Pinnacle West Capital Co. (NYSE:PNW) Raises Dividend to $0.90 Per Share

Pinnacle West Capital Co. (NYSE:PNW) declared a quarterly dividend on Wednesday, October 23rd, RTT News reports. Shareholders 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 annualized dividend and a 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% annually 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 72.9% indicating that its dividend is sufficiently covered by earnings. 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 Pinnacle West Capital stock traded up $1.19 during trading on Wednesday, reaching $89.31. 1,651,303 shares of the company traded hands, compared to its average volume of 1,128,673. The company has a debt-to-equity ratio of 1.28, a current ratio of 0.66 and a quick ratio of 0.48. The firm has a market capitalization of $10.14 billion, a PE ratio of 19.20, a P/E/G ratio of 2.20 and a beta of 0.52. The company has a 50 day moving average price of $88.05 and a 200-day moving average price of $81.46. Pinnacle West Capital has a 1-year low of $65.20 and a 1-year high of $91.57.

Pinnacle West Capital (NYSE:PNW) last released its quarterly earnings data on Thursday, August 1st. The utilities provider reported $1.76 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.31 by $0.45. Pinnacle West Capital had a net margin of 12.65% and a return on equity of 9.75%. The company had revenue of $1.31 billion for the quarter, compared to analysts’ expectations of $1.21 billion. During the same quarter in the prior year, the firm earned $0.94 EPS. The business’s revenue was up 15.7% on a year-over-year basis. As a group, equities research analysts expect that Pinnacle West Capital will post 4.77 earnings per share for the current fiscal year.

Insider Transactions at Pinnacle West Capital

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

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. Morgan Stanley increased their target price on Pinnacle West Capital from $78.00 to $83.00 and gave the stock an “equal weight” rating in a report on Wednesday, September 25th. Barclays decreased 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 report on Tuesday, July 2nd. StockNews.com upgraded Pinnacle West Capital from a “sell” rating to a “hold” rating in a research note on Monday, August 5th. Wells Fargo & Company increased their price objective on 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. Finally, Jefferies Financial Group started coverage on Pinnacle West Capital in a research report on Thursday, September 19th. They set a “buy” rating and a $104.00 target price on the stock. Seven equities 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, the company currently has a consensus rating of “Hold” and an average target price of $80.79.

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.