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

Pinnacle West Capital (NYSE:PNW) had its price target boosted by Wells Fargo & Company from $87.00 to $90.00 in a research report sent to investors on Wednesday, Benzinga reports. They currently have an equal weight rating on the utilities provider’s stock.

PNW has been the subject of a number of other reports. Jefferies Financial Group initiated coverage on shares of Pinnacle West Capital in a report on Thursday, September 19th. They issued a “buy” rating and a $104.00 target price for the company. Morgan Stanley raised their price objective 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. Barclays dropped their target price 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, StockNews.com raised Pinnacle West Capital from a “sell” rating to a “hold” rating in a report on Monday, August 5th. Seven equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, Pinnacle West Capital currently has a consensus rating of “Hold” and a consensus price target of $80.79.

Pinnacle West Capital Price Performance

Shares of Pinnacle West Capital stock opened at $87.57 on Wednesday. The stock has a 50 day moving average price of $87.90 and a 200-day moving average price of $81.01. The stock has a market cap of $9.94 billion, a price-to-earnings ratio of 19.08, a price-to-earnings-growth ratio of 2.20 and a beta of 0.52. The company has a debt-to-equity ratio of 1.28, a quick ratio of 0.48 and a current ratio of 0.66. 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 posted 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 for the quarter, compared to the consensus estimate of $1.21 billion. During the same quarter last year, the firm posted $0.94 EPS. The firm’s revenue was up 15.7% compared to the same quarter last year. Equities analysts expect 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 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 directly owns 6,397 shares in the company, valued at $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 available at the SEC website. 0.23% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of PNW. Blue Trust Inc. raised its holdings in Pinnacle West Capital by 377.9% in the second quarter. Blue Trust Inc. now owns 368 shares of the utilities provider’s stock valued at $28,000 after acquiring an additional 291 shares in the last quarter. Cape Investment Advisory Inc. acquired a new position in shares of Pinnacle West Capital during the first quarter worth $30,000. Newbridge Financial Services Group Inc. increased its holdings in Pinnacle West Capital by 70.6% in the fourth quarter. Newbridge Financial Services Group Inc. now owns 481 shares of the utilities provider’s stock valued at $35,000 after buying an additional 199 shares during the last quarter. Rise Advisors LLC acquired a new stake in Pinnacle West Capital in the first quarter valued at $36,000. Finally, Riverview Trust Co acquired a new position in shares of Pinnacle West Capital during the 1st quarter worth 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.