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

Pinnacle West Capital Co. (NYSE:PNW) declared a quarterly dividend on Wednesday, June 19th, RTT News reports. Stockholders of record on Thursday, August 1st will be given a dividend of 0.88 per share by the utilities provider on Tuesday, September 3rd. This represents a $3.52 dividend on an annualized basis and a dividend yield of 4.13%. The ex-dividend date is Thursday, August 1st.

Pinnacle West Capital has increased its dividend by an average of 3.0% per year over the last three years and has increased its dividend every year for the last 12 years. Pinnacle West Capital has a payout ratio of 72.0% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Pinnacle West Capital to earn $4.98 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 70.7%.

Pinnacle West Capital Stock Performance

PNW opened at $85.19 on Tuesday. The company has a quick ratio of 0.42, a current ratio of 0.58 and a debt-to-equity ratio of 1.20. The stock’s 50 day moving average price is $77.91 and its two-hundred day moving average price is $73.99. The firm has a market capitalization of $9.67 billion, a P/E ratio of 18.56, a price-to-earnings-growth ratio of 2.17 and a beta of 0.51. Pinnacle West Capital has a 12-month low of $65.20 and a 12-month high of $85.36.

Pinnacle West Capital (NYSE:PNW) last announced its earnings results on Thursday, May 2nd. The utilities provider reported $0.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.17. Pinnacle West Capital had a net margin of 11.09% and a return on equity of 8.29%. The business had revenue of $951.71 million for the quarter, compared to analyst estimates of $981.82 million. During the same quarter in the previous year, the firm posted ($0.03) earnings per share. Pinnacle West Capital’s revenue was up .7% compared to the same quarter last year. On average, equities analysts forecast that Pinnacle West Capital will post 4.75 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on PNW. Morgan Stanley lowered their target price on shares of Pinnacle West Capital from $76.00 to $72.00 and set an “equal weight” rating on the stock in a research note on Monday, June 24th. Citigroup started coverage on Pinnacle West Capital in a report on Monday, April 29th. They issued a “neutral” rating and a $78.00 target price for the company. Wells Fargo & Company boosted their price target on shares of Pinnacle West Capital from $77.00 to $80.00 and gave the company an “equal weight” rating in a research report on Wednesday, June 5th. Barclays cut 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. Finally, LADENBURG THALM/SH SH upgraded Pinnacle West Capital from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $74.00 to $83.50 in a research report on Thursday, June 6th. One analyst has rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $76.77.

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.