Pinnacle West Capital (NYSE:PNW) Stock Rated Sector Outperform in New Coverage at Scotiabank

Analysts at Scotiabank initiated coverage on shares of Pinnacle West Capital (NYSE:PNW) in a research report issued on Tuesday, MarketBeat reports. The brokerage set a “sector outperform” rating and a $104.00 price target on the utilities provider’s stock. Scotiabank’s price target suggests a potential upside of 13.98% from the stock’s previous close.

A number of other research analysts also recently issued reports on PNW. Barclays lifted their price target on Pinnacle West Capital from $102.00 to $108.00 and gave the company an “equal weight” rating in a report on Wednesday, July 1st. Weiss Ratings restated a “buy (b)” rating on shares of Pinnacle West Capital in a research note on Monday, August 3rd. TD Cowen reaffirmed a “hold” rating on shares of Pinnacle West Capital in a research report on Wednesday, August 12th. Jefferies Financial Group reiterated a “buy” rating and issued a $129.00 target price on shares of Pinnacle West Capital in a research note on Wednesday, July 8th. Finally, BMO Capital Markets decreased their price target on shares of Pinnacle West Capital from $106.00 to $104.00 and set a “market perform” rating for the company in a research report on Wednesday, July 22nd. Four analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $104.21.

Pinnacle West Capital Price Performance

Shares of PNW opened at $91.25 on Tuesday. The company has a debt-to-equity ratio of 1.38, a quick ratio of 0.41 and a current ratio of 0.59. The company has a 50 day moving average price of $98.67 and a 200-day moving average price of $101.34. Pinnacle West Capital has a fifty-two week low of $86.18 and a fifty-two week high of $111.16. The stock has a market capitalization of $11.06 billion, a PE ratio of 17.48, a PEG ratio of 3.35 and a beta of 0.45.

Pinnacle West Capital (NYSE:PNW) last issued its quarterly earnings data on Tuesday, August 4th. The utilities provider reported $1.43 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.46 by ($0.03). The business had revenue of $1.46 billion for the quarter, compared to analysts’ expectations of $1.40 billion. Pinnacle West Capital had a net margin of 11.52% and a return on equity of 8.99%. The business’s quarterly revenue was up 7.1% compared to the same quarter last year. During the same period in the previous year, the business earned $1.58 earnings per share. Pinnacle West Capital has set its FY 2026 guidance at 4.550-4.750 EPS. Equities analysts predict that Pinnacle West Capital will post 4.71 earnings per share for the current fiscal year.

Insider Activity

In other news, CAO Elizabeth A. Blankenship sold 980 shares of the company’s stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $99.17, for a total transaction of $97,186.60. Following the transaction, the chief accounting officer owned 10,886 shares in the company, valued at $1,079,564.62. This represents a 8.26% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Jose Luis Esparza, Jr. sold 1,800 shares of the stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $102.01, for a total transaction of $183,618.00. Following the completion of the transaction, the senior vice president directly owned 4,910 shares of the company’s stock, valued at $500,869.10. The trade was a 26.83% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.19% of the stock is currently owned by company insiders.

Institutional Trading of Pinnacle West Capital

Several large investors have recently bought and sold shares of the stock. Envestnet Asset Management Inc. increased its stake in Pinnacle West Capital by 0.4% during the 2nd quarter. Envestnet Asset Management Inc. now owns 201,227 shares of the utilities provider’s stock valued at $21,531,000 after purchasing an additional 818 shares in the last quarter. The Manufacturers Life Insurance Company lifted its stake in shares of Pinnacle West Capital by 2.1% during the second quarter. The Manufacturers Life Insurance Company now owns 248,651 shares of the utilities provider’s stock worth $26,606,000 after buying an additional 5,199 shares during the period. Sequoia Financial Advisors LLC lifted its stake in shares of Pinnacle West Capital by 45.2% during the second quarter. Sequoia Financial Advisors LLC now owns 14,841 shares of the utilities provider’s stock worth $1,588,000 after buying an additional 4,620 shares during the period. Tidal Investments LLC grew its holdings in shares of Pinnacle West Capital by 233.3% during the second quarter. Tidal Investments LLC now owns 35,637 shares of the utilities provider’s stock valued at $3,813,000 after buying an additional 24,946 shares during the last quarter. Finally, MCF Advisors LLC grew its holdings in shares of Pinnacle West Capital by 11.7% during the second quarter. MCF Advisors LLC now owns 10,889 shares of the utilities provider’s stock valued at $1,165,000 after buying an additional 1,142 shares during the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.

About Pinnacle West Capital

Pinnacle West Capital Corporation (NYSE: PNW) is an energy holding company headquartered in Phoenix, Arizona. Its principal subsidiary, Arizona Public Service Company (APS), is an electric utility that provides power to residential, commercial and industrial customers throughout much of Arizona.

Through APS, Pinnacle West is involved in the generation, transmission and distribution of electricity. Its generation portfolio includes nuclear, natural gas, coal, solar and other renewable energy resources.