Pinnacle West Capital Co. (NYSE:PNW) Plans Quarterly Dividend of $0.90

Pinnacle West Capital Co. (NYSE:PNW) declared a quarterly dividend on Wednesday, December 11th,RTT News reports. Shareholders 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 yield of 4.03%.

Pinnacle West Capital has increased 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 payout ratio of 78.2% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings fall. Research 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 Price Performance

PNW traded down $1.36 during trading 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 has a market capitalization of $10.11 billion, a price-to-earnings ratio of 17.10, a P/E/G ratio of 2.17 and a beta of 0.54. The business’s 50 day moving average price is $89.71 and its two-hundred day moving average price is $85.28. Pinnacle West Capital has a 1 year low of $65.20 and a 1 year high of $95.42.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. Citigroup lifted their price objective on Pinnacle West Capital from $85.00 to $95.00 and gave the company a “neutral” rating in a research report on Wednesday, December 4th. Jefferies Financial Group began coverage on shares of Pinnacle West Capital in a research note on Thursday, September 19th. They issued a “buy” rating and a $104.00 target price on the stock. Wells Fargo & Company boosted their price objective on shares of Pinnacle West Capital from $90.00 to $92.00 and gave the stock an “equal weight” rating in a report on Thursday, November 7th. Barclays downgraded shares of Pinnacle West Capital from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $93.00 to $91.00 in a research report on Monday, November 18th. Finally, Morgan Stanley reduced their price objective on Pinnacle West Capital from $82.00 to $81.00 and set an “equal weight” rating on the stock in a research note on Friday, November 22nd. Eight analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average 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.