Pinnacle West Capital (NYSE:PNW) PT Raised to $90.00

Pinnacle West Capital (NYSE:PNW) had its target price lifted by Wells Fargo & Company from $87.00 to $90.00 in a research report report published on Wednesday morning, Benzinga reports. The brokerage currently has an equal weight rating on the utilities provider’s stock.

Several other analysts also recently weighed in on PNW. Barclays lowered 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 report on Tuesday, July 2nd. Morgan Stanley boosted their target price on Pinnacle West Capital from $78.00 to $83.00 and gave the stock an “equal weight” rating in a research report on Wednesday, September 25th. Jefferies Financial Group initiated coverage on Pinnacle West Capital in a report on Thursday, September 19th. They issued a “buy” rating and a $104.00 price target for the company. Finally, StockNews.com raised Pinnacle West Capital from a “sell” rating to a “hold” rating in a report on Monday, August 5th. Seven investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $80.79.

Pinnacle West Capital Trading Up 0.6 %

Shares of Pinnacle West Capital stock opened at $87.57 on Wednesday. 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 company has a market capitalization of $9.94 billion, a P/E ratio of 19.08, a PEG ratio of 2.20 and a beta of 0.52. Pinnacle West Capital has a 1 year low of $65.20 and a 1 year high of $91.57. The company’s fifty day moving average is $87.90 and its two-hundred day moving average is $81.01.

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

Insider Buying and Selling

In other Pinnacle West Capital news, EVP Robert Edgar Smith sold 4,950 shares of the firm’s stock in a transaction 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 completion of the transaction, the executive vice president now owns 6,397 shares of the company’s stock, valued at approximately $548,862.60. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 0.23% of the company’s stock.

Hedge Funds Weigh In On Pinnacle West Capital

A number of institutional investors have recently modified their holdings of PNW. Quadrature Capital Ltd raised its holdings in Pinnacle West Capital by 38.8% in the 4th quarter. Quadrature Capital Ltd now owns 14,268 shares of the utilities provider’s stock valued at $1,025,000 after acquiring an additional 3,988 shares during the last quarter. Newbridge Financial Services Group Inc. boosted its stake 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 worth $35,000 after buying an additional 199 shares during the last quarter. CWM LLC grew its holdings in Pinnacle West Capital by 2.8% in the 1st quarter. CWM LLC now owns 10,219 shares of the utilities provider’s stock valued at $764,000 after buying an additional 274 shares during the period. First Hawaiian Bank grew its holdings in Pinnacle West Capital by 95.4% in the 1st quarter. First Hawaiian Bank now owns 10,770 shares of the utilities provider’s stock valued at $805,000 after buying an additional 5,257 shares during the period. Finally, Rise Advisors LLC acquired a new position in shares of Pinnacle West Capital during the 1st quarter valued at about $36,000. 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.