Pinnacle West Capital Co. (NYSE:PNW) to Issue Quarterly Dividend of $0.90

Pinnacle West Capital Co. (NYSE:PNW) declared a quarterly dividend on Wednesday, October 23rd, RTT News reports. Stockholders of record on Monday, November 4th will be paid a dividend of 0.895 per share by the utilities provider on Monday, December 2nd. This represents a $3.58 dividend on an annualized basis and a dividend yield of 4.01%. This is an increase from Pinnacle West Capital’s previous quarterly dividend of $0.88.

Pinnacle West Capital has increased its dividend payment by an average of 3.0% per year over the last three years and has raised its dividend annually for the last 12 consecutive years. Pinnacle West Capital has a payout ratio of 72.9% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Pinnacle West Capital to earn $4.87 per share next year, which means the company should continue to be able to cover its $3.52 annual dividend with an expected future payout ratio of 72.3%.

Pinnacle West Capital Stock Up 1.4 %

Shares of NYSE PNW opened at $89.31 on Thursday. Pinnacle West Capital has a 1 year low of $65.20 and a 1 year high of $91.57. The firm’s 50 day moving average price is $88.12 and its 200 day moving average price is $81.52. The firm has a market cap of $10.14 billion, a P/E ratio of 19.46, a price-to-earnings-growth ratio of 2.20 and a beta of 0.52. The company has a debt-to-equity ratio of 1.28, a quick ratio of 0.48 and a current ratio of 0.66.

Pinnacle West Capital (NYSE:PNW) last announced its quarterly 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. The company had revenue of $1.31 billion for the quarter, compared to analyst estimates of $1.21 billion. Pinnacle West Capital had a net margin of 12.65% and a return on equity of 9.75%. Pinnacle West Capital’s revenue for the quarter was up 15.7% on a year-over-year basis. During the same quarter last year, the business earned $0.94 EPS. As a group, sell-side analysts anticipate that Pinnacle West Capital will post 4.77 earnings per share for the current year.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. Jefferies Financial Group assumed coverage on shares of Pinnacle West Capital in a research report on Thursday, September 19th. They issued a “buy” rating and a $104.00 target price for the company. StockNews.com raised shares of Pinnacle West Capital from a “sell” rating to a “hold” rating in a report on Monday, August 5th. Barclays reduced their target price on shares of Pinnacle West Capital from $81.00 to $78.00 and set an “overweight” rating for the company in a research note on Tuesday, July 2nd. Morgan Stanley boosted their target price on shares of Pinnacle West Capital from $78.00 to $83.00 and gave the company an “equal weight” rating in a research note on Wednesday, September 25th. Finally, Wells Fargo & Company upped their price target on shares of Pinnacle West Capital from $87.00 to $90.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 16th. Seven analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, Pinnacle West Capital presently has an average rating of “Hold” and an average target price of $80.79.

Insider Activity at Pinnacle West Capital

In related news, EVP Robert Edgar Smith sold 4,950 shares of the business’s stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $85.80, for a total transaction of $424,710.00. Following the transaction, the executive vice president now directly owns 6,397 shares of the company’s stock, valued at approximately $548,862.60. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.23% of the stock is currently owned by insiders.

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.