Deutsche Bank Previews Utilities' Q4

Deutsche Bank analyst Jonathan Arnold released a Q4 preview for utilities with the firm’s latest operating earnings estimates.

Arnold commented that while “4Q utility numbers look set to be a mixed bag, full year 2014 should still come in with solid mid-single-digit growth of just under 6 percent (cap weighted).”

The analyst note added that some of the upside in 2014 was driven by the Q1 Polar Vortex which will “make it more challenging for the average utility to grow as fast in 2015.”

Below are Deutsche Bank’s estimates for each utility versus the consensus estimate, in descending order by report date.

• American Electric Power Company Inc AEP reports January 28. DB Quarterly Operating Estimate is $0.47 vs. consensus of $0.51.
• CMS Energy Corporation CMS reports January 29. DB Quarterly Operating Estimate is $0.36, inline with consensus.
• Xcel Energy Inc XEL reports January 29. DB Quarterly Operating Estimate is $0.33 vs. consensus of $0.35.
• Southern Co SO reports February 4. DB Quarterly Operating Estimate is $0.39, inline with consensus.
• Entergy Corporation ETR reports February 5. DB Quarterly Operating Estimate is $0.86 vs. consensus of $0.81.
• PPL Corporation PPL reports February 5. DB Quarterly Operating Estimate is $0.54 vs. consensus of $0.49.
• Dominion Resources, Inc. D reports February 6. DB Quarterly Operating Estimate is $0.85 vs. consensus of $0.84.
• PG&E Corporation PCG reports February 10. DB Quarterly Operating Estimate is $0.56 vs. consensus of $0.52.
• Northeast Utilities System NU reports February 11. DB Quarterly Operating Estimate is $0.70 vs. consensus of $0.69.
• Wisconsin Energy Corp WEC reports February 11. DB Quarterly Operating Estimate is $0.59 vs. consensus of $0.56.
• DTE Energy Co DTE reports February 13. DB Quarterly Operating Estimate is $1.09 vs. consensus of $1.05.
• Exelon Corporation EXC reports February 13. DB Quarterly Operating Estimate is $0.51, inline with consensus.
• Portland General Electric Company POR reports February 13. DB Quarterly Operating Estimate is $0.50 vs. consensus of $0.52.
• Duke Energy Corp DUK reports February 18. DB Quarterly Operating Estimate is $0.89 vs. consensus of $0.88.
• FirstEnergy Corp. FE reports February 18. DB Quarterly Operating Estimate is $0.77 vs. consensus of $0.74.
• UIL Holdings Corporation UIL reports February 18. DB Quarterly Operating Estimate is $0.64, inline with consensus.
• Consolidated Edison, Inc. ED reports February 19. DB Quarterly Operating Estimate is $0.55 vs. consensus of $0.54.
• Public Service Enterprise Group Inc. PEG reports February 20. DB Quarterly Operating Estimate is $0.48, inline with consensus.
• Edison International EIX reports February 24. DB Quarterly Operating Estimate is $0.85 vs. consensus of $0.82.
• ITC Holdings Corp. ITC reports February 25. DB Quarterly Operating Estimate is $0.49 vs. consensus of $0.50.

The firm maintained Hold ratings on most of the utility companies with only Consolidated Edison rated as a Sell. CMS Energy, Calpine, Edison International, Exelon and Public Service Enterprise Group were rated Buy.