Pinnacle West Capital (NYSE:PNW) Coverage Initiated by Analysts at Jefferies Financial Group

by · The Markets Daily

Investment analysts at Jefferies Financial Group assumed coverage on shares of Pinnacle West Capital (NYSE:PNW – Get Free Report) in a research note issued to investors on Thursday, MarketBeat Ratings reports. The brokerage set a “buy” rating and a $104.00 price target on the utilities provider’s stock. Jefferies Financial Group’s price objective points to a potential upside of 15.20% from the company’s previous close.

PNW has been the topic of a number of other research reports. StockNews.com raised shares of Pinnacle West Capital from a “sell” rating to a “hold” rating in a research report on Monday, August 5th. LADENBURG THALM/SH SH upgraded shares of Pinnacle West Capital from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $74.00 to $83.50 in a report on Thursday, June 6th. Morgan Stanley increased their target price on shares of Pinnacle West Capital from $72.00 to $78.00 and gave the company an “equal weight” rating in a research note on Friday, August 23rd. Wells Fargo & Company boosted their price target on Pinnacle West Capital from $80.00 to $87.00 and gave the company an “equal weight” rating in a research note on Friday, August 2nd. Finally, Barclays decreased their price objective on Pinnacle West Capital from $81.00 to $78.00 and set an “overweight” rating on the stock in a report on Tuesday, July 2nd. Eight investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, Pinnacle West Capital has an average rating of “Hold” and an average target price of $80.13.

Read Our Latest Stock Report on Pinnacle West Capital

Pinnacle West Capital Stock Performance

Shares of PNW opened at $90.28 on Thursday. The company has a market capitalization of $10.25 billion, a PE ratio of 19.67, a price-to-earnings-growth ratio of 2.27 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. The company’s fifty day moving average price is $86.46 and its 200 day moving average price is $78.95.

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 for the quarter, topping the consensus estimate of $1.31 by $0.45. The business had revenue of $1.31 billion during the quarter, compared to analysts’ expectations 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 revenue was up 15.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.94 EPS. As a group, analysts expect that Pinnacle West Capital will post 4.77 earnings per share for the current year.

Insiders Place Their Bets

In other news, EVP Robert Edgar Smith sold 4,950 shares of the company’s stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $85.80, for a total value of $424,710.00. Following the sale, the executive vice president now owns 6,397 shares of the company’s stock, valued at approximately $548,862.60. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.23% of the company’s stock.

Institutional Investors Weigh In On Pinnacle West Capital

Large investors have recently bought and sold shares of the business. Blue Trust Inc. grew its holdings 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 worth $28,000 after purchasing an additional 291 shares during the last quarter. Cape Investment Advisory Inc. bought a new stake in Pinnacle West Capital during the 1st quarter worth about $30,000. Newbridge Financial Services Group Inc. increased its position 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 valued at $35,000 after acquiring an additional 199 shares in the last quarter. Rise Advisors LLC bought a new position in shares of Pinnacle West Capital in the first quarter worth about $36,000. Finally, Riverview Trust Co acquired a new position in shares of Pinnacle West Capital during the first quarter worth approximately $46,000. 91.51% of the stock is currently owned by institutional investors.

Pinnacle West Capital Company Profile

(Get Free Report)

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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