Pinnacle West Capital (NYSE:PNW) Stock Rating Upgraded by Wells Fargo & Company

Pinnacle West Capital (NYSE:PNW) was upgraded by equities researchers at Wells Fargo & Company to a “hold” rating in a report issued on Tuesday,Zacks.com reports.

Several other analysts have also recently commented on PNW. TD Cowen assumed coverage on shares of Pinnacle West Capital in a research note on Thursday, October 16th. They issued a “hold” rating and a $97.00 price target on the stock. BMO Capital Markets reiterated a “market perform” rating and issued a $99.00 price target on shares of Pinnacle West Capital in a research note on Monday, October 20th. Royal Bank Of Canada upgraded Pinnacle West Capital to a “hold” rating in a report on Tuesday. KeyCorp cut their price target on Pinnacle West Capital from $100.00 to $97.00 and set an “overweight” rating for the company in a report on Wednesday, October 15th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Pinnacle West Capital in a report on Wednesday, October 8th. Six research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Pinnacle West Capital currently has a consensus rating of “Hold” and an average target price of $96.69.

Pinnacle West Capital Price Performance

Shares of Pinnacle West Capital stock opened at $88.99 on Tuesday. The stock’s 50-day simple moving average is $89.65 and its 200-day simple moving average is $90.78. Pinnacle West Capital has a 52 week low of $81.47 and a 52 week high of $96.50. The company has a market capitalization of $10.63 billion, a price-to-earnings ratio of 18.35, a PEG ratio of 9.39 and a beta of 0.46. The company has a quick ratio of 0.37, a current ratio of 0.52 and a debt-to-equity ratio of 1.25.

Pinnacle West Capital (NYSE:PNW) last announced its quarterly earnings data on Wednesday, August 6th. The utilities provider reported $1.58 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.58. Pinnacle West Capital had a net margin of 10.96% and a return on equity of 8.45%. The business had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.35 billion. During the same period last year, the firm posted $1.76 EPS. The company’s revenue was up 3.8% on a year-over-year basis. As a group, analysts expect that Pinnacle West Capital will post 5.13 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Pinnacle West Capital news, EVP Jacob Tetlow sold 6,496 shares of the company’s stock in a transaction on Monday, August 11th. The stock was sold at an average price of $92.37, for a total transaction of $600,035.52. Following the completion of the sale, the executive vice president owned 56 shares in the company, valued at $5,172.72. This represents a 99.15% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.23% of the company’s stock.

Hedge Funds Weigh In On Pinnacle West Capital

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Gateway Investment Advisers LLC grew its stake in Pinnacle West Capital by 0.3% in the third quarter. Gateway Investment Advisers LLC now owns 44,998 shares of the utilities provider’s stock valued at $4,035,000 after purchasing an additional 114 shares during the last quarter. MassMutual Private Wealth & Trust FSB lifted its position in Pinnacle West Capital by 27.5% during the third quarter. MassMutual Private Wealth & Trust FSB now owns 542 shares of the utilities provider’s stock valued at $49,000 after acquiring an additional 117 shares during the last quarter. Exchange Traded Concepts LLC lifted its position in Pinnacle West Capital by 1.3% during the second quarter. Exchange Traded Concepts LLC now owns 9,846 shares of the utilities provider’s stock valued at $881,000 after acquiring an additional 122 shares during the last quarter. Mesirow Financial Investment Management Inc. lifted its position in Pinnacle West Capital by 0.9% during the second quarter. Mesirow Financial Investment Management Inc. now owns 13,516 shares of the utilities provider’s stock valued at $1,209,000 after acquiring an additional 122 shares during the last quarter. Finally, Allworth Financial LP lifted its position in Pinnacle West Capital by 19.1% during the first quarter. Allworth Financial LP now owns 780 shares of the utilities provider’s stock valued at $74,000 after acquiring an additional 125 shares during the last quarter. Hedge funds and other 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.