Pinnacle West Capital (NYSE:PNW) Given New $95.00 Price Target at Citigroup

Pinnacle West Capital (NYSE:PNW) had its price target increased by equities research analysts at Citigroup from $85.00 to $95.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “neutral” rating on the utilities provider’s stock. Citigroup’s target price would suggest a potential upside of 2.65% from the stock’s current price.

Other analysts also recently issued reports about the company. Jefferies Financial Group began coverage on Pinnacle West Capital in a research report on Thursday, September 19th. They set a “buy” rating and a $104.00 price target for the company. Morgan Stanley decreased their target price on Pinnacle West Capital from $82.00 to $81.00 and set an “equal weight” rating for the company in a research report on Friday, November 22nd. Wells Fargo & Company raised their target price on Pinnacle West Capital from $90.00 to $92.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 7th. Barclays downgraded Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $93.00 to $91.00 in a research report on Monday, November 18th. Finally, KeyCorp raised Pinnacle West Capital from a “sector weight” rating to an “overweight” rating and set a $101.00 target price for the company in a research report on Wednesday. Eight equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $84.65.

Pinnacle West Capital Stock Performance

Shares of PNW traded up $1.27 on Wednesday, reaching $92.55. 294,236 shares of the company’s stock traded hands, compared to its average volume of 1,159,128. The company has a current ratio of 0.71, a quick ratio of 0.54 and a debt-to-equity ratio of 1.20. The stock has a market cap of $10.52 billion, a PE ratio of 17.51, a PEG ratio of 2.19 and a beta of 0.54. The stock’s 50 day simple moving average is $89.47 and its two-hundred day simple moving average is $84.79. Pinnacle West Capital has a 52-week low of $65.20 and a 52-week high of $95.42.

Institutional Investors Weigh In On Pinnacle West Capital

Several hedge funds have recently added to or reduced their stakes in PNW. Tidal Investments LLC purchased a new position in shares of Pinnacle West Capital in the first quarter worth about $295,000. Cetera Investment Advisers increased its holdings in shares of Pinnacle West Capital by 177.0% in the first quarter. Cetera Investment Advisers now owns 29,090 shares of the utilities provider’s stock worth $2,174,000 after buying an additional 18,589 shares during the period. Cetera Advisors LLC purchased a new position in shares of Pinnacle West Capital in the first quarter worth about $569,000. QRG Capital Management Inc. increased its holdings in shares of Pinnacle West Capital by 7.7% in the second quarter. QRG Capital Management Inc. now owns 63,396 shares of the utilities provider’s stock worth $4,842,000 after buying an additional 4,533 shares during the period. Finally, SG Americas Securities LLC increased its holdings in shares of Pinnacle West Capital by 42.0% in the second quarter. SG Americas Securities LLC now owns 26,308 shares of the utilities provider’s stock worth $2,009,000 after buying an additional 7,784 shares during the period. 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.