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

Pinnacle West Capital (NYSE:PNW - Free Report) had its price target boosted by Wells Fargo & Company from $87.00 to $90.00 in a research report released on Wednesday, Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the utilities provider's stock.

Several other brokerages have also issued reports on PNW. Barclays dropped their target price on shares of Pinnacle West Capital from $81.00 to $78.00 and set an "overweight" rating for the company in a research report on Tuesday, July 2nd. Morgan Stanley upped their target price on shares of 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. StockNews.com upgraded Pinnacle West Capital from a "sell" rating to a "hold" rating in a research report on Monday, August 5th. Finally, Jefferies Financial Group initiated coverage on Pinnacle West Capital in a report on Thursday, September 19th. They issued a "buy" rating and a $104.00 price objective for the company. Seven research analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $80.79.

Pinnacle West Capital Price Performance

NYSE:PNW traded up $0.53 during trading hours on Wednesday, hitting $87.58. The stock had a trading volume of 1,947,739 shares, compared to its average volume of 1,115,759. The company has a 50 day simple moving average of $87.86 and a two-hundred day simple moving average of $80.96. The firm has a market capitalization of $9.95 billion, a price-to-earnings ratio of 19.05, a P/E/G ratio of 2.20 and a beta of 0.52. The company has a debt-to-equity ratio of 1.28, a current ratio of 0.66 and a quick ratio of 0.48. Pinnacle West Capital has a one year low of $65.20 and a one year high of $91.57.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last posted its quarterly earnings data on Thursday, August 1st. The utilities provider reported $1.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.31 by $0.45. The company had revenue of $1.31 billion during the quarter, compared to analyst estimates of $1.21 billion. Pinnacle West Capital had a return on equity of 9.75% and a net margin of 12.65%. The firm's quarterly revenue was up 15.7% on a year-over-year basis. During the same quarter last year, the company earned $0.94 earnings per share. Research analysts forecast that Pinnacle West Capital will post 4.77 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Robert Edgar Smith sold 4,950 shares of the stock in a transaction that occurred 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 sale, the executive vice president now owns 6,397 shares of the company's stock, valued at approximately $548,862.60. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.23% of the company's stock.

Hedge Funds Weigh In On Pinnacle West Capital

Hedge funds have recently modified their holdings of the company. Blue Trust Inc. increased its stake in shares of Pinnacle West Capital by 377.9% during the second quarter. Blue Trust Inc. now owns 368 shares of the utilities provider's stock valued at $28,000 after buying an additional 291 shares during the period. Cape Investment Advisory Inc. purchased a new position in Pinnacle West Capital during the 1st quarter valued at $30,000. Newbridge Financial Services Group Inc. raised its holdings in Pinnacle West Capital by 70.6% in the 4th quarter. Newbridge Financial Services Group Inc. now owns 481 shares of the utilities provider's stock worth $35,000 after purchasing an additional 199 shares in the last quarter. Rise Advisors LLC purchased a new stake in shares of Pinnacle West Capital in the 1st quarter worth about $36,000. Finally, Riverview Trust Co bought a new stake in shares of Pinnacle West Capital during the 1st quarter valued at about $46,000. 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.