Pinnacle West Capital (NYSE:PNW) Now Covered by Jefferies Financial Group

Jefferies Financial Group initiated coverage on shares of Pinnacle West Capital (NYSE:PNW) in a research report released on Thursday morning, Marketbeat Ratings reports. The firm issued a buy rating and a $104.00 target price on the utilities provider’s stock.

A number of other research firms have also commented on PNW. Wells Fargo & Company raised their price target on Pinnacle West Capital from $80.00 to $87.00 and gave the stock an equal weight rating in a research report on Friday, August 2nd. Morgan Stanley raised their target price on shares of Pinnacle West Capital from $72.00 to $78.00 and gave the stock an equal weight rating in a report on Friday, August 23rd. Barclays reduced their price target on shares of Pinnacle West Capital from $81.00 to $78.00 and set an overweight rating for the company in a report on Tuesday, July 2nd. LADENBURG THALM/SH SH upgraded shares of Pinnacle West Capital from a neutral rating to a buy rating and raised their price objective for the stock from $74.00 to $83.50 in a report on Thursday, June 6th. Finally, StockNews.com raised shares of Pinnacle West Capital from a sell rating to a hold rating in a research note on Monday, August 5th. Eight analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of Hold and an average target price of $80.13.

Pinnacle West Capital Price Performance

PNW opened at $90.28 on Thursday. The company has a debt-to-equity ratio of 1.28, a current ratio of 0.66 and a quick ratio of 0.48. The stock has a market capitalization of $10.25 billion, a P/E ratio of 19.67, a price-to-earnings-growth ratio of 2.27 and a beta of 0.52. The company’s 50 day simple moving average is $86.46 and its 200-day simple moving average is $79.09. Pinnacle West Capital has a one year low of $65.20 and a one year high of $91.57.

Pinnacle West Capital (NYSE:PNW) last issued its quarterly earnings results on Thursday, August 1st. The utilities provider reported $1.76 EPS for the quarter, topping the consensus estimate 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 EPS. Pinnacle West Capital’s revenue was up 15.7% on a year-over-year basis. Sell-side analysts anticipate that Pinnacle West Capital will post 4.77 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Pinnacle West Capital news, EVP Robert Edgar Smith sold 4,950 shares of Pinnacle West Capital stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $85.80, for a total value of $424,710.00. Following the transaction, the executive vice president now owns 6,397 shares in the company, valued at $548,862.60. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.23% of the company’s stock.

Hedge Funds Weigh In On Pinnacle West Capital

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Blue Trust Inc. grew its position in shares of Pinnacle West Capital by 377.9% during the 2nd quarter. Blue Trust Inc. now owns 368 shares of the utilities provider’s stock worth $28,000 after buying an additional 291 shares during the period. Cape Investment Advisory Inc. bought a new stake in Pinnacle West Capital in the first quarter valued at $30,000. Newbridge Financial Services Group Inc. raised its holdings in shares of Pinnacle West Capital by 70.6% during the fourth 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 period. Rise Advisors LLC bought a new position in shares of Pinnacle West Capital during the 1st quarter worth about $36,000. Finally, Riverview Trust Co acquired a new stake in shares of Pinnacle West Capital in the 1st quarter valued at about $46,000. 91.51% of the stock is owned by institutional investors and hedge funds.

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.