Wells Fargo & Company Forecasts Strong Price Appreciation for Pinnacle West Capital (NYSE:PNW) Stock

Pinnacle West Capital (NYSE:PNW) had its target price hoisted by equities researchers at Wells Fargo & Company from $92.00 to $95.00 in a report issued on Wednesday,Benzinga reports. The firm presently has an “equal weight” rating on the utilities provider’s stock. Wells Fargo & Company‘s target price indicates a potential upside of 4.56% from the company’s current price.

Several other brokerages have also recently issued reports on PNW. KeyCorp raised Pinnacle West Capital from a “sector weight” rating to an “overweight” rating and set a $101.00 price objective for the company in a report on Wednesday, December 4th. Citigroup boosted their price target on Pinnacle West Capital from $85.00 to $95.00 and gave the stock a “neutral” rating in a report on Wednesday, December 4th. Barclays cut Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $93.00 to $91.00 in a report on Monday, November 18th. Morgan Stanley cut their price target on Pinnacle West Capital from $82.00 to $81.00 and set an “equal weight” rating for the company in a report on Friday, November 22nd. Finally, Jefferies Financial Group lowered their price objective on Pinnacle West Capital from $106.00 to $104.00 and set a “buy” rating for the company in a research report on Tuesday, January 28th. Eight equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $86.58.

Pinnacle West Capital Stock Performance

Shares of PNW stock opened at $90.85 on Wednesday. The stock has a fifty day moving average price of $86.68 and a 200 day moving average price of $88.14. The stock has a market cap of $10.33 billion, a PE ratio of 17.21, a P/E/G ratio of 3.59 and a beta of 0.57. Pinnacle West Capital has a 1 year low of $66.77 and a 1 year high of $95.42. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.54 and a current ratio of 0.71.

Pinnacle West Capital (NYSE:PNW) last issued its quarterly earnings data on Tuesday, February 25th. The utilities provider reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.31) by $0.25. The firm had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.06 billion. Pinnacle West Capital had a return on equity of 9.60% and a net margin of 12.26%. Sell-side analysts forecast that Pinnacle West Capital will post 5.13 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. YANKCOM Partnership acquired a new position in shares of Pinnacle West Capital during the fourth quarter worth about $29,000. Canada Post Corp Registered Pension Plan acquired a new position in shares of Pinnacle West Capital during the fourth quarter worth about $35,000. Venturi Wealth Management LLC lifted its stake in shares of Pinnacle West Capital by 124.6% during the third quarter. Venturi Wealth Management LLC now owns 429 shares of the utilities provider’s stock worth $38,000 after purchasing an additional 238 shares in the last quarter. Brown Lisle Cummings Inc. acquired a new position in shares of Pinnacle West Capital during the fourth quarter worth about $38,000. Finally, Prospera Private Wealth LLC acquired a new position in shares of Pinnacle West Capital during the third quarter worth about $43,000. Institutional investors and hedge funds 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.