Pinnacle West Capital (NYSE:PNW) PT Raised to $90.00 at Wells Fargo & Company

Pinnacle West Capital (NYSE:PNW) had its target price lifted by Wells Fargo & Company from $87.00 to $90.00 in a research report issued on Wednesday, Benzinga reports. The brokerage presently has an “equal weight” rating on the utilities provider’s stock. Wells Fargo & Company‘s price target suggests a potential upside of 3.34% from the stock’s current price.

PNW has been the topic of a number of other research reports. Jefferies Financial Group began coverage on Pinnacle West Capital in a research note on Thursday, September 19th. They issued a “buy” rating and a $104.00 price objective on the stock. StockNews.com raised Pinnacle West Capital from a “sell” rating to a “hold” rating in a research note on Monday, August 5th. Barclays reduced their price objective on Pinnacle West Capital from $81.00 to $78.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 2nd. Finally, Morgan Stanley lifted their price objective on Pinnacle West Capital from $78.00 to $83.00 and gave the stock an “equal weight” rating in a research note on Wednesday, September 25th. Seven research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, Pinnacle West Capital currently has a consensus rating of “Hold” and an average target price of $80.79.

Pinnacle West Capital Stock Down 0.6 %

NYSE PNW opened at $87.09 on Wednesday. The stock’s 50 day moving average is $87.94 and its 200 day moving average is $81.05. The company has a current ratio of 0.66, a quick ratio of 0.48 and a debt-to-equity ratio of 1.28. Pinnacle West Capital has a 12 month low of $65.20 and a 12 month high of $91.57. The stock has a market cap of $9.89 billion, a PE ratio of 18.97, a P/E/G ratio of 2.20 and a beta of 0.52.

Pinnacle West Capital (NYSE:PNW) last posted its quarterly earnings results on Thursday, August 1st. The utilities provider reported $1.76 EPS for the quarter, topping analysts’ consensus estimates of $1.31 by $0.45. Pinnacle West Capital had a return on equity of 9.75% and a net margin of 12.65%. The company had revenue of $1.31 billion for the quarter, compared to analysts’ expectations of $1.21 billion. During the same period in the previous year, the firm earned $0.94 EPS. The firm’s revenue was up 15.7% compared to the same quarter last year. Research analysts predict that Pinnacle West Capital will post 4.77 EPS for the current fiscal year.

Insider Activity

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 owns 6,397 shares of the company’s stock, valued at approximately $548,862.60. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.23% of the company’s stock.

Hedge Funds Weigh In On Pinnacle West Capital

Hedge funds have recently bought and sold shares of the business. Intech Investment Management LLC bought a new position in Pinnacle West Capital in the 1st quarter valued at $898,000. Quantbot Technologies LP bought a new position in Pinnacle West Capital in the 1st quarter valued at $1,102,000. Natixis bought a new position in Pinnacle West Capital in the 1st quarter valued at $4,064,000. Allspring Global Investments Holdings LLC grew its position in Pinnacle West Capital by 148.8% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 17,944 shares of the utilities provider’s stock valued at $1,341,000 after acquiring an additional 10,732 shares during the last quarter. Finally, Sei Investments Co. grew its position in Pinnacle West Capital by 15.6% in the 1st quarter. Sei Investments Co. now owns 228,555 shares of the utilities provider’s stock valued at $17,080,000 after acquiring an additional 30,924 shares during the last quarter. 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.