191,605 Shares in Xcel Energy Inc. $XEL Bought by Bank of Nova Scotia

Key Points

• Bank of Nova Scotia purchased 191,605 Xcel Energy shares during the second quarter, valued at approximately $15.4 million. Institutional investors collectively own 78.38% of the utility’s stock.
• Xcel Energy reported quarterly EPS of $0.93, exceeding analyst estimates of $0.79, although revenue fell 5.1% year over year to $3.12 billion. The company maintains a quarterly dividend of $0.5925, representing a 3.1% annualized yield.
• Analysts remain broadly positive, with a consensus “Buy” rating and an average price target of $92.41, compared with the stock’s reported price of $77.33.

Bank of Nova Scotia purchased a new stake in shares of Xcel Energy Inc. (NASDAQ:XEL - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 191,605 shares of the company's stock, valued at approximately $15,386,000.

A number of other institutional investors have also added to or reduced their stakes in the company. Compass Financial Management LLC bought a new position in shares of Xcel Energy in the 2nd quarter worth about $129,000. Elevation Point Wealth Partners LLC bought a new stake in shares of Xcel Energy during the second quarter valued at approximately $4,235,000. Greenland Capital Management LP purchased a new position in shares of Xcel Energy in the second quarter worth $6,936,000. Daiichi Life Insurance Co. Ltd. bought a new position in Xcel Energy during the 2nd quarter valued at about $1,901,000. Finally, Commerce Bank purchased a new stake in Xcel Energy in the second quarter worth approximately $12,671,000. Institutional investors own 78.38% of the company's stock.

Xcel Energy Price Performance

NASDAQ XEL opened at $77.33 on Tuesday. The firm's fifty day simple moving average is $79.31 and its two-hundred day simple moving average is $79.74. The firm has a market capitalization of $48.30 billion, a P/E ratio of 21.19, a P/E/G ratio of 1.98 and a beta of 0.39. The company has a current ratio of 0.70, a quick ratio of 0.62 and a debt-to-equity ratio of 1.49. Xcel Energy Inc. has a 12-month low of $71.29 and a 12-month high of $84.23.

Xcel Energy (NASDAQ:XEL - Get Free Report) last posted 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 business had revenue of $3.12 billion during the quarter, compared to analysts' expectations of $3.54 billion. During the same quarter last year, the company posted $1.59 earnings per share. The business's quarterly revenue was down 5.1% on a year-over-year basis. Analysts forecast that Xcel Energy Inc. will post 4.12 EPS for the current fiscal year.

Xcel Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 20th. Investors of record on Tuesday, September 15th will be paid a $0.5925 dividend. This represents a $2.37 annualized dividend and a dividend yield of 3.1%. The ex-dividend date is Tuesday, September 15th. Xcel Energy's payout ratio is currently 64.93%.

Analyst Ratings Changes

XEL has been the topic of a number of research reports. Mizuho set a $92.00 price objective on shares of Xcel Energy in a report on Friday, July 31st. Truist Financial decreased their target price on Xcel Energy from $94.00 to $88.00 and set a "buy" rating on the stock in a research note on Thursday, August 13th. Barclays raised their price objective on Xcel Energy from $87.00 to $90.00 and gave the company an "overweight" rating in a research report on Thursday, July 9th. BTIG Research reissued a "buy" rating and issued a $99.00 target price on shares of Xcel Energy in a report on Friday, July 31st. Finally, Wall Street Zen cut Xcel Energy from a "hold" rating to a "sell" rating in a research note on Saturday, May 9th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat.com, Xcel Energy currently has a consensus rating of "Buy" and a consensus target price of $92.41.

About Xcel Energy

Xcel Energy NASDAQ: XEL is a Minneapolis-based, publicly traded utility holding company that develops, owns and operates regulated electricity and natural gas delivery systems. The company's core activities include generation, transmission and distribution of electricity, the delivery of natural gas to customers, and related customer service operations. Xcel provides a mix of utility services to residential, commercial and industrial customers and participates in wholesale energy markets where appropriate.

Its generation portfolio combines nuclear, natural gas, coal and a growing share of renewable resources such as wind and solar.

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