Pinnacle West Capital (NYSE:PNW) Price Target Raised to $95.00 at Wells Fargo & Company

Pinnacle West Capital (NYSE:PNW) had its price target boosted by investment analysts at Wells Fargo & Company from $92.00 to $95.00 in a report issued on Wednesday,Benzinga reports. The firm currently has an “equal weight” rating on the utilities provider’s stock. Wells Fargo & Company‘s price objective suggests a potential upside of 2.88% from the company’s current price.

Several other research analysts have also recently commented on PNW. Citigroup raised their target price on shares of Pinnacle West Capital from $85.00 to $95.00 and gave the stock a “neutral” rating in a report on Wednesday, December 4th. Barclays downgraded Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $93.00 to $91.00 in a research report on Monday, November 18th. Morgan Stanley dropped their price objective on Pinnacle West Capital from $82.00 to $81.00 and set an “equal weight” rating for the company in a report on Friday, November 22nd. KeyCorp raised Pinnacle West Capital from a “sector weight” rating to an “overweight” rating and set a $101.00 target price on the stock in a report on Wednesday, December 4th. Finally, Jefferies Financial Group dropped their price target on Pinnacle West Capital from $106.00 to $104.00 and set a “buy” rating for the company in a research note on Tuesday, January 28th. Eight equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $85.46.

Pinnacle West Capital Stock Performance

Shares of PNW opened at $92.34 on Wednesday. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.71 and a quick ratio of 0.54. The firm has a 50-day moving average of $86.39 and a 200-day moving average of $88.07. The company has a market cap of $10.50 billion, a PE ratio of 17.55, a price-to-earnings-growth ratio of 3.59 and a beta of 0.57. Pinnacle West Capital has a one year low of $66.77 and a one year high of $95.42.

Pinnacle West Capital (NYSE:PNW) last announced its quarterly earnings results on Tuesday, February 25th. The utilities provider reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.25. Pinnacle West Capital had a return on equity of 9.60% and a net margin of 12.26%. The firm had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.06 billion. As a group, equities analysts forecast that Pinnacle West Capital will post 5.13 earnings per share for the current year.

Institutional Trading of Pinnacle West Capital

A number of large investors have recently added to or reduced their stakes in PNW. Norges Bank purchased a new stake in shares of Pinnacle West Capital during the 4th quarter worth approximately $194,655,000. Invesco Ltd. grew its holdings in Pinnacle West Capital by 32.2% during the fourth quarter. Invesco Ltd. now owns 4,298,009 shares of the utilities provider’s stock valued at $364,342,000 after purchasing an additional 1,045,788 shares during the period. Merewether Investment Management LP bought a new stake in shares of Pinnacle West Capital in the fourth quarter valued at $69,233,000. Two Sigma Advisers LP lifted its position in shares of Pinnacle West Capital by 462.8% during the 4th quarter. Two Sigma Advisers LP now owns 912,900 shares of the utilities provider’s stock valued at $77,387,000 after buying an additional 750,700 shares during the last quarter. Finally, Deutsche Bank AG lifted its position in shares of Pinnacle West Capital by 33.4% during the 4th quarter. Deutsche Bank AG now owns 2,435,065 shares of the utilities provider’s stock valued at $206,420,000 after buying an additional 610,042 shares during the last quarter. Hedge funds and other institutional investors 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.