15 Utility Stocks with Highest Dividends

7. Pinnacle West Capital Corporation (NYSE:PNW)

Dividend Yield as of April 7: 3.56%

Pinnacle West Capital Corporation (NYSE:PNW) is an energy holding company that conducts business through its subsidiaries, Arizona Public Service Company, El Dorado Investment Company, and Pinnacle West Power.

On March 31, Barclays increased its price target on Pinnacle West Capital Corporation (NYSE:PNW) from $97 to $101, while keeping an ‘Equal Weight’ rating on the shares.

Pinnacle West Capital Corporation (NYSE:PNW) posted earnings of $5.05 per share in full-year 2025, landing in the upper half of its updated guidance range. While this is below the EPS of $5.24 delivered in 2024, the decline was primarily weather-driven. The company also managed to achieve total customer growth of 2.4% last year, standing at the high end of its guidance range.

Pinnacle West Capital Corporation (NYSE:PNW) is now targeting earnings in the range of $4.55 to $4.75 per share for full-year 2026, while reaffirming its long-term sales growth guidance of 5% to 7% through 2030.

Pinnacle West Capital Corporation (NYSE:PNW) boasts a robust annual dividend yield of 3.56%, putting it among the 11 Best Utility Stocks to Buy for Dividends in 2026.