Pinnacle West Capital Corporation (NYSE:PNW) Declares Quarterly Dividend of $0.91

Pinnacle West Capital Corporation (NYSE:PNW) announced a quarterly dividend on Wednesday, October 22nd. Investors of record on Monday, November 3rd will be given a dividend of 0.91 per share by the utilities provider on Monday, December 1st. This represents a c) annualized dividend and a dividend yield of 3.9%. The ex-dividend date of this dividend is Monday, November 3rd. This is a 1.7% increase from Pinnacle West Capital’s previous quarterly dividend of $0.90.

Pinnacle West Capital has a payout ratio of 70.5% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Pinnacle West Capital to earn $4.53 per share next year, which means the company should continue to be able to cover its $3.58 annual dividend with an expected future payout ratio of 79.0%.

Pinnacle West Capital Stock Up 0.3%

NYSE PNW opened at $92.53 on Thursday. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.37 and a current ratio of 0.52. The firm has a 50-day simple moving average of $89.68 and a 200 day simple moving average of $90.74. Pinnacle West Capital has a twelve month low of $81.47 and a twelve month high of $96.50. The stock has a market cap of $11.05 billion, a PE ratio of 19.08, a PEG ratio of 9.55 and a beta of 0.46.

Pinnacle West Capital (NYSE:PNW) last announced its quarterly earnings results on Wednesday, August 6th. The utilities provider reported $1.58 EPS for the quarter, hitting analysts’ consensus estimates of $1.58. The firm had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.35 billion. Pinnacle West Capital had a net margin of 10.96% and a return on equity of 8.45%. The company’s revenue for the quarter was up 3.8% compared to the same quarter last year. During the same quarter last year, the company earned $1.76 earnings per share. On average, research analysts forecast that Pinnacle West Capital will post 5.13 EPS for the current year.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. Argus cut their price target on shares of Pinnacle West Capital from $98.00 to $95.00 and set a “buy” rating for the company in a research note on Tuesday, September 30th. Barclays raised their price target on shares of Pinnacle West Capital from $93.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 7th. Zacks Research cut shares of Pinnacle West Capital from a “hold” rating to a “strong sell” rating in a research note on Friday, October 10th. Morgan Stanley set a $93.00 price objective on shares of Pinnacle West Capital and gave the stock an “outperform” rating in a report on Wednesday. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Pinnacle West Capital in a report on Wednesday, October 8th. Six investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $97.00.

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.