Pinnacle West Capital Corporation (NYSE:PNW) had its price objective hoisted by investment analysts at Morgan Stanley from $79.00 to $83.00 in a report released on Thursday. The brokerage currently has an “underweight” rating on the utilities provider’s stock. Morgan Stanley’s price target would indicate a potential downside of 6.71% from the company’s current price.

Other research analysts have also issued research reports about the company. BidaskClub lowered Pinnacle West Capital Corporation from a “buy” rating to a “hold” rating in a report on Saturday, June 24th. BMO Capital Markets reissued a “hold” rating and set a $89.00 price objective on shares of Pinnacle West Capital Corporation in a report on Friday, August 4th. Royal Bank Of Canada reissued a “hold” rating and set a $89.00 price objective on shares of Pinnacle West Capital Corporation in a report on Monday, July 24th. Finally, Zacks Investment Research raised Pinnacle West Capital Corporation from a “sell” rating to a “hold” rating in a report on Tuesday, July 18th. One equities research analyst has rated the stock with a sell rating and ten have assigned a hold rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $81.89.

Pinnacle West Capital Corporation (NYSE:PNW) traded up 0.74% on Thursday, hitting $88.97. 498,192 shares of the stock were exchanged. The firm has a market cap of $9.93 billion, a PE ratio of 19.65 and a beta of 0.37. The company has a 50-day moving average price of $86.46 and a 200-day moving average price of $84.19. Pinnacle West Capital Corporation has a 52-week low of $70.86 and a 52-week high of $89.56.

Pinnacle West Capital Corporation (NYSE:PNW) last issued its quarterly earnings data on Thursday, August 3rd. The utilities provider reported $1.49 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.16 by $0.33. Pinnacle West Capital Corporation had a return on equity of 10.20% and a net margin of 14.37%. The company had revenue of $944.59 million during the quarter, compared to analyst estimates of $921.79 million. During the same quarter in the previous year, the firm earned $1.08 earnings per share. Pinnacle West Capital Corporation’s revenue was up 3.2% on a year-over-year basis. On average, equities research analysts anticipate that Pinnacle West Capital Corporation will post $4.26 EPS for the current fiscal year.

ILLEGAL ACTIVITY NOTICE: This article was published by Watch List News and is the property of of Watch List News. If you are reading this article on another website, it was illegally stolen and republished in violation of international copyright and trademark laws. The legal version of this article can be read at https://www.watchlistnews.com/morgan-stanley-raises-pinnacle-west-capital-corporation-nysepnw-price-target-to-83-00/1469294.html.

In other Pinnacle West Capital Corporation news, SVP Daniel T. Froetscher sold 2,800 shares of the business’s stock in a transaction that occurred on Friday, May 26th. The stock was sold at an average price of $87.31, for a total value of $244,468.00. Following the completion of the sale, the senior vice president now owns 8,568 shares in the company, valued at $748,072.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Barbara M. Gomez sold 1,900 shares of the business’s stock in a transaction that occurred on Tuesday, May 16th. The shares were sold at an average price of $84.00, for a total value of $159,600.00. The disclosure for this sale can be found here. Insiders own 0.70% of the company’s stock.

A number of hedge funds have recently made changes to their positions in the stock. BlackRock Inc. increased its stake in shares of Pinnacle West Capital Corporation by 3,579.0% in the first quarter. BlackRock Inc. now owns 10,792,256 shares of the utilities provider’s stock valued at $899,860,000 after buying an additional 10,498,905 shares during the last quarter. Boston Partners increased its stake in shares of Pinnacle West Capital Corporation by 30,924.3% in the second quarter. Boston Partners now owns 2,052,566 shares of the utilities provider’s stock valued at $174,796,000 after buying an additional 2,045,950 shares during the last quarter. American Century Companies Inc. increased its stake in shares of Pinnacle West Capital Corporation by 140.6% in the second quarter. American Century Companies Inc. now owns 2,515,865 shares of the utilities provider’s stock valued at $214,251,000 after buying an additional 1,470,383 shares during the last quarter. British Airways Pensions Investment Management Ltd bought a new stake in shares of Pinnacle West Capital Corporation during the first quarter valued at $33,965,000. Finally, Jennison Associates LLC increased its stake in shares of Pinnacle West Capital Corporation by 199.5% in the first quarter. Jennison Associates LLC now owns 611,078 shares of the utilities provider’s stock valued at $50,952,000 after buying an additional 407,026 shares during the last quarter. Hedge funds and other institutional investors own 83.02% of the company’s stock.

About Pinnacle West Capital Corporation

Pinnacle West Capital Corporation is a holding company that operates through its subsidiaries. The Company operates through regulated electricity segment, which consists of traditional regulated retail and wholesale electricity businesses and related activities, and includes electricity generation, transmission and distribution.

Analyst Recommendations for Pinnacle West Capital Corporation (NYSE:PNW)

Receive News & Ratings for Pinnacle West Capital Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Pinnacle West Capital Corporation and related companies with Analyst Ratings Network's FREE daily email newsletter.