Xcel Energy (NASDAQ:XEL) Updates FY24 Earnings Guidance

Xcel Energy (NASDAQ:XEL) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share guidance of $3.50-3.60 for the period, compared to the consensus earnings per share estimate of $3.57. Xcel Energy also updated its FY 2024 guidance to 3.500-3.600 EPS.

Xcel Energy Stock Down 1.9 %

Shares of NASDAQ XEL traded down $1.05 on Friday, reaching $53.96. 6,451,721 shares of the company’s stock traded hands, compared to its average volume of 3,954,739. Xcel Energy has a 12 month low of $46.79 and a 12 month high of $70.72. The business’s 50 day simple moving average is $53.77 and its two-hundred day simple moving average is $58.07. The company has a market cap of $29.97 billion, a price-to-earnings ratio of 16.81, a price-to-earnings-growth ratio of 2.41 and a beta of 0.36. The company has a quick ratio of 0.59, a current ratio of 0.72 and a debt-to-equity ratio of 1.41.

Xcel Energy (NASDAQ:XEL) last announced its earnings results on Thursday, April 25th. The company reported $0.88 earnings per share for the quarter, beating analysts’ consensus estimates of $0.80 by $0.08. Xcel Energy had a net margin of 13.36% and a return on equity of 11.12%. The business had revenue of $3.65 billion during the quarter, compared to the consensus estimate of $4.12 billion. During the same quarter last year, the firm earned $0.76 earnings per share. The business’s revenue for the quarter was down 10.6% on a year-over-year basis. As a group, equities research analysts forecast that Xcel Energy will post 3.56 EPS for the current fiscal year.

Xcel Energy Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Saturday, April 20th. Stockholders of record on Friday, March 15th were issued a dividend of $0.548 per share. This is a boost from Xcel Energy’s previous quarterly dividend of $0.52. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $2.19 dividend on an annualized basis and a dividend yield of 4.06%. Xcel Energy’s dividend payout ratio is presently 68.22%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. KeyCorp dropped their target price on shares of Xcel Energy from $68.00 to $65.00 and set an overweight rating on the stock in a report on Friday, April 19th. Wells Fargo & Company lifted their price target on shares of Xcel Energy from $63.00 to $64.00 and gave the stock an equal weight rating in a research note on Friday, January 26th. Barclays upgraded shares of Xcel Energy from an equal weight rating to an overweight rating and dropped their price target for the stock from $61.00 to $54.00 in a research note on Monday, March 11th. JPMorgan Chase & Co. dropped their price target on shares of Xcel Energy from $68.00 to $59.00 and set a neutral rating on the stock in a research note on Wednesday, March 13th. Finally, TheStreet cut shares of Xcel Energy from a b- rating to a c+ rating in a research note on Thursday, March 14th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of Hold and an average target price of $62.58.

Xcel Energy Company 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.