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    Dylan Lipner

    Research Analyst at Ladenburg Thalmann

    Dylan Lipner is an Equity Research Associate at Ladenburg Thalmann & Co., specializing in utilities within the energy, power, and infrastructure sectors. He provides in-depth financial analysis and modeling for a portfolio of over 25 public utility companies, leveraging his background from Ernst & Young and venture capital experience at Plug & Play Tech Center. Lipner began his investment research career in May 2023 after completing both a Master's in Accounting and a Bachelor's in Finance from the University of Pittsburgh with Magna Cum Laude honors. He holds Series 7, 63, 86, and 87 securities licenses and is recognized for supporting high-quality investment recommendations across the utility sector.

    Dylan Lipner's questions to SPIRE (SR) leadership

    Dylan Lipner's questions to SPIRE (SR) leadership • Q3 2025

    Question

    Dylan Lipner of Ladenburg Thalmann & Co. Inc. followed up on the Midstream segment, asking about the drivers of year-over-year margin changes in the storage business and whether pipeline EBITDA could be assumed to be flat.

    Answer

    EVP & CFO Adam Witter explained that the margin improvement was driven by the new storage expansion coming online, supplemented by additional asset optimization. Both Mr. Witter and President & CEO Scott Doyle confirmed that assuming relatively unchanged pipeline EBITDA was a reasonable observation.

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    Dylan Lipner's questions to OGE ENERGY (OGE) leadership

    Dylan Lipner's questions to OGE ENERGY (OGE) leadership • Q2 2025

    Question

    Dylan Lipner questioned whether the addition of 450 megawatts from Horseshoe Lake in 2029 would result in the company having excess capacity by the end of the decade.

    Answer

    Chairman, President & CEO Sean Trauschke stated that the company does not anticipate being long on capacity. He emphasized that OGE is in a continuous mode of adding generation to meet ongoing load growth, and any potential surplus would be minimal and quickly absorbed by future demand.

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    Dylan Lipner's questions to Southwest Gas Holdings (SWX) leadership

    Dylan Lipner's questions to Southwest Gas Holdings (SWX) leadership • Q1 2025

    Question

    Dylan Lipner inquired about the incremental CapEx opportunities arising from the influx of data centers and semiconductor manufacturing in Arizona, and how Southwest Gas is engaging with regulators to ensure timely cost recovery and alignment with its long-term rate base growth targets.

    Answer

    Justin Brown, President of Southwest Gas Corporation, responded that the company has existing structures, such as line extension policies, to handle these growth opportunities. He noted that significant impacts from this new demand are not yet built into the current CapEx or rate base growth guidance, but the company will monitor the situation and make adjustments as firm commitments materialize.

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    Dylan Lipner's questions to CHESAPEAKE UTILITIES (CPK) leadership

    Dylan Lipner's questions to CHESAPEAKE UTILITIES (CPK) leadership • Q4 2024

    Question

    Dylan Lipner of Ladenburg Thalmann joined the queue but stated that his questions had already been answered by previous exchanges.

    Answer

    As Dylan Lipner of Ladenburg Thalmann did not pose a new question, no response was provided by Chesapeake Utilities' management.

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    Dylan Lipner's questions to PINNACLE WEST CAPITAL (PNW) leadership

    Dylan Lipner's questions to PINNACLE WEST CAPITAL (PNW) leadership • Q3 2024

    Question

    Dylan Lipner asked for the specific amount of O&M pulled forward into 2024, the potential timing of a rate case relative to the regulatory lag docket, and the procedural follow-up to a potential ACC policy statement.

    Answer

    CFO Andrew Cooper explained that the company doesn't break out the specific amount of pulled-forward O&M, as it's part of a multiyear derisking strategy. CEO Jeffrey Guldner confirmed it's possible to file a rate case before the lag docket concludes, with the earliest filing in mid-2025. APS President Theodore Geisler added that a policy statement would likely serve as a guideline to be included in the next rate case filing, where the new rate-making approach would be adjudicated.

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