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    Steve Fleishman

    Managing Director and Senior Analyst at Wolfe Research, LLC

    Steve Fleishman is a Managing Director and Senior Analyst at Wolfe Research, specializing in Utilities and Clean Energy sector research. He covers specific companies such as NRG Energy, Sempra, Constellation Energy, and Vistra Corp, with a performance track record that includes a 57.58% success rate and an average return of 1.35%, ranking him #2,916 out of 4,948 analysts. Fleishman has held senior research roles since the mid-1990s at firms including Merrill Lynch, Dean Witter Reynolds, Kidder, Peabody, Catapult Capital Management, and Bank of America before joining Wolfe Research in March 2013. He is a 1991 graduate of Binghamton University and serves on Wolfe's Executive Committee, with notable recognitions such as over fifteen #1 rankings in the Extel All-America Research poll and induction into the Extel Magazine Research Hall of Fame.

    Steve Fleishman's questions to SEMPRA (SRE) leadership

    Steve Fleishman's questions to SEMPRA (SRE) leadership • Q2 2025

    Question

    Steve Fleishman of Wolfe Research, LLC sought clarification on the Sempra Infrastructure (SI) asset sale, asking about the timing of the KKR deal, the strategy for matching proceeds with rising Oncor CapEx, and the potential credit rating impact of deconsolidating SI.

    Answer

    Chairman, President & CEO Jeffrey Martin stated that while progress on the KKR deal is good, a specific timeline for a definitive agreement is not being forecasted. He affirmed the goal is to time the use of proceeds to fund the growing Texas utility capital plan, improve EPS and credit, and minimize future equity needs. Martin detailed that a successful sale could lead to a reevaluation of credit downgrade thresholds and potential deconsolidation of SI's debt, depending on the final ownership structure and governance.

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    Steve Fleishman's questions to Constellation Energy (CEG) leadership

    Steve Fleishman's questions to Constellation Energy (CEG) leadership • Q2 2025

    Question

    Steve Fleishman of Wolfe Research, LLC asked about the timeline and viability of the 'late inning' data center deal, particularly concerning utility interconnection, and also inquired about Constellation's evolving strategy for investing in new nuclear projects.

    Answer

    President & CEO Joseph Dominguez responded that he is hopeful the data center deal will be completed this year, noting the process is with utilities but he is confident in its viability. Regarding new nuclear, Mr. Dominguez described an evolving, incremental strategy where confidence in cost structures and timelines is growing, but the company is not yet ready to announce specific project costs or start dates.

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    Steve Fleishman's questions to Constellation Energy (CEG) leadership • Q2 2025

    Question

    Steve Fleishman of Wolfe Research, LLC asked about the timeline and potential risks for the 'late inning' data center deal, particularly concerning utility interconnection processes. He also inquired about Constellation's evolving strategy and willingness to invest in new nuclear projects.

    Answer

    President & CEO Joseph Dominguez stated he is hopeful the data center deal will be completed this year, noting that while the interconnection process is in the hands of utilities, he is confident in the project's viability. Regarding new nuclear, Dominguez explained that the company's strategy is evolving incrementally, with growing confidence in cost structures and timelines as they continue to refine their analysis of new designs and manufacturing processes.

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    Steve Fleishman's questions to NISOURCE (NI) leadership

    Steve Fleishman's questions to NISOURCE (NI) leadership • Q2 2025

    Question

    Steve Fleishman sought clarification on the remaining procedural steps for the Genco declination case before an order is issued. He also asked for direct confirmation from the CEO regarding the commitment and timeline for converting the data center opportunity into a reality during 2025.

    Answer

    President & CEO Lloyd Yates confirmed that the final filings from parties are the last step in the Genco process before an expected order from the commission in Q3. He emphatically reiterated his previous statements, confirming that the data center opportunity is a 2025 event and that NiSource is on track to execute it.

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    Steve Fleishman's questions to NISOURCE (NI) leadership • Q2 2025

    Question

    Steve Fleishman of Wolfe Research LLC sought to confirm the final procedural steps for the Genco declination case and asked for a direct reaffirmation of the 2025 timeline for finalizing the data center opportunity.

    Answer

    President & CEO Lloyd Yates confirmed that the final filings for the Genco case are the last step before an expected order in Q3. He unequivocally reaffirmed his previous statements, saying, 'Absolutely. I said this is a 2025 event, and we are on track to execute that... We're right where we need to be.'

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    Steve Fleishman's questions to NISOURCE (NI) leadership • Q2 2025

    Question

    Steve Fleishman from Wolfe Research LLC asked for confirmation on the remaining procedural steps for the Genco declination case. He also sought a direct reaffirmation from the CEO that the company is on track to convert the data center opportunity into a reality during 2025.

    Answer

    President & CEO Lloyd Yates confirmed that the final filings due this week are the last step before an expected order from the commission in the third quarter. He then emphatically stated, 'Absolutely. I said this is a 2025 event, and we are on track to execute that... We're right where we need to be.'

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    Steve Fleishman's questions to Clearway Energy (CWEN) leadership

    Steve Fleishman's questions to Clearway Energy (CWEN) leadership • Q2 2025

    Question

    Steve Fleishman of Wolfe Research, LLC was called upon during the Q&A session but indicated that his questions had already been addressed by previous analysts and passed on his turn.

    Answer

    As Steve Fleishman of Wolfe Research, LLC did not ask a question, no response was provided by management.

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    Steve Fleishman's questions to Duke Energy (DUK) leadership

    Steve Fleishman's questions to Duke Energy (DUK) leadership • Q2 2025

    Question

    Steve Fleishman of Wolfe Research LLC asked if reaching the 15% FFO to debt target is contingent on the Florida sale, if the equity funding ratio for new capital will change, and for an update on resource preferences, particularly for new nuclear.

    Answer

    EVP & CFO Brian Savoy confirmed that progressing through the Florida deal is necessary to reach the 15% target. Both he and CEO Harry Sideris affirmed the 30-50% equity funding range remains a good guide, with the stronger balance sheet adding flexibility. Sideris reiterated an 'all of the above' strategy but stressed that new nuclear requires resolving first-of-a-kind risk, cost overrun protection, and balance sheet safeguards.

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    Steve Fleishman's questions to SOUTHERN (SO) leadership

    Steve Fleishman's questions to SOUTHERN (SO) leadership • Q2 2025

    Question

    Steve Fleishman of Wolfe Research LLC sought clarification on the 2027 EPS rebasing strategy, the year-by-year trajectory for achieving the 17% FFO to debt target, and the company's stance on potential asset sales, specifically mentioning PowerSecure.

    Answer

    David Poroch, SVP & incoming CFO, reiterated that the company will re-evaluate the 5-7% growth base as it gains a sustainable line of sight on load growth, likely not before 2027. He noted the path to 17% FFO to debt will be achieved near the end of the planning horizon and may fluctuate. CFO Dan Tucker provided current FFO to debt figures (14.3-14.4% unadjusted) and highlighted the proactive equity issuance. CEO Chris Womack declined to comment on specific rumors about asset sales but affirmed the company continuously evaluates its portfolio.

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    Steve Fleishman's questions to PG&E (PCG) leadership

    Steve Fleishman's questions to PG&E (PCG) leadership • Q2 2025

    Question

    Steve Fleishman of Wolfe Research LLC asked for specifics on PG&E's confidence in achieving its growth targets amid various legislative outcomes, particularly concerning securitization proposals and potential equity needs for a new wildfire fund.

    Answer

    CEO Patti Poppe reaffirmed guidance through 2028, stating the company has the necessary flexibility. She clarified that PG&E opposes securitization as it would increase customer bills. Regarding the wildfire fund, she asserted that an upfront equity payment is not expected and that the company would not issue equity at current valuations to fund it, emphasizing that any new framework must be an improvement for PG&E to opt in.

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    Steve Fleishman's questions to PG&E (PCG) leadership • Q2 2025

    Question

    Steve Fleishman of Wolfe Research LLC asked for specifics on PG&E's confidence in achieving its growth targets amid various legislative outcomes, particularly concerning securitization proposals and potential equity needs for a new wildfire fund.

    Answer

    CEO Patti Poppe reaffirmed the company's financial guidance through 2028, stating they have the necessary flexibility. She argued against securitization as being more costly for customers and asserted that there is no reason to assume an upfront equity payment would be required for the wildfire fund, emphasizing that any new framework must be an improvement over the status quo for PG&E to opt in.

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    Steve Fleishman's questions to XCEL ENERGY (XEL) leadership

    Steve Fleishman's questions to XCEL ENERGY (XEL) leadership • Q2 2025

    Question

    Steve Fleishman of Wolfe Research, LLC asked if there were any concerns about federal land issues impacting renewable projects. He also followed up on the Marshall Fire, confirming if Xcel's legal strategy still includes the argument that the first ignition, which they did not cause, was responsible for significant damage, and whether a settlement was still possible.

    Answer

    EVP & CFO Brian Van Abel provided a direct answer that the company has no projects on federal land. Chairman, President, & CEO Robert Frenzel confirmed their legal case for the Marshall Fire emphasizes that the first ignition caused significant fire spread before any purported second ignition. He reiterated that while they are prepared for trial, a settlement is still possible at any point before or during the proceedings.

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    Steve Fleishman's questions to ENTERGY CORP /DE/ (ETR) leadership

    Steve Fleishman's questions to ENTERGY CORP /DE/ (ETR) leadership • Q2 2025

    Question

    Steve Fleishman requested details on the new storm cost recovery mechanism in Louisiana, its reception by rating agencies, and how Entergy is managing EPC and supply chain risks for its extensive gas plant construction program.

    Answer

    Chair and CEO Drew Marsh detailed the new Louisiana process, which allows for faster securitization based on estimated costs, lowering customer carrying costs and bolstering credit. CFO Kimberly Fontan confirmed rating agencies view it positively. On construction risk, Marsh outlined a strategy of using standardized designs, leveraging strong EPC relationships, and proactively securing the supply chain for critical components.

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    Steve Fleishman's questions to AMERICAN ELECTRIC POWER CO (AEP) leadership

    Steve Fleishman's questions to AMERICAN ELECTRIC POWER CO (AEP) leadership • Q2 2025

    Question

    Steve Fleishman from Wolfe Research asked for more details on AEP's plans for Small Modular Reactors (SMRs), the ongoing earnings impact from the NOLC accounting change, and an update on the West Virginia rate case.

    Answer

    President & CEO William J. Fehrman stated the SMR focus is on early site permits with strong regulatory support, emphasizing that further investment requires robust capital protections. SVP & Chief Accounting Officer Kate Sturges clarified the ongoing NOLC impact is expected to be about 3 cents per share annually. Fehrman added that an order in the West Virginia case is expected by early September.

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    Steve Fleishman's questions to CENTERPOINT ENERGY (CNP) leadership

    Steve Fleishman's questions to CENTERPOINT ENERGY (CNP) leadership • Q2 2025

    Question

    Steve Fleishman of Wolfe Research asked for an update on the timing of the Ohio gas LDC sale process and closing, and inquired about any new developments regarding data center opportunities in Indiana.

    Answer

    EVP & CFO Christopher Foster stated the company aims to announce a deal for the Ohio gas LDC sale by the end of the calendar year, with a potential closing about a year later. CEO Jason Wells confirmed that productive conversations about new data center demand continue in Indiana, highlighting the state's abundant land, water access, and available system capacity as compelling factors.

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    Steve Fleishman's questions to CENTERPOINT ENERGY (CNP) leadership • Q2 2025

    Question

    Steve Fleishman of Wolfe Research inquired about the timing of the Ohio gas LDC sale process and asked for an update on data center opportunities in Indiana.

    Answer

    CFO Chris Foster projected a signed agreement for the Ohio gas LDC sale by the end of the year, with a closing expected about a year later, noting strong initial interest. CEO Jason Wells reported continued productive conversations regarding data centers in Indiana, highlighting the state's compelling advantages like available land, water, and excess power capacity on CenterPoint's system.

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    Steve Fleishman's questions to NEXTERA ENERGY (NEE) leadership

    Steve Fleishman's questions to NEXTERA ENERGY (NEE) leadership • Q2 2025

    Question

    Steve Fleishman of Wolfe Research, LLC inquired about the impact of the 'One Big Beautiful Bill Act' (OBBBA) and executive orders on tax credit safe harbor provisions, NextEra's exposure to federal land permitting, and evidence of a 'natural pull forward' in customer demand.

    Answer

    John Ketchum, President, CEO & Chairman, explained that the term 'begin construction' has a settled meaning, and NextEra has made sufficient financial commitments to cover its development pipeline through 2029. He noted that while new federal permitting rules add a review layer, most of the company's backlog already has permits. Ketchum anticipates a demand pull-forward as customers digest the new law, which could create opportunities for NextEra as smaller developers may face challenges.

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    Steve Fleishman's questions to QUANTA SERVICES (PWR) leadership

    Steve Fleishman's questions to QUANTA SERVICES (PWR) leadership • Q1 2025

    Question

    Steve Fleishman asked for a potential timeline for when the recently approved Texas 765 kV transmission plan could enter Quanta's backlog and inquired about the specific reasons for the full-year guidance increase.

    Answer

    President and CEO Duke Austin expressed confidence in winning a share of the Texas project, citing Quanta's expertise in 765 kV lines, and projected that work could be booked as early as Q3 or Q4 2025. He explained the guidance was raised to reflect confidence in the business outlook and work flow, adding that he currently leans towards the high end of the guidance range.

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