Xcel Energy (NASDAQ:XEL) Upgraded at Scotiabank

Key Points

• Scotiabank upgraded Xcel Energy to “strong buy,” adding to generally positive analyst sentiment. The stock has an average “Buy” rating and a consensus price target of $91.65.
• Xcel Energy shares opened at $70.69, up 1.9%, while trading near the lower end of their 52-week range. The company reported quarterly EPS of $0.93, beating estimates of $0.79, though revenue fell 5.1% year over year to $3.12 billion.
• Institutional investors hold 78.38% of Xcel Energy’s shares, with State Street and Tidal Investments among firms that increased their positions during the second quarter.

Xcel Energy (NASDAQ:XEL - Get Free Report) was upgraded by investment analysts at Scotiabank to a "strong-buy" rating in a report released on Tuesday, Zacks reports.

Several other research firms have also issued reports on XEL. Wall Street Zen raised Xcel Energy from a "sell" rating to a "hold" rating in a research note on Saturday. KeyCorp reiterated an "overweight" rating on shares of Xcel Energy in a research report on Monday, June 8th. Barclays boosted their price target on shares of Xcel Energy from $87.00 to $90.00 and gave the stock an "overweight" rating in a research note on Thursday, July 9th. BMO Capital Markets lowered their price objective on shares of Xcel Energy from $95.00 to $92.00 and set an "outperform" rating on the stock in a research report on Wednesday, July 22nd. Finally, Truist Financial cut their target price on shares of Xcel Energy from $94.00 to $88.00 and set a "buy" rating for the company in a research report on Thursday, August 13th. Three research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, Xcel Energy has an average rating of "Buy" and a consensus target price of $91.65.

Xcel Energy Stock Up 1.9%

Shares of NASDAQ XEL opened at $70.69 on Tuesday. The company has a quick ratio of 0.62, a current ratio of 0.70 and a debt-to-equity ratio of 1.49. The company has a market cap of $44.16 billion, a P/E ratio of 19.37, a P/E/G ratio of 2.35 and a beta of 0.39. Xcel Energy has a 52 week low of $68.72 and a 52 week high of $84.23. The business has a 50-day simple moving average of $76.29 and a two-hundred day simple moving average of $78.51.

Xcel Energy (NASDAQ:XEL - Get Free Report) last announced its quarterly earnings results on Wednesday, July 29th. The company reported $0.93 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.79 by $0.14. Xcel Energy had a net margin of 15.28% and a return on equity of 10.65%. The firm had revenue of $3.12 billion for the quarter, compared to the consensus estimate of $3.54 billion. During the same period in the prior year, the firm posted $1.59 earnings per share. The company's revenue for the quarter was down 5.1% on a year-over-year basis. Research analysts anticipate that Xcel Energy will post 4.12 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Xcel Energy

Institutional investors have recently bought and sold shares of the stock. QRG Capital Management Inc. increased its stake in Xcel Energy by 9.2% in the 2nd quarter. QRG Capital Management Inc. now owns 37,442 shares of the company's stock worth $3,007,000 after purchasing an additional 3,156 shares during the period. State Street Corp grew its holdings in shares of Xcel Energy by 4.8% in the second quarter. State Street Corp now owns 38,896,012 shares of the company's stock worth $3,145,176,000 after purchasing an additional 1,770,356 shares during the last quarter. Security National Bank of Sioux City Iowa IA bought a new position in shares of Xcel Energy in the second quarter worth approximately $85,000. Sequoia Financial Advisors LLC increased its stake in shares of Xcel Energy by 11.6% in the second quarter. Sequoia Financial Advisors LLC now owns 47,995 shares of the company's stock worth $3,854,000 after buying an additional 4,983 shares during the period. Finally, Tidal Investments LLC raised its holdings in Xcel Energy by 118.3% during the 2nd quarter. Tidal Investments LLC now owns 505,096 shares of the company's stock valued at $40,559,000 after buying an additional 273,749 shares during the last quarter. 78.38% of the stock is currently owned by hedge funds and other institutional investors.

About Xcel Energy

Xcel Energy Inc is a Minneapolis-based energy company that provides electricity and natural gas through regulated utility operations. Its businesses generate, transmit, distribute and sell electricity, as well as distribute natural gas to residential, commercial and industrial customers.

Through its operating companies, Xcel Energy serves customers in Colorado, Michigan, Minnesota, New Mexico, North Dakota, South Dakota, Texas and Wisconsin. The company's operations include a diverse generation portfolio featuring wind, solar, hydroelectric, nuclear, natural gas and other energy resources.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.