Wells Fargo & Company Boosts Pinnacle West Capital (NYSE:PNW) Price Target to $90.00

Pinnacle West Capital (NYSE:PNW) had its price target raised by analysts at Wells Fargo & Company from $87.00 to $90.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm currently has an “equal weight” rating on the utilities provider’s stock. Wells Fargo & Company‘s target price indicates a potential upside of 2.92% from the company’s current price.

Other analysts have also issued reports about the company. StockNews.com raised Pinnacle West Capital from a “sell” rating to a “hold” rating in a report on Monday, August 5th. Jefferies Financial Group started coverage on shares of Pinnacle West Capital in a report on Thursday, September 19th. They issued a “buy” rating and a $104.00 price target for the company. Morgan Stanley increased their price objective on shares of Pinnacle West Capital from $78.00 to $83.00 and gave the company an “equal weight” rating in a report on Wednesday, September 25th. Finally, Barclays dropped their target price on shares of Pinnacle West Capital from $81.00 to $78.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 2nd. Seven research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $80.79.

Pinnacle West Capital Stock Performance

Shares of Pinnacle West Capital stock traded up $0.40 during trading on Wednesday, hitting $87.45. 325,348 shares of the company’s stock were exchanged, compared to its average volume of 1,107,647. Pinnacle West Capital has a 52-week low of $65.20 and a 52-week high of $91.57. The company has a debt-to-equity ratio of 1.28, a quick ratio of 0.48 and a current ratio of 0.66. The stock has a market capitalization of $9.93 billion, a price-to-earnings ratio of 19.05, a PEG ratio of 2.20 and a beta of 0.52. The business has a 50-day simple moving average of $87.86 and a 200-day simple moving average of $80.96.

Pinnacle West Capital (NYSE:PNW) last released its quarterly earnings data on Thursday, August 1st. The utilities provider reported $1.76 earnings per share for the quarter, beating analysts’ consensus estimates of $1.31 by $0.45. Pinnacle West Capital had a net margin of 12.65% and a return on equity of 9.75%. The company had revenue of $1.31 billion during the quarter, compared to analysts’ expectations of $1.21 billion. During the same quarter in the previous year, the company earned $0.94 earnings per share. The firm’s revenue for the quarter was up 15.7% on a year-over-year basis. On average, research analysts forecast that Pinnacle West Capital will post 4.77 EPS for the current year.

Insider Activity at Pinnacle West Capital

In other news, EVP Robert Edgar Smith sold 4,950 shares of the business’s stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $85.80, for a total transaction of $424,710.00. Following the transaction, the executive vice president now directly owns 6,397 shares in the company, valued at $548,862.60. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.23% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Pinnacle West Capital

A number of institutional investors have recently added to or reduced their stakes in the stock. Empirical Finance LLC increased its stake in shares of Pinnacle West Capital by 3.4% in the 1st quarter. Empirical Finance LLC now owns 4,059 shares of the utilities provider’s stock worth $303,000 after acquiring an additional 134 shares during the last quarter. First Horizon Advisors Inc. increased its position in Pinnacle West Capital by 20.9% during the second quarter. First Horizon Advisors Inc. now owns 794 shares of the utilities provider’s stock worth $61,000 after purchasing an additional 137 shares during the last quarter. GAMMA Investing LLC raised its stake in Pinnacle West Capital by 13.7% during the third quarter. GAMMA Investing LLC now owns 1,147 shares of the utilities provider’s stock worth $102,000 after purchasing an additional 138 shares during the period. Newbridge Financial Services Group Inc. boosted its holdings in Pinnacle West Capital by 70.6% in the 4th quarter. Newbridge Financial Services Group Inc. now owns 481 shares of the utilities provider’s stock valued at $35,000 after purchasing an additional 199 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC grew its stake in shares of Pinnacle West Capital by 0.9% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 21,724 shares of the utilities provider’s stock valued at $1,659,000 after buying an additional 199 shares during the period. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Pinnacle West Capital Company Profile

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.