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

Pinnacle West Capital (NYSE:PNW) had its price target upped by analysts at Wells Fargo & Company from $92.00 to $95.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the utilities provider’s stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 4.56% from the company’s current price.

A number of other equities analysts have also issued reports on PNW. Barclays lowered Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $93.00 to $91.00 in a research note on Monday, November 18th. Morgan Stanley decreased their price target on Pinnacle West Capital from $82.00 to $81.00 and set an “equal weight” rating for the company in a research note on Friday, November 22nd. Citigroup increased their price target on Pinnacle West Capital from $85.00 to $95.00 and gave the company a “neutral” rating in a research note on Wednesday, December 4th. KeyCorp upgraded Pinnacle West Capital from a “sector weight” rating to an “overweight” rating and set a $101.00 price objective for the company in a research report on Wednesday, December 4th. Finally, Jefferies Financial Group cut their price objective on Pinnacle West Capital from $106.00 to $104.00 and set a “buy” rating for the company in a research report on Tuesday, January 28th. Eight equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $86.58.

Pinnacle West Capital Stock Performance

Shares of PNW stock opened at $90.85 on Wednesday. Pinnacle West Capital has a 12-month low of $66.77 and a 12-month high of $95.42. The firm has a market capitalization of $10.33 billion, a price-to-earnings ratio of 17.21, a price-to-earnings-growth ratio of 3.59 and a beta of 0.57. The business has a 50 day simple moving average of $86.68 and a 200 day simple moving average of $88.14. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.71 and a quick ratio of 0.54.

Pinnacle West Capital (NYSE:PNW) last issued its quarterly earnings data on Tuesday, February 25th. The utilities provider reported ($0.06) earnings per share (EPS) 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 business had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.06 billion. On average, equities research analysts anticipate that Pinnacle West Capital will post 5.13 EPS for the current year.

Institutional Trading of Pinnacle West Capital

Hedge funds and other institutional investors have recently modified their holdings of the business. HITE Hedge Asset Management LLC boosted its position in shares of Pinnacle West Capital by 261.2% in the third quarter. HITE Hedge Asset Management LLC now owns 92,311 shares of the utilities provider’s stock worth $8,178,000 after buying an additional 66,755 shares during the period. XTX Topco Ltd acquired a new stake in shares of Pinnacle West Capital in the third quarter worth $2,235,000. Principal Financial Group Inc. boosted its position in shares of Pinnacle West Capital by 7.7% in the third quarter. Principal Financial Group Inc. now owns 139,243 shares of the utilities provider’s stock worth $12,336,000 after buying an additional 9,993 shares during the period. Entropy Technologies LP boosted its position in shares of Pinnacle West Capital by 170.1% in the third quarter. Entropy Technologies LP now owns 30,314 shares of the utilities provider’s stock worth $2,686,000 after buying an additional 19,089 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Pinnacle West Capital by 47.2% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,716 shares of the utilities provider’s stock worth $995,000 after buying an additional 3,758 shares during the period. 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.