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Xcel Energy Raises Dividend 6% Amid Renewables Expansion

Xcel Energy Inc. (XEL) is a major U.S. electricity and natural gas business with operations in eight Western and Midwestern states.

The company generated 92.4% of its revenue from Electric, 6.8% of its revenue from Natural Gas, and the remainder from other sources during the quarter ended September 30, 2020. These revenues are further divided into Residential (34.4%), C&I (44.0%), Wholesale (7.1%), and Transmission (5.0%) over the quarter.

Decent Guidance Offsets a Weak Q4

Xcel Energy reported fourth quarter revenue that rose 5.4% to $2.95 billion, missing consensus estimates by $210 million, and non-GAAP earnings of 54 cents, in line with consensus estimates. The company also reaffirmed 2021 EPS guidance of $2.90 to $3.00 per share versus a $2.97 per share consensus among analysts.

In February, Mizuho Securities reiterated its Neutral rating, saying that it continues to be successful in obtaining renewable generation approvals, but the company faces near-term challenges to maintain allowed returns in the current low-interest rate environment.

The company raised its quarterly dividend by 6.4% to $0.4575 per share, which represents a 2.95% forward yield. The dividend is payable on April 20, 2021 to shareholders on record as of March 15, 2021.

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