Pinnacle West Lowers Guidance; Next Week's Election Could Have an Impact on Pending Rate Case
We are reaffirming our $69 fair value estimate and narrow moat, and stable moat trend ratings for Pinnacle West Capital after the company reported third-quarter earnings modestly higher than last year and lowered earnings guidance to the lower end of their previous range of $3.90-$4.10. The lower guidance was due in large part to mild summer weather. We will review our 2016 earnings estimate of $4.00 per share, but we don't expect a cut in our 2016 EPS estimate due to weather will change our fai...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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