Oppenheimer Asset Management Inc. Invests $1.12 Million in Xcel Energy Inc. $XEL

Key Points

• Oppenheimer Asset Management purchased 14,001 shares of Xcel Energy worth approximately $1.12 million, while institutional investors collectively own 78.38% of the company.
• Analysts maintain a favorable outlook, with a consensus “Buy” rating and an average price target of $92.41; Xcel shares recently opened at $79.17.
• Xcel reported quarterly earnings of $0.93 per share, beating estimates of $0.79, but revenue declined 5.1% year over year to $3.12 billion. The company also announced a quarterly dividend of $0.5925 per share, equating to a 3.0% annualized yield.

Oppenheimer Asset Management Inc. purchased a new position 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 and Exchange Commission. The firm purchased 14,001 shares of the company's stock, valued at approximately $1,124,000.

A number of other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in shares of Xcel Energy by 1.2% in the 4th quarter. Vanguard Group Inc. now owns 77,610,805 shares of the company's stock valued at $5,732,334,000 after purchasing an additional 885,085 shares during the last quarter. State Street Corp lifted its position in shares of Xcel Energy by 1.2% during the 4th quarter. State Street Corp now owns 36,340,645 shares of the company's stock worth $2,704,534,000 after buying an additional 444,092 shares during the last quarter. Bank of America Corp DE lifted its position in shares of Xcel Energy by 5.9% during the 1st quarter. Bank of America Corp DE now owns 29,441,811 shares of the company's stock worth $2,338,858,000 after buying an additional 1,637,890 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in Xcel Energy by 16.9% in the fourth quarter. JPMorgan Chase & Co. now owns 24,572,438 shares of the company's stock valued at $1,814,920,000 after buying an additional 3,546,423 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake in Xcel Energy by 0.8% in the fourth quarter. Geode Capital Management LLC now owns 16,496,124 shares of the company's stock valued at $1,214,035,000 after buying an additional 126,498 shares in the last quarter. 78.38% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have commented on XEL shares. Mizuho set a $92.00 target price on Xcel Energy in a research note on Friday, July 31st. KeyCorp restated an "overweight" rating on shares of Xcel Energy in a research note on Monday, June 8th. Evercore reaffirmed an "outperform" rating and set a $96.00 price target on shares of Xcel Energy in a report on Monday, May 4th. Morgan Stanley set a $89.00 price target on shares of Xcel Energy in a report on Wednesday, June 24th. Finally, Truist Financial lowered their price objective 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. Two analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $92.41.

Xcel Energy Price Performance

Shares of XEL opened at $79.17 on Monday. The business has a 50-day simple moving average of $79.32 and a two-hundred day simple moving average of $79.64. Xcel Energy Inc. has a 12-month low of $69.16 and a 12-month high of $84.23. The stock has a market cap of $49.45 billion, a PE ratio of 21.69, a PEG ratio of 2.06 and a beta of 0.39. The company has a quick ratio of 0.62, a current ratio of 0.70 and a debt-to-equity ratio of 1.49.

Xcel Energy (NASDAQ:XEL - Get Free Report) last released its quarterly earnings results on Thursday, July 30th. The company reported $0.93 earnings per share for the quarter, topping the consensus estimate of $0.79 by $0.14. Xcel Energy had a return on equity of 10.65% and a net margin of 15.28%.The company had revenue of $3.12 billion for the quarter, compared to analysts' expectations of $3.54 billion. During the same period in the previous year, the business posted $1.59 earnings per share. The business's quarterly revenue was down 5.1% compared to the same quarter last year. Analysts anticipate that Xcel Energy Inc. will post 4.11 earnings per share for the current fiscal year.

Xcel Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 20th. Shareholders of record on Tuesday, September 15th will be issued a dividend of $0.5925 per share. This represents a $2.37 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date of this dividend is Tuesday, September 15th. Xcel Energy's payout ratio is presently 64.93%.

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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