Fintel reports that on April 29, 2024, Citigroup initiated coverage of Pinnacle West Capital (NYSE:PNW) with a Neutral recommendation.
Analyst Price Forecast Suggests 3.24% Upside
As of April 17, 2024, the average one-year price target for Pinnacle West Capital is 77.33. The forecasts range from a low of 68.68 to a high of $99.75. The average price target represents an increase of 3.24% from its latest reported closing price of 74.91.
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The projected annual revenue for Pinnacle West Capital is 4,227MM, a decrease of 9.99%. The projected annual non-GAAP EPS is 4.64.
What is the Fund Sentiment?
There are 1,135 funds or institutions reporting positions in Pinnacle West Capital. This is an increase of 17 owner(s) or 1.52% in the last quarter. Average portfolio weight of all funds dedicated to PNW is 0.18%, an increase of 8.81%. Total shares owned by institutions increased in the last three months by 2.86% to 120,279K shares. 
The put/call ratio of PNW is 0.66, indicating a bullish outlook.
What are Other Shareholders Doing?
Capital Research Global Investors holds 6,508K shares representing 5.28% ownership of the company. In its prior filing, the firm reported owning 3,002K shares , representing an increase of 53.88%. The firm increased its portfolio allocation in PNW by 88.87% over the last quarter.
Barrow Hanley Mewhinney & Strauss holds 5,721K shares representing 4.64% ownership of the company. In its prior filing, the firm reported owning 5,701K shares , representing an increase of 0.34%. The firm decreased its portfolio allocation in PNW by 9.21% over the last quarter.
Invesco holds 4,016K shares representing 3.26% ownership of the company. In its prior filing, the firm reported owning 3,992K shares , representing an increase of 0.62%. The firm decreased its portfolio allocation in PNW by 13.32% over the last quarter.
Lazard Asset Management holds 3,891K shares representing 3.16% ownership of the company. In its prior filing, the firm reported owning 3,856K shares , representing an increase of 0.91%. The firm decreased its portfolio allocation in PNW by 67.79% over the last quarter.
VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 3,541K shares representing 2.87% ownership of the company. In its prior filing, the firm reported owning 3,520K shares , representing an increase of 0.58%. The firm decreased its portfolio allocation in PNW by 12.36% over the last quarter.
Pinnacle West Capital Background Information
(This description is provided by the company.)
Pinnacle West Capital Corp., an energy holding company based in Phoenix, has consolidated assets of about $19 billion, about 6,300 megawatts of generating capacity and 6,200 employees in Arizona and New Mexico. Through its principal subsidiary, Arizona Public Service, the company provides retail electricity service to nearly 1.3 million Arizona homes and businesses.
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This story originally appeared on Fintel.
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