Magellan Asset Management Ltd Reduces Stock Holdings in Xcel Energy Inc. (NASDAQ:XEL)

Key Points

• Magellan Asset Management Ltd reduced its stake in Xcel Energy by 13.6%, selling 326,819 shares and currently holding approximately 2,073,305 shares.
• Xcel Energy's latest quarterly earnings surpassed expectations, reporting $0.75 EPS compared to an estimated $0.66, with a revenue of $3.29 billion.
• The company recently announced a quarterly dividend of $0.57, resulting in an annualized dividend yield of 3.1%, with a payout ratio of 63.16%.

Magellan Asset Management Ltd lowered its holdings in shares of Xcel Energy Inc. (NASDAQ:XEL - Free Report) by 13.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,073,305 shares of the company's stock after selling 326,819 shares during the quarter. Xcel Energy accounts for about 1.8% of Magellan Asset Management Ltd's portfolio, making the stock its 27th largest position. Magellan Asset Management Ltd owned about 0.36% of Xcel Energy worth $146,769,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Brighton Jones LLC bought a new position in Xcel Energy during the 4th quarter worth about $240,000. Renaissance Technologies LLC acquired a new stake in Xcel Energy during the 4th quarter valued at approximately $12,619,000. Advisory Services Network LLC lifted its stake in Xcel Energy by 4.0% during the 4th quarter. Advisory Services Network LLC now owns 12,319 shares of the company's stock valued at $832,000 after acquiring an additional 472 shares during the period. Bessemer Group Inc. lifted its stake in shares of Xcel Energy by 3.0% in the 4th quarter. Bessemer Group Inc. now owns 15,942 shares of the company's stock valued at $1,076,000 after purchasing an additional 458 shares during the period. Finally, Heritage Trust Co purchased a new stake in Xcel Energy in the 4th quarter worth $418,000. Institutional investors own 78.38% of the company's stock.

Analyst Ratings Changes

XEL has been the subject of a number of recent research reports. Evercore ISI increased their price objective on shares of Xcel Energy from $74.00 to $77.00 and gave the company an "outperform" rating in a report on Monday, April 28th. Mizuho increased their price target on shares of Xcel Energy from $74.00 to $78.00 and gave the stock an "outperform" rating in a research report on Friday, August 1st. Wall Street Zen cut shares of Xcel Energy from a "hold" rating to a "sell" rating in a report on Tuesday, May 20th. Barclays increased their price target on shares of Xcel Energy from $72.00 to $73.00 and gave the company an "overweight" rating in a research note on Tuesday, April 22nd. Finally, BMO Capital Markets raised their target price on shares of Xcel Energy from $69.00 to $73.00 and gave the stock a "market perform" rating in a research report on Wednesday, April 23rd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $76.00.

Xcel Energy Price Performance

Shares of NASDAQ:XEL traded down $0.29 on Tuesday, reaching $72.39. 3,136,922 shares of the company were exchanged, compared to its average volume of 3,448,483. The company has a 50-day moving average of $69.63 and a 200-day moving average of $69.46. 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 firm has a market cap of $42.81 billion, a price-to-earnings ratio of 19.91, a price-to-earnings-growth ratio of 2.45 and a beta of 0.34. Xcel Energy Inc. has a 1-year low of $58.31 and a 1-year high of $74.57.

Xcel Energy (NASDAQ:XEL - Get Free Report) last issued its earnings results on Thursday, July 31st. The company reported $0.75 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.66 by $0.09. The company had revenue of $3.29 billion during the quarter, compared to analysts' expectations of $3.31 billion. Xcel Energy had a net margin of 14.85% and a return on equity of 10.52%. The firm's quarterly revenue was up 8.6% compared to the same quarter last year. During the same period last year, the company posted $0.54 earnings per share. Equities analysts forecast that Xcel Energy Inc. will post 3.82 earnings per share for the current fiscal year.

Xcel Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, October 20th. Stockholders of record on Monday, September 15th will be given a $0.57 dividend. The ex-dividend date is Monday, September 15th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.1%. Xcel Energy's dividend payout ratio (DPR) is currently 63.16%.

Xcel Energy 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.