Pinnacle West Capital (NYSE:PNW) Earns Buy Rating from Analysts at Jefferies Financial Group

Jefferies Financial Group started coverage on shares of Pinnacle West Capital (NYSE:PNW) in a research note issued to investors on Thursday morning, Marketbeat.com reports. The firm issued a buy rating and a $104.00 target price on the utilities provider’s stock.

Several other research firms have also commented on PNW. LADENBURG THALM/SH SH raised shares of Pinnacle West Capital from a neutral rating to a buy rating and raised their target price for the company from $74.00 to $83.50 in a report on Thursday, June 6th. Morgan Stanley lifted their price objective 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. StockNews.com upgraded Pinnacle West Capital from a sell rating to a hold rating in a research note on Monday, August 5th. Wells Fargo & Company lifted 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 dropped their price objective on 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. Eight research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of Hold and a consensus price target of $80.13.

Pinnacle West Capital Trading Up 1.4 %

Shares of PNW stock opened at $90.28 on Thursday. The stock has a market cap of $10.25 billion, a P/E ratio of 19.67, a price-to-earnings-growth ratio of 2.27 and a beta of 0.52. Pinnacle West Capital has a 1 year low of $65.20 and a 1 year high of $91.57. The company has a current ratio of 0.66, a quick ratio of 0.48 and a debt-to-equity ratio of 1.28. The stock has a 50 day simple moving average of $86.46 and a 200 day simple moving average of $79.03.

Pinnacle West Capital (NYSE:PNW) last released its earnings results on Thursday, August 1st. The utilities provider reported $1.76 earnings per share for the quarter, beating analysts’ consensus estimates of $1.31 by $0.45. Pinnacle West Capital had a return on equity of 9.75% and a net margin of 12.65%. The firm had revenue of $1.31 billion during the quarter, compared to the consensus estimate of $1.21 billion. During the same period in the prior year, the company posted $0.94 EPS. The company’s revenue was up 15.7% compared to the same quarter last year. On average, research analysts predict that Pinnacle West Capital will post 4.77 earnings per share for the current fiscal year.

Insider Activity

In other news, EVP Robert Edgar Smith sold 4,950 shares of the company’s stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $85.80, for a total value of $424,710.00. Following the completion of the transaction, the executive vice president now owns 6,397 shares of the company’s stock, valued at $548,862.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.23% of the company’s stock.

Institutional Investors Weigh In On Pinnacle West Capital

Institutional investors have recently added to or reduced their stakes in the business. Blue Trust Inc. lifted 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 period. Cape Investment Advisory Inc. bought a new position in Pinnacle West Capital during the 1st quarter worth $30,000. Newbridge Financial Services Group Inc. lifted its holdings in Pinnacle West Capital by 70.6% during the 4th quarter. Newbridge Financial Services Group Inc. now owns 481 shares of the utilities provider’s stock worth $35,000 after buying an additional 199 shares during the period. Rise Advisors LLC bought a new stake in shares of Pinnacle West Capital in the 1st quarter valued at about $36,000. Finally, Riverview Trust Co acquired a new stake in shares of Pinnacle West Capital in the first quarter valued at about $46,000. 91.51% of the stock is owned by institutional investors.

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.