Pinnacle West Capital Co. (NYSE:PNW) declared a quarterly dividend on Wednesday, December 16th, RTT News reports. Shareholders of record on Monday, February 1st will be given a dividend of 0.83 per share by the utilities provider on Monday, March 1st. This represents a $3.32 annualized dividend and a yield of 4.35%. The ex-dividend date is Friday, January 29th. This is a boost from Pinnacle West Capital's previous quarterly dividend of $0.19.
Pinnacle West Capital has increased its dividend payment by 19.5% over the last three years and has raised its dividend annually for the last 9 consecutive years. Pinnacle West Capital has a payout ratio of 66.4% indicating that its dividend is sufficiently covered by earnings. Analysts expect Pinnacle West Capital to earn $4.91 per share next year, which means the company should continue to be able to cover its $3.32 annual dividend with an expected future payout ratio of 67.6%.
Pinnacle West Capital stock opened at $76.31 on Thursday. The firm has a market cap of $8.59 billion, a PE ratio of 13.58, a P/E/G ratio of 4.47 and a beta of 0.25. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.90 and a current ratio of 1.17. The firm's 50 day moving average price is $78.46 and its two-hundred day moving average price is $79.44. Pinnacle West Capital has a twelve month low of $60.05 and a twelve month high of $105.51.
Pinnacle West Capital (NYSE:PNW) last released its quarterly earnings data on Wednesday, November 4th. The utilities provider reported $3.07 earnings per share for the quarter, beating the Thomson Reuters' consensus estimate of $2.85 by $0.22. The firm had revenue of $1.25 billion for the quarter, compared to analyst estimates of $1.22 billion. Pinnacle West Capital had a net margin of 18.03% and a return on equity of 11.16%. The company's revenue for the quarter was up 5.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.77 EPS. Equities analysts anticipate that Pinnacle West Capital will post 5.08 EPS for the current fiscal year.
PNW has been the subject of several recent research reports. Credit Suisse Group decreased their target price on shares of Pinnacle West Capital from $92.00 to $86.00 and set an "outperform" rating for the company in a research report on Tuesday, January 19th. Zacks Investment Research downgraded shares of Pinnacle West Capital from a "buy" rating to a "hold" rating and set a $85.00 price objective for the company. in a report on Friday, December 11th. Barclays increased their price target on shares of Pinnacle West Capital from $89.00 to $103.00 and gave the company an "overweight" rating in a report on Wednesday, November 18th. Bank of America downgraded shares of Pinnacle West Capital from a "neutral" rating to an "underperform" rating and set a $78.00 price target for the company. in a report on Monday, October 12th. Finally, TheStreet upgraded shares of Pinnacle West Capital from a "c+" rating to a "b-" rating in a research report on Monday, October 12th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the company. Pinnacle West Capital presently has an average rating of "Hold" and an average price target of $86.78.
About Pinnacle West Capital
Pinnacle West Capital Corporation, through its subsidiary, Arizona Public Service Company, provides retail and wholesale electric services primarily in the state of Arizona. The company generates, transmits, and distributes electricity using coal, nuclear, gas, oil, and solar generating facilities. Its transmission facilities consist of approximately 6,192 pole miles of overhead lines and approximately 49 miles of underground lines; and distribution facilities comprise approximately 11,191 miles of overhead lines and approximately 22,092 miles of underground primary cable.
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7 Stocks That Will Help You Forget About the Fed
Normally when the Federal Reserve (i.e. the Fed) makes an announcement, the market reacts predictably. That’s due, in large part, to the nature of what the Fed normally announces. Will interest rates go up, down, or remain unchanged? And for their part, the markets have a pretty good idea what the Fed will do before they do it.
But the Fed’s announcement of August 26 was a little different. They talked briefly about interest rates (they’re staying really low for a long time). But they were more concerned about inflation. Well, the Fed is always concerned about inflation, but this time they really mean it. Basic economics says that low-interest rates should spur inflation.
However, the market has been defying conventional wisdom and the Fed is not getting the inflation they want. So the Fed has basically said that they’re letting inflation go rogue. If it goes above their target 2% rate, so be it. The Fed is done trying to hit a target.
At first, the markets cheered the news. Not only was the Fed not taking away the punch bowl, but they were also going to keep the low rate liquidity going for a long time!
But after a little while to digest things, investors are realizing they have to be grown-ups about this. And now investors are considering how to rebalance their portfolios for the remainder of 2020.
I don’t know about them, but if I were you I would target companies that have a high free cash flow (FCF). Whether it’s your personal finances or in evaluating a stock, cash flow is your friend.
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As institutional investors come back into the market, it’s time for you to reposition your portfolio for whatever comes next.
View the "7 Stocks That Will Help You Forget About the Fed".