State Street Corp Purchases 1,770,356 Shares of Xcel Energy Inc. $XEL

Key Points

• State Street increased its Xcel Energy stake by 4.8% in the second quarter, purchasing 1.77 million shares and bringing its holdings to 38.9 million shares, or 6.23% of the company. Institutional investors collectively own 78.38% of Xcel Energy.
• Analysts remain broadly positive, with an average “Buy” rating and a $92.06 price target. Recent targets range from $88 to $102, despite some downward revisions.
• Xcel Energy exceeded second-quarter earnings expectations with EPS of $0.93 versus the $0.79 consensus, though revenue fell 5.1% year over year to $3.12 billion. The company declared a quarterly dividend of $0.5925, representing a 3.3% annualized yield.

State Street Corp increased its position in shares of Xcel Energy Inc. (NASDAQ:XEL - Free Report) by 4.8% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 38,896,012 shares of the company's stock after buying an additional 1,770,356 shares during the quarter. State Street Corp owned 6.23% of Xcel Energy worth $3,145,176,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Evolution Wealth Management Inc. raised its stake in Xcel Energy by 365.3% in the 1st quarter. Evolution Wealth Management Inc. now owns 349 shares of the company's stock valued at $28,000 after acquiring an additional 274 shares during the period. Pin Oak Investment Advisors Inc. bought a new position in Xcel Energy during the second quarter worth $29,000. First Bancorp Inc ME acquired a new position in shares of Xcel Energy in the second quarter valued at $36,000. Cedar Mountain Advisors LLC bought a new position in shares of Xcel Energy in the first quarter valued at about $39,000. Finally, Archer Investment Corp bought a new position in shares of Xcel Energy in the second quarter valued at about $40,000. Institutional investors and hedge funds own 78.38% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on XEL shares. Mizuho set a $92.00 price objective on shares of Xcel Energy in a research report on Friday, July 31st. Barclays upped their target price on Xcel Energy from $87.00 to $90.00 and gave the company an "overweight" rating in a research report on Thursday, July 9th. Truist Financial dropped their price target on Xcel Energy from $94.00 to $88.00 and set a "buy" rating for the company in a report on Thursday, August 13th. JPMorgan Chase & Co. boosted their price target on Xcel Energy from $91.00 to $102.00 and gave the company an "overweight" rating in a research note on Thursday, July 16th. Finally, BMO Capital Markets decreased their price objective on Xcel Energy from $95.00 to $92.00 and set an "outperform" rating on the stock in a report on Wednesday, July 22nd. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, Xcel Energy has an average rating of "Buy" and an average price target of $92.06.

Xcel Energy Stock Up 0.3%

Shares of NASDAQ:XEL opened at $72.06 on Wednesday. Xcel Energy Inc. has a 52-week low of $71.59 and a 52-week high of $84.23. The company has a market capitalization of $45.01 billion, a PE ratio of 19.74, a price-to-earnings-growth ratio of 2.43 and a beta of 0.39. The company has a debt-to-equity ratio of 1.49, a quick ratio of 0.62 and a current ratio of 0.70. The company has a fifty day moving average of $77.20 and a 200-day moving average of $78.93.

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

Xcel Energy Dividend Announcement

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 given a $0.5925 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $2.37 annualized dividend and a yield of 3.3%. Xcel Energy's dividend payout ratio (DPR) is presently 64.93%.

About Xcel Energy

Xcel Energy Inc is a Minneapolis-based electric and natural gas utility holding company that serves customers across parts of Colorado, Michigan, Minnesota, New Mexico, North Dakota, South Dakota, Texas and Wisconsin. Through its operating companies, Xcel provides electricity generation, transmission and distribution, as well as natural gas distribution and related energy services.

The company operates a diversified generating fleet that includes wind, solar, hydroelectric, nuclear, natural gas and other resources.

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