Wells Fargo & Company Reiterates “Equal Weight” Rating for Pinnacle West Capital (NYSE:PNW)

Pinnacle West Capital (NYSE:PNW)‘s stock had its “equal weight” rating reaffirmed by Wells Fargo & Company in a research note issued on Monday, Benzinga reports. They presently have a $94.00 target price on the utilities provider’s stock, up from their previous target price of $92.00. Wells Fargo & Company‘s target price indicates a potential upside of 9.23% from the stock’s previous close.

Several other equities analysts also recently commented on the company. Williams Capital reiterated a “buy” rating on shares of Pinnacle West Capital in a report on Friday, April 23rd. Siebert Williams Shank upgraded shares of Pinnacle West Capital from a “hold” rating to a “buy” rating and decreased their price target for the company from $97.00 to $92.00 in a report on Monday, March 1st. Morgan Stanley dropped their price objective on Pinnacle West Capital from $85.00 to $83.00 and set an “equal weight” rating on the stock in a research note on Thursday, May 6th. TheStreet upgraded Pinnacle West Capital from a “c+” rating to a “b” rating in a research note on Monday, May 10th. Finally, Credit Suisse Group raised their target price on Pinnacle West Capital from $81.00 to $91.00 and gave the company a “neutral” rating in a report on Monday, May 10th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and three have given a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $88.88.

PNW stock opened at $86.06 on Monday. The firm has a 50 day moving average of $83.46 and a two-hundred day moving average of $80.47. Pinnacle West Capital has a 12 month low of $69.29 and a 12 month high of $91.88. The company has a market capitalization of $9.70 billion, a price-to-earnings ratio of 15.31, a P/E/G ratio of 4.47 and a beta of 0.25. The company has a quick ratio of 0.90, a current ratio of 1.17 and a debt-to-equity ratio of 1.06.

Pinnacle West Capital (NYSE:PNW) last posted its earnings results on Wednesday, May 5th. The utilities provider reported $0.32 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.25 by $0.07. Pinnacle West Capital had a net margin of 18.03% and a return on equity of 11.16%. The firm had revenue of $696.48 million for the quarter, compared to the consensus estimate of $709.94 million. During the same period in the prior year, the business posted $0.27 earnings per share. The business’s quarterly revenue was up 5.2% on a year-over-year basis. On average, research analysts expect that Pinnacle West Capital will post 5.08 EPS for the current fiscal year.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Daiwa Securities Group Inc. lifted its position in Pinnacle West Capital by 2.3% in the first quarter. Daiwa Securities Group Inc. now owns 5,954 shares of the utilities provider’s stock worth $484,000 after purchasing an additional 134 shares during the period. Stratos Wealth Partners LTD. boosted its position in shares of Pinnacle West Capital by 4.7% during the 4th quarter. Stratos Wealth Partners LTD. now owns 3,191 shares of the utilities provider’s stock valued at $255,000 after acquiring an additional 143 shares in the last quarter. Heritage Wealth Advisors increased its stake in Pinnacle West Capital by 69.8% in the first quarter. Heritage Wealth Advisors now owns 365 shares of the utilities provider’s stock valued at $30,000 after acquiring an additional 150 shares during the period. Norinchukin Bank The raised its position in Pinnacle West Capital by 1.7% in the first quarter. Norinchukin Bank The now owns 9,371 shares of the utilities provider’s stock worth $762,000 after purchasing an additional 155 shares in the last quarter. Finally, Mondrian Investment Partners LTD lifted its stake in Pinnacle West Capital by 28.7% during the first quarter. Mondrian Investment Partners LTD now owns 825 shares of the utilities provider’s stock worth $70,000 after purchasing an additional 184 shares during the period. Institutional investors and hedge funds own 82.78% of the company’s stock.

Pinnacle West Capital Company Profile

Pinnacle West Capital Corporation, through its subsidiary, Arizona Public Service Company, 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.

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Analyst Recommendations for Pinnacle West Capital (NYSE:PNW)

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