Pinnacle West Increases Quarterly Dividend
PHOENIX--(BUSINESS WIRE)--Oct 23, 2019--
Pinnacle West Capital Corporation’s (NYSE: PNW) board of directors voted today to raise the Company’s dividend by 6.1 percent, or 18 cents per common share annually. This action will result in an indicated annual dividend of $3.13 per share – or $0.7825 per share quarterly. The declared quarterly dividend is payable Dec. 2, 2019, to shareholders of record on Nov. 4, 2019.
“Today’s board action is consistent with prior guidance to investors that we intend to target dividend growth at about 6 percent per year,” said Chairman, President and CEO Don Brandt. “This payout keeps our total shareholder return competitive with peer utilities, while also allowing us to retain earnings to finance growth and investment in one of the country’s fastest growing states.”
Earnings Release, Webcast and Conference Call
In addition, as previously announced, Pinnacle West plans to release its 2019 third-quarter results before the U.S. financial markets open on Thursday, Nov. 7, 2019.
That same day at 11 a.m. ET (9 a.m. Arizona time), the Company will host a live webcast of management’s conference call to discuss the Company’s results, as well as recent developments. A replay of the webcast can be accessed at pinnaclewest.com/presentations. To access the live conference call by telephone, dial (877) 407-8035 or (201) 689-8035 for international callers. A replay of the call also will be available until 11:59 p.m. ET, Thursday, Nov. 14, 2019, by calling (877) 481-4010 in the U.S. and Canada or (919) 882-2331 internationally and entering passcode 53733.
Pinnacle West Capital Corp., an energy holding company based in Phoenix, has consolidated assets of about $18 billion, about 6,000 megawatts of generating capacity and 6,300 employees in Arizona and New Mexico. Through its principal subsidiary, Arizona Public Service, the company provides retail electricity service to nearly 1.2 million Arizona homes and businesses. For more information about Pinnacle West, visit the company’s website at pinnaclewest.com.
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CONTACT: Media Contact: Alan Bunnell (602) 250-3376
Analyst Contact: Stefanie Layton (602) 250-4541
KEYWORD: ARIZONA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: UTILITIES ENERGY
SOURCE: Pinnacle West Capital Corporation
Copyright Business Wire 2019.
PUB: 10/23/2019 05:02 PM/DISC: 10/23/2019 05:02 PM