Wells Fargo & Company Increases Pinnacle West Capital (NYSE:PNW) Price Target to $77.00

Pinnacle West Capital (NYSE:PNW) had its price objective increased by stock analysts at Wells Fargo & Company from $74.00 to $77.00 in a research report issued on Friday, Benzinga reports. The firm presently has an “equal weight” rating on the utilities provider’s stock. Wells Fargo & Company‘s target price suggests a potential upside of 1.60% from the company’s current price.

Several other equities research analysts have also issued reports on the stock. Mizuho dropped their target price on shares of Pinnacle West Capital from $77.00 to $75.00 and set a “buy” rating for the company in a research report on Wednesday, March 6th. Royal Bank of Canada decreased their target price on shares of Pinnacle West Capital from $83.00 to $80.00 and set a “sector perform” rating on the stock in a research note on Friday, March 1st. Bank of America raised shares of Pinnacle West Capital from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $71.00 to $80.00 in a research note on Monday, March 18th. StockNews.com downgraded shares of Pinnacle West Capital from a “hold” rating to a “sell” rating in a research report on Thursday, March 14th. Finally, Guggenheim upgraded shares of Pinnacle West Capital from a “neutral” rating to a “buy” rating and set a $78.00 price objective for the company in a report on Monday, January 22nd. One analyst has rated the stock with a sell rating, eight have given a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, Pinnacle West Capital has a consensus rating of “Hold” and a consensus price target of $73.67.

Pinnacle West Capital Stock Performance

Shares of PNW traded up $0.75 during trading hours on Friday, hitting $75.79. The company’s stock had a trading volume of 1,042,530 shares, compared to its average volume of 1,313,112. The business has a 50 day simple moving average of $72.41 and a two-hundred day simple moving average of $72.13. The company has a market cap of $8.61 billion, a price-to-earnings ratio of 17.19, a PEG ratio of 2.11 and a beta of 0.48. Pinnacle West Capital has a 52-week low of $65.20 and a 52-week high of $86.03. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.67 and a quick ratio of 0.50.

Pinnacle West Capital (NYSE:PNW) last issued its quarterly earnings data on Thursday, May 2nd. The utilities provider reported $0.15 EPS for the quarter, beating the consensus estimate of ($0.02) by $0.17. Pinnacle West Capital had a net margin of 10.68% and a return on equity of 8.02%. The company had revenue of $951.71 million during the quarter, compared to analysts’ expectations of $981.82 million. During the same quarter in the previous year, the company earned ($0.03) earnings per share. Pinnacle West Capital’s revenue for the quarter was up .7% on a year-over-year basis. On average, equities analysts expect that Pinnacle West Capital will post 4.7 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Pinnacle West Capital

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. abrdn plc lifted its position in shares of Pinnacle West Capital by 120.0% during the fourth quarter. abrdn plc now owns 58,335 shares of the utilities provider’s stock worth $4,191,000 after purchasing an additional 31,821 shares during the last quarter. Comerica Bank bought a new position in Pinnacle West Capital in the third quarter worth approximately $4,620,000. Duality Advisers LP bought a new stake in Pinnacle West Capital during the 4th quarter valued at $1,422,000. Pacer Advisors Inc. boosted its position in Pinnacle West Capital by 604.2% during the fourth quarter. Pacer Advisors Inc. now owns 50,631 shares of the utilities provider’s stock valued at $3,637,000 after purchasing an additional 43,441 shares in the last quarter. Finally, Financial Counselors Inc. grew its stake in Pinnacle West Capital by 37.5% in the fourth quarter. Financial Counselors Inc. now owns 172,558 shares of the utilities provider’s stock valued at $12,397,000 after purchasing an additional 47,035 shares during the last quarter. Institutional investors own 91.51% of the company’s stock.

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.