Xcel Energy (NASDAQ:XEL) Price Target Increased to $76.00 by Analysts at KeyCorp

Xcel Energy (NASDAQ:XEL) had its target price increased by investment analysts at KeyCorp from $75.00 to $76.00 in a note issued to investors on Thursday, PriceTargets.com reports. The brokerage currently has an “overweight” rating on the stock. KeyCorp’s price objective would suggest a potential upside of 10.19% from the stock’s previous close. KeyCorp also issued estimates for Xcel Energy’s FY2023 earnings at $3.42 EPS.

Other equities analysts also recently issued research reports about the company. Barclays upgraded Xcel Energy from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $75.00 to $76.00 in a research note on Friday, October 1st. BMO Capital Markets upgraded Xcel Energy from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $68.00 to $70.00 in a research note on Sunday, November 21st. Morgan Stanley upgraded Xcel Energy from an “underweight” rating to an “equal weight” rating and set a $65.00 target price on the stock in a research note on Tuesday, October 19th. The Goldman Sachs Group upgraded Xcel Energy from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $73.00 to $76.00 in a research note on Tuesday, October 12th. Finally, Bank of America upgraded Xcel Energy from a “neutral” rating to a “buy” rating and upped their price objective for the company from $67.00 to $72.00 in a research note on Friday, October 29th. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $72.00.

XEL stock opened at $68.97 on Thursday. The company has a market capitalization of $37.15 billion, a P/E ratio of 23.62, a price-to-earnings-growth ratio of 3.40 and a beta of 0.36. The company has a debt-to-equity ratio of 1.38, a quick ratio of 0.68 and a current ratio of 0.78. Xcel Energy has a 52-week low of $57.23 and a 52-week high of $72.94. The business has a 50-day simple moving average of $66.45 and a two-hundred day simple moving average of $66.56.

Xcel Energy (NASDAQ:XEL) last released its quarterly earnings results on Thursday, October 28th. The company reported $1.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.18 by ($0.05). The company had revenue of $3.47 billion for the quarter, compared to analyst estimates of $3.41 billion. Xcel Energy had a net margin of 12.06% and a return on equity of 10.60%. Xcel Energy’s revenue for the quarter was up 9.0% on a year-over-year basis. During the same quarter last year, the firm posted $1.14 EPS. As a group, sell-side analysts forecast that Xcel Energy will post 2.97 earnings per share for the current fiscal year.

In other Xcel Energy news, Chairman Benjamin G. S. Fowke III sold 50,000 shares of the firm’s stock in a transaction that occurred on Monday, December 13th. The shares were sold at an average price of $67.57, for a total transaction of $3,378,500.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Frank P. Prager sold 3,150 shares of the firm’s stock in a transaction that occurred on Friday, October 29th. The shares were sold at an average price of $64.60, for a total transaction of $203,490.00. The disclosure for this sale can be found here. Corporate insiders own 0.21% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in the business. BlackRock Inc. increased its stake in shares of Xcel Energy by 11.7% during the second quarter. BlackRock Inc. now owns 53,291,359 shares of the company’s stock valued at $3,510,834,000 after purchasing an additional 5,583,732 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Xcel Energy by 0.9% during the second quarter. Vanguard Group Inc. now owns 48,065,770 shares of the company’s stock valued at $3,166,573,000 after purchasing an additional 440,407 shares in the last quarter. JPMorgan Chase & Co. increased its stake in shares of Xcel Energy by 11.5% during the second quarter. JPMorgan Chase & Co. now owns 41,959,858 shares of the company’s stock valued at $2,764,317,000 after purchasing an additional 4,340,845 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Xcel Energy by 1.2% during the third quarter. Geode Capital Management LLC now owns 10,326,051 shares of the company’s stock valued at $643,789,000 after purchasing an additional 125,279 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA increased its position in shares of Xcel Energy by 19.0% during the second quarter. Massachusetts Financial Services Co. MA now owns 9,352,755 shares of the company’s stock valued at $616,159,000 after acquiring an additional 1,495,984 shares in the last quarter. 75.09% of the stock is owned by institutional investors and hedge funds.

About Xcel Energy

Xcel Energy, Inc operates as a holding company, which engages in the generation, purchase, transmission, distribution and sale of electricity. It operates through the following three segments: Regulated Electric Utility, Regulated Natural Gas Utility and All Others. The Regulated Electric Utility segment generates, transmits and distributes electricity primarily in portions of generates, transmits and distributes electricity in Minnesota, Wisconsin, Michigan, North Dakota, South Dakota, Colorado, Texas and New Mexico.

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Analyst Recommendations for Xcel Energy (NASDAQ:XEL)

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