Citigroup Initiates Coverage on Pinnacle West Capital (NYSE:PNW)

Analysts at Citigroup assumed coverage on shares of Pinnacle West Capital (NYSE:PNW) in a note issued to investors on Monday, MarketBeat Ratings reports. The firm set a “neutral” rating and a $78.00 price target on the utilities provider’s stock. Citigroup’s target price would suggest a potential upside of 5.91% from the company’s previous close.

A number of other equities analysts also recently issued reports on PNW. Guggenheim raised Pinnacle West Capital from a “neutral” rating to a “buy” rating and set a $78.00 price target on the stock in a research report on Monday, January 22nd. Wells Fargo & Company reduced their price target on shares of Pinnacle West Capital from $78.00 to $74.00 and set an “equal weight” rating for the company in a report on Friday, January 26th. UBS Group upgraded shares of Pinnacle West Capital from a “sell” rating to a “neutral” rating and increased their price objective for the company from $68.00 to $71.00 in a research note on Monday, March 11th. Evercore ISI reduced their price objective on shares of Pinnacle West Capital from $76.00 to $69.00 and set an “in-line” rating for the company in a research note on Monday, March 4th. Finally, Royal Bank of Canada dropped their target price on Pinnacle West Capital from $83.00 to $80.00 and set a “sector perform” rating on the stock in a research report on Friday, March 1st. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $73.42.

Pinnacle West Capital Stock Down 0.5 %

Shares of NYSE PNW opened at $73.65 on Monday. The stock has a 50 day moving average price of $72.11 and a 200 day moving average price of $72.09. The firm has a market capitalization of $8.36 billion, a price-to-earnings ratio of 16.70, a PEG ratio of 2.08 and a beta of 0.49. Pinnacle West Capital has a 52-week low of $65.20 and a 52-week high of $86.03. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.50 and a current ratio of 0.67.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of PNW. MeadowBrook Investment Advisors LLC purchased a new position in Pinnacle West Capital during the 4th quarter worth approximately $25,000. Financial Gravity Asset Management Inc. boosted its stake in Pinnacle West Capital by 338.3% during the 3rd quarter. Financial Gravity Asset Management Inc. now owns 355 shares of the utilities provider’s stock worth $26,000 after purchasing an additional 274 shares during the last quarter. BOK Financial Private Wealth Inc. acquired a new stake in Pinnacle West Capital in the 4th quarter valued at about $26,000. Tobam increased its holdings in shares of Pinnacle West Capital by 2,620.0% in the fourth quarter. Tobam now owns 408 shares of the utilities provider’s stock valued at $29,000 after purchasing an additional 393 shares during the last quarter. Finally, First United Bank & Trust acquired a new stake in shares of Pinnacle West Capital in the 4th quarter worth $29,000. Institutional investors and hedge funds own 91.51% of the company’s stock.

Pinnacle West Capital Company Profile

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.