provider worth $539,808,000 after buying an additional 1,072,235 shares in the last quarter. Invesco Ltd. increased its position in Pinnacle West Capital by 29.6% during the first quarter. Invesco Ltd. now owns 3,537,942 shares of the utility provider worth $276,313,000 after purchasing an additional 808,207 shares in the last quarter. Finally, Cincinnati Financial Corp increased its position in Pinnacle West Capital by 188.9% during the first quarter. Cincinnati Financial Corp now owns 729,460 shares of the utility provider worth $56,971,000 after buying an additional 477,000 shares in the last quarter. Institutional investors and hedge funds own 80.89% of the company’s shares.

About Pinnacle West Capital (Get an evaluation)

Pinnacle West Capital Corporation, through its subsidiary, Arizona Public Service Company, provides retail and wholesale electrical services primarily in the State of Arizona. The Company is engaged in the generation, transmission and distribution of electricity using coal, nuclear, gas, oil and solar power generation facilities.

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Eleanor C. William