Company Reports

We are reaffirming our $60 fair value estimate for Xcel Energy after the company reported $0.88 in ongoing earnings per share during the first quarter, up from $0.76 in the first quarter of 2023. We also are reaffirming our narrow moat rating.

We are reaffirming our fair value estimates and economic moat ratings for US utilities after executives at the Electric Reliability Council of Texas on Tuesday forecast an extraordinary jump in electricity demand in the state during the next five years.

We are cutting our fair value estimate to $60 from $61 after incorporating an early, probability-adjusted estimate for potential liabilities from the Smokehouse Creek wildfire in the Texas Panhandle. We are reaffirming our narrow moat rating.

Xcel Energy's regulated gas and electric utilities serve customers across eight states and own infrastructure that ranges from nuclear plants to wind farms, making the company a barometer for the entire utilities sector. That barometer is signaling a big commitment to clean energy investment nationwide.

We are reaffirming our $61 fair value estimate for Xcel Energy after reviewing the company's $171 million gas rate increase request in Colorado. We also are reaffirming our 2024 earnings estimate, in line with management's $3.50-$3.60 EPS guidance, and our narrow moat rating. We expect regulators to approve about two-thirds of Xcel's request by the end of 2024.

We are reaffirming our $61 fair value estimate for Xcel Energy after the company reported $3.35 in ongoing earnings per share in 2023, up from $3.17 in 2022. We also are reaffirming our 2024 earnings estimate, in line with management's $3.50-$3.60 EPS guidance, and our narrow moat rating.

We are reaffirming our $61 per share fair value estimate for Xcel Energy after the company filed a settlement in Texas that will raise electric rates $65 million annualized, in line with our forecast. We are reaffirming our narrow moat rating.

Xcel Energy's regulated gas and electric utilities serve customers across eight states and own infrastructure that ranges from nuclear plants to wind farms, making the company a barometer for the entire utilities sector. That barometer is signaling a big commitment to clean energy investment nationwide.

We are reaffirming our $59 per share fair value estimate for Xcel Energy after Colorado regulators verbally approved a resource plan that will require Xcel to add 5,835 megawatts of new power generation in the state by the end of 2030, most of it renewable energy. We are reaffirming our narrow moat rating.

We are reaffirming our $59 per share fair value estimate for Xcel Energy after reviewing the company's likely regulatory proceedings in 2024. With gas and electric businesses across eight states, Xcel typically has multiple ongoing regulatory proceedings, making it a good barometer for sectorwide trends. Those trends suggest regulators are focused on customer bill pressure even as utilities face higher interest rates, inflation, and growth investment needs.

With the U.N. Climate Change Conference, otherwise known as COP28, starting this week, we are reasserting our view that the market underappreciates utilities' critical role in limiting global warming.

We are reaffirming our $59 per share fair value estimate for Xcel Energy after the company reported $1.23 per share of operating earnings in the third quarter, up from $1.18 in the same quarter in 2022. The company remains on track to meet our full-year 2023 earnings estimate in line with management's $3.32-$3.37 EPS guidance range. We are reaffirming our narrow moat rating.

Xcel Energy's regulated gas and electric utilities serve customers across eight states and own infrastructure that ranges from nuclear plants to wind farms, making the company a barometer for the entire utilities sector. That barometer is signaling a clean energy future ahead.

We are reaffirming our fair value estimates and economic moat ratings for all U.S. utilities after the sector fell nearly 5% on Monday. We think the sector's 11% drop since last week offers a rare opportunity for investors to buy high-quality utilities at very attractive prices.

We are reaffirming our $59 per share fair value estimate for Xcel Energy after the company presented Colorado regulators with a detailed long-term energy resources plan on Sept. 18. We are reaffirming our narrow moat rating.

In 2022, battery electric vehicles represented nearly 10% of global auto sales, up from a little less than 6% in 2021. Much of the growth occurred in China, which has been a leader in EV sales over the past decade. However, with national EV subsidies in China expiring in 2022 and far lower sales in the U.S. and Europe, the market questions if EV sales can continue to grow without subsides.

We are reaffirming our $59 per share fair value estimate for Xcel Energy after two key regulatory developments this week. We are reaffirming our narrow moat rating.

We are reaffirming our $59 per share fair value estimate for Xcel Energy after reviewing second-quarter earnings and several updates in recent weeks. We are reaffirming our narrow moat rating.

We are cutting our fair value estimate for Xcel Energy to $59 from $60 after incorporating Minnesota regulators' ruling that increases Xcel's electric rates in 2022-24 by $306 million cumulatively, about 20% less than we expected. We are reaffirming our narrow moat and stable moat trend ratings.

Xcel Energy's regulated gas and electric utilities serve customers across eight states and own infrastructure that ranges from nuclear plants to wind farms, making the company a barometer for the entire utilities sector. That barometer is signaling a clean energy future ahead.