Morgan Stanley Keeps Their Hold Rating on Pinnacle West Capital (PNW)
In a report released today, Stephen Byrd from Morgan Stanley maintained a Hold rating on Pinnacle West Capital (PNW), with a price target of $84.00. The company’s shares closed last Tuesday at $82.14.
According to TipRanks.com, Byrd is a 4-star analyst with an average return of 4.8% and a 56.5% success rate. Byrd covers the Utilities sector, focusing on stocks such as Algonquin Power & Utilities, Public Service Enterprise, and American Electric Power.
The word on The Street in general, suggests a Hold analyst consensus rating for Pinnacle West Capital with a $83.71 average price target, implying a 1.8% upside from current levels. In a report issued on October 7, Mizuho Securities also initiated coverage with a Hold rating on the stock with a $83.00 price target.
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Based on Pinnacle West Capital’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $930 million and net profit of $194 million. In comparison, last year the company earned revenue of $870 million and had a net profit of $144 million.
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Pinnacle West Capital Corp. is a holding company, which engages in providing energy and energy-related products. It offers regulated retail and wholesale electricity businesses and related activities, such as electricity generation, transmission and distribution through its subsidiary, Arizona Public Service Co. The company was founded on February 20, 1985 and is headquartered in Phoenix, AZ.