Pinnacle West Capital Co. (NYSE:PNW) announced a quarterly dividend on Thursday, October 18th, RTT News reports. Shareholders of record on Thursday, November 1st will be paid a dividend of 0.7375 per share by the utilities provider on Monday, December 3rd. This represents a $2.95 annualized dividend and a yield of 3.53%. This is a boost from Pinnacle West Capital’s previous quarterly dividend of $0.70.
Pinnacle West Capital has increased its dividend payment by an average of 5.0% annually over the last three years and has increased its dividend annually for the last 6 consecutive years. Pinnacle West Capital has a dividend payout ratio of 62.5% indicating that its dividend is sufficiently covered by earnings. Analysts expect Pinnacle West Capital to earn $4.71 per share next year, which means the company should continue to be able to cover its $2.78 annual dividend with an expected future payout ratio of 59.0%.
Shares of NYSE:PNW opened at $83.48 on Friday. The company has a debt-to-equity ratio of 0.81, a current ratio of 0.50 and a quick ratio of 0.36. The firm has a market capitalization of $9.37 billion, a price-to-earnings ratio of 19.19, a P/E/G ratio of 4.21 and a beta of 0.13. Pinnacle West Capital has a 52-week low of $73.41 and a 52-week high of $92.48.
A number of equities analysts have recently weighed in on PNW shares. Wells Fargo & Co upgraded Pinnacle West Capital to a “buy” rating and increased their price target for the stock from $88.00 to $90.00 in a report on Sunday, September 16th. Goldman Sachs Group upgraded Pinnacle West Capital from a “neutral” rating to a “buy” rating in a report on Thursday. Williams Capital increased their price target on Pinnacle West Capital from $80.00 to $84.00 and gave the stock a “hold” rating in a report on Monday. Morgan Stanley lowered their price target on Pinnacle West Capital from $89.00 to $85.00 and set a “hold” rating for the company in a report on Friday, September 21st. Finally, Zacks Investment Research cut Pinnacle West Capital from a “buy” rating to a “hold” rating in a report on Wednesday, July 4th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have assigned a buy rating to the company. Pinnacle West Capital currently has a consensus rating of “Hold” and a consensus target price of $84.00.
Pinnacle West Capital Company Profile
Pinnacle West Capital Corporation, through its subsidiary, Arizona Public Service Company, provides retail and wholesale electric services primarily in the state of Arizona. It generates, transmits, and distributes electricity using coal, nuclear, gas, oil, and solar resources. The company serves approximately 1.2 million homes and businesses.
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