Pinnacle West Capital Co. (PNW) To Go Ex-Dividend on August 1st

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

Pinnacle West Capital has increased its dividend payment by an average of 3.0% per year over the last three years and has raised its dividend annually for the last 12 consecutive years. Pinnacle West Capital has a payout ratio of 72.0% indicating that its dividend is sufficiently covered by earnings. Equities 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 Trading Up 0.6 %

NYSE:PNW opened at $85.19 on Tuesday. The firm has a market capitalization of $9.67 billion, a P/E ratio of 18.56, a PEG ratio of 2.17 and a beta of 0.51. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.58 and a quick ratio of 0.42. Pinnacle West Capital has a one year low of $65.20 and a one year high of $85.36. The company’s 50-day simple moving average is $77.91 and its 200 day simple moving average is $73.99.

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

Analysts Set New Price Targets

PNW has been the subject of a number of analyst reports. Citigroup started coverage on shares of Pinnacle West Capital in a research note on Monday, April 29th. They set a “neutral” rating and a $78.00 price objective for the company. Barclays lowered their price target on Pinnacle West Capital from $81.00 to $78.00 and set an “overweight” rating on the stock in a report on Tuesday, July 2nd. LADENBURG THALM/SH SH upgraded Pinnacle West Capital from a “neutral” rating to a “buy” rating and upped their price objective for the company from $74.00 to $83.50 in a research report on Thursday, June 6th. Wells Fargo & Company upped 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. Finally, StockNews.com cut shares of Pinnacle West Capital from a “hold” rating to a “sell” rating in a research note on Tuesday, July 9th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, Pinnacle West Capital has a consensus rating of “Hold” and a consensus price target of $76.77.

About Pinnacle West Capital

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.