Bank of Nova Scotia Sells 161,347 Shares of Xcel Energy Inc. (NASDAQ:XEL)

Key Points

• Bank of Nova Scotia reduced its stake in Xcel Energy Inc. by 70.7% during the first quarter, holding 66,895 shares valued at $4.74 million after selling over 161,000 shares.
• The majority of institutional investors own 78.38% of Xcel Energy's stock, with other firms like Wealth Enhancement Advisory Services increasing their holdings by 18.3%.
• Xcel Energy recently announced a quarterly dividend of $0.57 per share, representing a 3.1% yield with a payout ratio of 63.16%.

Bank of Nova Scotia trimmed its position in shares of Xcel Energy Inc. (NASDAQ:XEL - Free Report) by 70.7% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 66,895 shares of the company's stock after selling 161,347 shares during the period. Bank of Nova Scotia's holdings in Xcel Energy were worth $4,735,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. BankPlus Trust Department purchased a new position in Xcel Energy in the 1st quarter worth approximately $34,000. Rossby Financial LCC purchased a new position in Xcel Energy in the 1st quarter worth approximately $50,000. Alpine Bank Wealth Management purchased a new position in Xcel Energy in the 1st quarter worth approximately $53,000. Itau Unibanco Holding S.A. purchased a new position in Xcel Energy in the 4th quarter worth approximately $52,000. Finally, WFA Asset Management Corp grew its position in shares of Xcel Energy by 449.0% in the 1st quarter. WFA Asset Management Corp now owns 1,131 shares of the company's stock worth $80,000 after buying an additional 925 shares during the last quarter. 78.38% of the stock is owned by hedge funds and other institutional investors.

Xcel Energy Stock Up 0.1%

Xcel Energy stock traded up $0.10 during mid-day trading on Friday, hitting $73.33. The company had a trading volume of 3,328,850 shares, compared to its average volume of 3,379,997. The company has a current ratio of 0.96, a quick ratio of 0.85 and a debt-to-equity ratio of 1.48. The stock's 50 day moving average price is $69.57 and its two-hundred day moving average price is $69.38. Xcel Energy Inc. has a 12 month low of $57.24 and a 12 month high of $74.57. The company has a market capitalization of $43.37 billion, a PE ratio of 20.31, a price-to-earnings-growth ratio of 2.47 and a beta of 0.34.

Xcel Energy (NASDAQ:XEL - Get Free Report) last released its earnings results on Thursday, July 31st. The company reported $0.75 EPS for the quarter, topping the consensus estimate of $0.66 by $0.09. Xcel Energy had a return on equity of 10.52% and a net margin of 14.85%. The business had revenue of $3.29 billion for the quarter, compared to the consensus estimate of $3.31 billion. During the same period in the previous year, the company posted $0.54 earnings per share. The company's revenue for the quarter was up 8.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that Xcel Energy Inc. will post 3.82 earnings per share for the current fiscal year.

Xcel Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, October 20th. Shareholders of record on Monday, September 15th will be issued a $0.57 dividend. This represents a $2.28 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend is Monday, September 15th. Xcel Energy's payout ratio is 63.16%.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Wells Fargo & Company set a $78.00 target price on Xcel Energy and gave the company an "overweight" rating in a research note on Friday, April 25th. BMO Capital Markets boosted their target price on Xcel Energy from $69.00 to $73.00 and gave the company a "market perform" rating in a research note on Wednesday, April 23rd. Barclays boosted their target price on Xcel Energy from $72.00 to $73.00 and gave the company an "overweight" rating in a research note on Tuesday, April 22nd. Morgan Stanley reduced their target price on Xcel Energy from $78.00 to $77.00 and set an "equal weight" rating on the stock in a research note on Wednesday, June 18th. Finally, Evercore ISI lifted their price target on Xcel Energy from $74.00 to $77.00 and gave the company an "outperform" rating in a research report on Monday, April 28th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $76.00.

Xcel Energy Company Profile

Xcel Energy Inc, through its subsidiaries, engages in the generation, purchasing, transmission, distribution, and sale of electricity. It operates through Regulated Electric Utility, Regulated Natural Gas Utility, and All Other segments. The company generates electricity through wind, nuclear, hydroelectric, biomass, and solar energy sources, as well as coal, natural gas, oil, wood, and refuse-derived fuels.