Harvest Fund Management Co. Ltd Grows Position in Xcel Energy Inc. (NASDAQ:XEL)

Key Points

• Harvest Fund Management Co. Ltd has significantly increased its stake in Xcel Energy Inc. by 87.7%, now holding 77,709 shares valued at $5,340,000.
• Institutional investors currently own 78.38% of Xcel Energy's stock, indicating strong institutional interest in the company.
• Xcel Energy recently declared a quarterly dividend of $0.57 per share, which reflects an annualized yield of 3.20%.

Harvest Fund Management Co. Ltd grew its position in shares of Xcel Energy Inc. (NASDAQ:XEL - Free Report) by 87.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 77,709 shares of the company's stock after buying an additional 36,312 shares during the period. Harvest Fund Management Co. Ltd's holdings in Xcel Energy were worth $5,340,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. BankPlus Trust Department purchased a new stake in Xcel Energy during the 1st quarter worth about $34,000. Rossby Financial LCC bought a new position in Xcel Energy in the 1st quarter worth about $50,000. Alpine Bank Wealth Management bought a new position in Xcel Energy in the 1st quarter worth about $53,000. Itau Unibanco Holding S.A. bought a new position in Xcel Energy in the 4th quarter worth about $52,000. Finally, WFA Asset Management Corp increased its stake in 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 acquiring an additional 925 shares during the last quarter. Hedge funds and other institutional investors own 78.38% of the company's stock.

Xcel Energy Trading Up 0.1%

XEL traded up $0.05 on Wednesday, hitting $72.39. 4,844,011 shares of the company were exchanged, compared to its average volume of 2,585,383. The firm has a fifty day simple moving average of $69.02 and a two-hundred day simple moving average of $69.00. The company has a debt-to-equity ratio of 1.48, a quick ratio of 0.70 and a current ratio of 0.80. Xcel Energy Inc. has a 12 month low of $56.69 and a 12 month high of $73.56. The stock has a market capitalization of $41.75 billion, a PE ratio of 21.29, a price-to-earnings-growth ratio of 2.44 and a beta of 0.36.

Xcel Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, October 20th. Investors of record on Monday, September 15th will be given a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a yield of 3.15%. Xcel Energy's payout ratio is 67.06%.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on XEL shares. Evercore ISI upped their target price on Xcel Energy from $74.00 to $77.00 and gave the stock an "outperform" rating in a research note on Monday, April 28th. Morgan Stanley decreased 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. Wall Street Zen lowered Xcel Energy from a "hold" rating to a "sell" rating in a research note on Tuesday, May 20th. BMO Capital Markets upped their target price on Xcel Energy from $69.00 to $73.00 and gave the stock a "market perform" rating in a research note on Wednesday, April 23rd. Finally, Wells Fargo & Company set a $78.00 price objective on Xcel Energy and gave the company an "overweight" rating in a research report on Friday, April 25th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $75.80.

About Xcel Energy

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.