Xcel Energy Inc Stock Price, News & Analysis

Xcel Energy reported a first quarter 2023 GAAP diluted earnings per share of $0.76, an increase from $0.70 in 2022. The company reassured its 2023 EPS guidance range of $3.30 to $3.40. Overall earnings reached $418 million, a boost from $380 million year-over-year. The results were aided by recovery in electric and natural gas infrastructure investment, although higher depreciation and operating expenses weighed on performance. CEO Bob Frenzel highlighted ongoing efforts in the clean energy transition, including evaluating renewable projects and applying for Department of Energy grants for hydrogen hubs. Xcel also reduced the natural gas recovery charge in Colorado by 58% to alleviate customer costs amidst fluctuating natural gas prices.

Xcel Energy (NASDAQ: XEL) will hold a conference call on April 27, 2023, at 9:00 a.m. Central Time to discuss its first quarter 2023 financial results. The earnings report will be released before the market opens on the same day. Participants can join by dialing 1-866-580-3963 in the US or 400-120-0558 internationally and must enter the conference password 5018521. The call will also be available via webcast and archived on the company's website. For replay, call 1-866-583-1035 until May 1, using the same password. Xcel Energy is a leader in providing clean energy solutions across eight states, with a focus on reducing carbon emissions.

The Board of Directors of Xcel Energy (NASDAQ: XEL) has announced a quarterly dividend increase from 48.75 cents to 52 cents per share, marking an annual rate of $2.08. This dividend will be paid on April 20, 2023, to shareholders recorded as of March 15, 2023. Since 2015, Xcel has aimed for annual dividend growth of 5-7%, achieving an average increase of over 6%. CEO Bob Frenzel expressed confidence in the company's investment opportunities and commitment to delivering attractive returns to shareholders.

Luke Litteken, SVP of Xcel Energy, has been appointed as the 2023 Chair of the Southern Gas Association Board of Directors. With over 30 years in the natural gas industry, Litteken aims to enhance energy infrastructure, focusing on affordable clean energy and workforce diversity. He emphasizes the importance of technical training and innovation, especially concerning emerging fuels like RNG and hydrogen. The SGA's Executive Committee will also include members from various leading energy companies. This development marks a significant leadership transition within the natural gas sector, promoting safety and innovation.

Form Energy has formed a partnership with Xcel Energy to deploy its 100-hour iron-air battery systems at retiring coal plant sites in Minnesota and Colorado. The two 10 MW / 1,000 MWh storage systems are designed to enhance Xcel Energy's ability to integrate low-cost renewable energy as part of its transition to a sustainable energy future. Expected to be operational by 2025, both projects will require regulatory approvals. The collaboration aims to improve grid reliability, support a significant reduction in carbon emissions by 2030, and bolster the integration of wind energy amidst weather variability.