Pinnacle West Capital Co. (NYSE:PNW) Declares Quarterly Dividend of $0.88

Pinnacle West Capital Co. (NYSE:PNW) announced a quarterly dividend on Wednesday, April 17th, RTT News reports. Stockholders of record on Wednesday, May 1st will be paid a dividend of 0.88 per share by the utilities provider on Monday, June 3rd. This represents a $3.52 annualized dividend and a dividend yield of 4.78%. The ex-dividend date is Tuesday, April 30th.

Pinnacle West Capital has increased its dividend payment by an average of 3.0% annually 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 71.3% meaning its dividend is sufficiently covered by earnings. Analysts expect Pinnacle West Capital to earn $4.99 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 70.5%.

Pinnacle West Capital Stock Down 0.7 %

Shares of PNW stock opened at $73.69 on Friday. The firm has a fifty day moving average of $71.88 and a 200-day moving average of $72.13. The company has a quick ratio of 0.50, a current ratio of 0.67 and a debt-to-equity ratio of 1.20. Pinnacle West Capital has a 12-month low of $65.20 and a 12-month high of $86.03. The company has a market capitalization of $8.37 billion, a price-to-earnings ratio of 16.71, a P/E/G ratio of 2.09 and a beta of 0.49.

Wall Street Analysts Forecast Growth

PNW has been the subject of several research reports. Royal Bank of Canada lowered their price objective on shares of Pinnacle West Capital from $83.00 to $80.00 and set a “sector perform” rating for the company in a research report on Friday, March 1st. Guggenheim upgraded shares of Pinnacle West Capital from a “neutral” rating to a “buy” rating and set a $78.00 target price for the company in a report on Monday, January 22nd. Bank of America upgraded shares of Pinnacle West Capital from a “neutral” rating to a “buy” rating and increased their target price for the stock from $71.00 to $80.00 in a report on Monday, March 18th. Wells Fargo & Company reduced their target price on shares of Pinnacle West Capital from $78.00 to $74.00 and set an “equal weight” rating for the company in a report on Friday, January 26th. Finally, UBS Group upgraded shares of Pinnacle West Capital from a “sell” rating to a “neutral” rating and increased their target price for the stock from $68.00 to $71.00 in a report on Monday, March 11th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $73.00.

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.