Wells Fargo & Company Forecasts Strong Price Appreciation for Pinnacle West Capital (NYSE:PNW) Stock

Pinnacle West Capital (NYSE:PNW) had its price target increased by investment analysts at Wells Fargo & Company from $90.00 to $92.00 in a report issued on Thursday, Benzinga reports. The brokerage presently has an “equal weight” rating on the utilities provider’s stock. Wells Fargo & Company‘s price target would indicate a potential upside of 3.06% from the company’s current price.

Several other research analysts have also commented on the stock. Jefferies Financial Group initiated coverage on shares of Pinnacle West Capital in a research note on Thursday, September 19th. They issued a “buy” rating and a $104.00 price objective for the company. Morgan Stanley boosted their price target on shares of 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. Finally, StockNews.com upgraded Pinnacle West Capital from a “sell” rating to a “hold” rating in a research note on Monday, August 5th. Seven analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $80.96.

Pinnacle West Capital Trading Down 0.9 %

NYSE PNW traded down $0.83 on Thursday, reaching $89.27. The stock had a trading volume of 232,064 shares, compared to its average volume of 1,134,208. Pinnacle West Capital has a 12-month low of $65.20 and a 12-month high of $92.59. The stock has a fifty day moving average price of $88.30 and a two-hundred day moving average price of $82.56. The firm has a market capitalization of $10.14 billion, a price-to-earnings ratio of 16.57, a P/E/G ratio of 2.13 and a beta of 0.52. The company has a quick ratio of 0.48, a current ratio of 0.66 and a debt-to-equity ratio of 1.28.

Pinnacle West Capital (NYSE:PNW) last posted its quarterly earnings data on Wednesday, November 6th. The utilities provider reported $3.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.35 by $0.02. Pinnacle West Capital had a return on equity of 9.75% and a net margin of 12.65%. The firm had revenue of $1.77 billion for the quarter, compared to the consensus estimate of $1.68 billion. As a group, sell-side analysts forecast that Pinnacle West Capital will post 4.9 EPS for the current fiscal year.

Insider Activity at Pinnacle West Capital

In other Pinnacle West Capital news, EVP Robert Edgar Smith sold 4,950 shares of the company’s stock in a transaction on Friday, August 9th. The shares were sold at an average price of $85.80, for a total value of $424,710.00. Following the completion of the transaction, the executive vice president now owns 6,397 shares in the company, valued at $548,862.60. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 0.23% of the company’s stock.

Institutional Investors Weigh In On Pinnacle West Capital

Large investors have recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Pinnacle West Capital by 28.4% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 28,590 shares of the utilities provider’s stock worth $2,170,000 after buying an additional 6,321 shares during the last quarter. Janney Montgomery Scott LLC increased its holdings in shares of Pinnacle West Capital by 14.6% in the first quarter. Janney Montgomery Scott LLC now owns 10,944 shares of the utilities provider’s stock valued at $818,000 after purchasing an additional 1,398 shares during the period. Daiwa Securities Group Inc. raised its stake in shares of Pinnacle West Capital by 22.8% during the first quarter. Daiwa Securities Group Inc. now owns 3,733 shares of the utilities provider’s stock worth $279,000 after purchasing an additional 694 shares during the last quarter. Empirical Finance LLC lifted its holdings in shares of Pinnacle West Capital by 3.4% during the first quarter. Empirical Finance LLC now owns 4,059 shares of the utilities provider’s stock worth $303,000 after purchasing an additional 134 shares during the period. Finally, Envestnet Portfolio Solutions Inc. grew its position in Pinnacle West Capital by 20.9% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 4,935 shares of the utilities provider’s stock valued at $369,000 after buying an additional 852 shares during the last quarter. 91.51% of the stock is owned by institutional investors and hedge funds.

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.