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

Pinnacle West Capital Co. (NYSE:PNW) announced a quarterly dividend on Wednesday, December 11th,RTT News reports. Stockholders of record on Monday, February 3rd will be paid a dividend of 0.895 per share by the utilities provider on Monday, March 3rd. This represents a $3.58 dividend on an annualized basis and a dividend yield of 4.03%.

Pinnacle West Capital has raised its dividend by an average of 3.0% annually over the last three years and has raised its dividend annually for the last 13 consecutive years. Pinnacle West Capital has a dividend payout ratio of 78.2% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings fall. Equities analysts expect Pinnacle West Capital to earn $4.51 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 79.4%.

Pinnacle West Capital Stock Performance

PNW traded down $1.36 on Wednesday, reaching $88.89. 955,743 shares of the stock were exchanged, compared to its average volume of 1,158,951. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.71 and a quick ratio of 0.54. The company’s 50-day moving average price is $89.71 and its 200 day moving average price is $85.28. The firm has a market capitalization of $10.11 billion, a PE ratio of 17.10, a PEG ratio of 2.17 and a beta of 0.54. Pinnacle West Capital has a fifty-two week low of $65.20 and a fifty-two week high of $95.42.

Analyst Ratings Changes

A number of equities research analysts recently commented on the company. KeyCorp upgraded Pinnacle West Capital from a “sector weight” rating to an “overweight” rating and set a $101.00 target price on the stock in a research report on Wednesday, December 4th. Barclays cut shares of Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $93.00 to $91.00 in a report on Monday, November 18th. Citigroup increased their price target on Pinnacle West Capital from $85.00 to $95.00 and gave the stock a “neutral” rating in a research report on Wednesday, December 4th. Jefferies Financial Group assumed coverage on Pinnacle West Capital in a report on Thursday, September 19th. They issued a “buy” rating and a $104.00 price objective for the company. Finally, Morgan Stanley dropped their target price on Pinnacle West Capital from $82.00 to $81.00 and set an “equal weight” rating on the stock in a report on Friday, November 22nd. Eight research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $84.65.

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.