Scotiabank Begins Coverage on Pinnacle West Capital (NYSE:PNW)

Investment analysts at Scotiabank started coverage on shares of Pinnacle West Capital (NYSE:PNW) in a research note issued on Tuesday, MarketBeat reports. The firm set a “sector outperform” rating and a $104.00 price target on the utilities provider’s stock. Scotiabank’s target price points to a potential upside of 13.80% from the company’s current price.

A number of other research analysts have also issued reports on the stock. Truist Financial reduced their target price on shares of Pinnacle West Capital from $107.00 to $101.00 and set a “hold” rating on the stock in a report on Monday, August 17th. Barclays raised their target price on shares of Pinnacle West Capital from $102.00 to $108.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 1st. Morgan Stanley lowered their target price on shares of Pinnacle West Capital from $94.00 to $89.00 and set an “equal weight” rating for the company in a research note on Friday, September 18th. BMO Capital Markets cut their price target on Pinnacle West Capital from $106.00 to $104.00 and set a “market perform” rating for the company in a report on Wednesday, July 22nd. Finally, Jefferies Financial Group reaffirmed a “buy” rating and issued a $129.00 price objective on shares of Pinnacle West Capital in a research report on Wednesday, July 8th. Four research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $104.21.

Pinnacle West Capital Price Performance

PNW stock traded up $0.07 on Tuesday, reaching $91.39. The company had a trading volume of 29,117 shares, compared to its average volume of 1,208,402. The company’s fifty day moving average is $98.67 and its 200 day moving average is $101.34. The company has a market cap of $11.08 billion, a P/E ratio of 17.54, a PEG ratio of 3.35 and a beta of 0.45. The company has a debt-to-equity ratio of 1.38, a quick ratio of 0.41 and a current ratio of 0.59. Pinnacle West Capital has a 1 year low of $86.18 and a 1 year high of $111.16.

Pinnacle West Capital (NYSE:PNW) last released its quarterly earnings results on Tuesday, August 4th. The utilities provider reported $1.43 earnings per share for the quarter, missing analysts’ consensus estimates of $1.46 by ($0.03). The company had revenue of $1.46 billion during the quarter, compared to analyst estimates of $1.40 billion. Pinnacle West Capital had a return on equity of 8.99% and a net margin of 11.52%.The business’s revenue was up 7.1% compared to the same quarter last year. During the same period last year, the firm earned $1.58 earnings per share. Pinnacle West Capital has set its FY 2026 guidance at 4.550-4.750 EPS. On average, research analysts forecast that Pinnacle West Capital will post 4.71 earnings per share for the current year.

Insider Buying and Selling at Pinnacle West Capital

In other Pinnacle West Capital news, SVP Jose Luis Esparza, Jr. sold 1,800 shares of the business’s stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $102.01, for a total transaction of $183,618.00. Following the transaction, the senior vice president owned 4,910 shares in the company, valued at $500,869.10. The trade was a 26.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Elizabeth A. Blankenship sold 980 shares of the company’s stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $99.17, for a total value of $97,186.60. Following the completion of the sale, the chief accounting officer directly owned 10,886 shares of the company’s stock, valued at $1,079,564.62. The trade was a 8.26% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 0.19% of the company’s stock.

Hedge Funds Weigh In On Pinnacle West Capital

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

Pinnacle West Capital Company Profile

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.