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

Pinnacle West Capital (NYSE:PNW - Get Free Report) had its target price raised by research analysts at Wells Fargo & Company from $74.00 to $77.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage presently has an "equal weight" rating on the utilities provider's stock. Wells Fargo & Company's price objective points to a potential upside of 1.60% from the stock's current price.

PNW has been the topic of several other research reports. Bank of America raised shares of Pinnacle West Capital from a "neutral" rating to a "buy" rating and upped their price target for the company from $71.00 to $80.00 in a report on Monday, March 18th. Evercore ISI reduced their price target on shares of Pinnacle West Capital from $76.00 to $69.00 and set an "in-line" rating on the stock in a report on Monday, March 4th. Guggenheim raised shares of Pinnacle West Capital from a "neutral" rating to a "buy" rating and set a $78.00 price target on the stock in a report on Monday, January 22nd. Barclays upped their price target on shares of Pinnacle West Capital from $75.00 to $76.00 and gave the company an "overweight" rating in a report on Monday, April 15th. Finally, Morgan Stanley upped their price objective on shares of Pinnacle West Capital from $69.00 to $70.00 and gave the company an "equal weight" rating in a research note on Thursday, March 21st. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and four have given a buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $73.67.

Pinnacle West Capital Stock Performance

NYSE PNW traded up $0.75 during trading on Friday, reaching $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 company has a debt-to-equity ratio of 1.20, a quick ratio of 0.50 and a current ratio of 0.67. The firm has a market cap of $8.61 billion, a price-to-earnings ratio of 17.19, a P/E/G ratio of 2.11 and a beta of 0.48. Pinnacle West Capital has a twelve month low of $65.20 and a twelve month high of $86.03. The business's fifty day moving average price is $72.41 and its 200-day moving average price is $72.13.

Pinnacle West Capital (NYSE:PNW - Get Free Report) last issued its earnings results on Thursday, May 2nd. The utilities provider reported $0.15 earnings per share for the quarter, topping 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 for the quarter, compared to analyst estimates of $981.82 million. During the same period in the prior year, the business posted ($0.03) earnings per share. The firm's revenue for the quarter was up .7% compared to the same quarter last year. As a group, analysts anticipate that Pinnacle West Capital will post 4.7 EPS for the current fiscal year.

Institutional Trading of Pinnacle West Capital

Institutional investors have recently made changes to their positions in the stock. Larson Financial Group LLC raised its holdings in shares of Pinnacle West Capital by 149.6% in the 1st quarter. Larson Financial Group LLC now owns 2,571 shares of the utilities provider's stock worth $192,000 after purchasing an additional 1,541 shares in the last quarter. Financial Counselors Inc. raised its holdings in shares of Pinnacle West Capital by 9.2% in the 1st quarter. Financial Counselors Inc. now owns 188,385 shares of the utilities provider's stock worth $14,078,000 after purchasing an additional 15,827 shares in the last quarter. Daiwa Securities Group Inc. raised its holdings in shares of Pinnacle West Capital by 22.8% in the 1st quarter. Daiwa Securities Group Inc. now owns 3,733 shares of the utilities provider's stock worth $279,000 after purchasing an additional 694 shares in the last quarter. Janney Montgomery Scott LLC raised its holdings in shares of Pinnacle West Capital by 14.6% during the first quarter. Janney Montgomery Scott LLC now owns 10,944 shares of the utilities provider's stock valued at $818,000 after acquiring an additional 1,398 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Pinnacle West Capital by 28.4% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 28,590 shares of the utilities provider's stock valued at $2,170,000 after acquiring an additional 6,321 shares during the period. 91.51% of the stock is owned by institutional investors and hedge funds.

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.

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