Pinnacle West's Results In Line; Republican Sweep and Favorable Rate Design Solidify Moat
We are reaffirming our $69 fair value estimate and narrow moat and stable moat trend ratings for Pinnacle West Capital after the company reported in-line 2016 results but declined to give 2017 earnings guidance because of the pending rate case at Arizona Public Service Company. Pinnacle West reported 2016 earnings of $3.95 per share, equal to our estimate and the consensus estimate.In our opinion, the Republican sweep of the three open seats in the Arizona Corporation Commission in November sho...
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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