Jefferies Financial Group Issues Pessimistic Forecast for Pinnacle West Capital (NYSE:PNW) Stock Price

Pinnacle West Capital (NYSE:PNW) had its price objective cut by Jefferies Financial Group from $106.00 to $104.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the utilities provider’s stock. Jefferies Financial Group’s price target points to a potential upside of 20.07% from the company’s previous close.

Several other equities research analysts have also issued reports on the company. Wells Fargo & Company upped their price target on Pinnacle West Capital from $90.00 to $92.00 and gave the company an “equal weight” rating in a research report on Thursday, November 7th. Barclays lowered Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and dropped their price target for the company from $93.00 to $91.00 in a research report on Monday, November 18th. KeyCorp raised Pinnacle West Capital from a “sector weight” rating to an “overweight” rating and set a $101.00 price target on the stock in a research report on Wednesday, December 4th. Morgan Stanley dropped their price target on Pinnacle West Capital from $82.00 to $81.00 and set an “equal weight” rating on the stock in a research report on Friday, November 22nd. Finally, Citigroup upped their price objective on Pinnacle West Capital from $85.00 to $95.00 and gave the stock a “neutral” rating in a research note on Wednesday, December 4th. Eight analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $85.21.

Pinnacle West Capital Stock Down 1.0 %

Shares of PNW traded down $0.86 during trading on Tuesday, reaching $86.62. The company’s stock had a trading volume of 914,045 shares, compared to its average volume of 1,136,280. The company has a fifty day moving average of $87.63 and a two-hundred day moving average of $87.35. Pinnacle West Capital has a twelve month low of $65.20 and a twelve month high of $95.42. The company has a market cap of $9.85 billion, a price-to-earnings ratio of 16.40, a P/E/G ratio of 3.40 and a beta of 0.56. The company has a quick ratio of 0.54, a current ratio of 0.71 and a debt-to-equity ratio of 1.20.

Institutional Investors Weigh In On Pinnacle West Capital

Hedge funds have recently modified their holdings of the stock. YANKCOM Partnership purchased a new stake in Pinnacle West Capital in the 4th quarter worth about $29,000. Venturi Wealth Management LLC lifted its stake in Pinnacle West Capital by 124.6% in the 3rd quarter. Venturi Wealth Management LLC now owns 429 shares of the utilities provider’s stock worth $38,000 after acquiring an additional 238 shares in the last quarter. Brown Lisle Cummings Inc. purchased a new stake in Pinnacle West Capital in the 4th quarter worth about $38,000. Roble Belko & Company Inc purchased a new stake in Pinnacle West Capital in the 4th quarter worth about $42,000. Finally, Prospera Private Wealth LLC purchased a new stake in Pinnacle West Capital in the 3rd quarter worth about $43,000. 91.51% of the stock is owned by hedge funds and other institutional investors.

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.