Healthy Load Growth Outlook for Pinnacle West
We are reaffirming our $91 per share fair value estimate after Pinnacle West reported strong 2019 first-quarter earnings and reaffirmed 2019 earnings guidance and projected rate base growth through 2021. Our 2019 EPS estimate of $4.85 remains at the midpoint of the guidance range of $4.75-$4.95.Although management slightly modified its capital expenditure allocations, annual capital expenditure guidance through 2021 was roughly the same as presented during the year-end conference call in Februa...
Pinnacle West Capital is a holding company. Through its subsidiary, Arizona Public Service Company, the company provides either retail or wholesale electric service to most of the State of Arizona, with the exceptions of about one-half of the Phoenix metropolitan area, the Tucson metropolitan area and Mohave County in northwestern Arizona. The company's business segment is its regulated electricity segment, which consists of regulated retail and wholesale electricity businesses (primarily electric service to Native Load customers) and related activities, and includes electricity generation, transmission and distribution.
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