What is KeyCorp’s Forecast for Xcel Energy FY2024 Earnings?

Xcel Energy Inc. (NASDAQ:XEL) – Investment analysts at KeyCorp cut their FY2024 EPS estimates for Xcel Energy in a report issued on Tuesday, December 3rd. KeyCorp analyst S. Karp now forecasts that the company will post earnings per share of $3.52 for the year, down from their prior estimate of $3.55. KeyCorp currently has a “Overweight” rating and a $79.00 target price on the stock. The consensus estimate for Xcel Energy’s current full-year earnings is $3.54 per share. KeyCorp also issued estimates for Xcel Energy’s FY2026 earnings at $4.13 EPS, FY2027 earnings at $4.43 EPS and FY2028 earnings at $4.82 EPS.

Other research analysts also recently issued research reports about the stock. Argus raised shares of Xcel Energy from a “hold” rating to a “buy” rating and set a $68.00 target price on the stock in a research report on Monday, August 26th. UBS Group lifted their price objective on shares of Xcel Energy from $66.00 to $67.00 and gave the company a “neutral” rating in a report on Friday, September 20th. Morgan Stanley lowered their target price on Xcel Energy from $74.00 to $72.00 and set an “equal weight” rating for the company in a report on Friday, November 22nd. Barclays lifted their price target on Xcel Energy from $67.00 to $71.00 and gave the company an “overweight” rating in a report on Tuesday, November 26th. Finally, Jefferies Financial Group upgraded Xcel Energy from a “hold” rating to a “buy” rating and upped their price objective for the stock from $71.00 to $76.00 in a research note on Friday, November 1st. Seven investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $67.00.

Xcel Energy Stock Performance

Shares of Xcel Energy stock opened at $69.74 on Friday. The company has a current ratio of 0.93, a quick ratio of 0.82 and a debt-to-equity ratio of 1.42. The stock’s fifty day moving average price is $66.78 and its 200-day moving average price is $60.76. The firm has a market cap of $40.05 billion, a P/E ratio of 20.69, a P/E/G ratio of 2.90 and a beta of 0.41. Xcel Energy has a 12 month low of $46.79 and a 12 month high of $73.38.

Xcel Energy (NASDAQ:XEL) last released its quarterly earnings data on Thursday, October 31st. The company reported $1.25 EPS for the quarter, missing the consensus estimate of $1.26 by ($0.01). Xcel Energy had a return on equity of 10.76% and a net margin of 13.67%. The firm had revenue of $3.64 billion for the quarter, compared to analysts’ expectations of $3.93 billion. During the same quarter in the previous year, the business earned $1.23 earnings per share. The company’s revenue for the quarter was down .5% compared to the same quarter last year.

Hedge Funds Weigh In On Xcel Energy

Several hedge funds and other institutional investors have recently modified their holdings of the stock. State Street Corp boosted its position in Xcel Energy by 6.7% in the third quarter. State Street Corp now owns 37,143,025 shares of the company’s stock valued at $2,445,477,000 after buying an additional 2,323,448 shares during the last quarter. Brookfield Corp ON boosted its holdings in shares of Xcel Energy by 520.1% in the 3rd quarter. Brookfield Corp ON now owns 2,509,031 shares of the company’s stock valued at $163,840,000 after acquiring an additional 2,104,405 shares during the last quarter. Federated Hermes Inc. increased its stake in shares of Xcel Energy by 120.2% in the second quarter. Federated Hermes Inc. now owns 2,379,615 shares of the company’s stock worth $127,095,000 after acquiring an additional 1,299,025 shares during the period. American Century Companies Inc. increased its stake in shares of Xcel Energy by 130.4% in the second quarter. American Century Companies Inc. now owns 2,084,345 shares of the company’s stock worth $111,325,000 after acquiring an additional 1,179,823 shares during the period. Finally, Merewether Investment Management LP purchased a new position in shares of Xcel Energy during the third quarter worth $64,301,000. 78.38% of the stock is owned by hedge funds and other institutional investors.

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.