MINNEAPOLIS - Xcel Energy (NASDAQ:XEL) announced today the appointment of Todd Wehner as the company's new treasurer and vice president, a move that aligns with the utility's ongoing financial and clean energy objectives. Paul Johnson will maintain his role as vice president, overseeing treasury and investor relations.
Wehner, who previously held the position of assistant treasurer at CMS Energy (NYSE:CMS) in Michigan, brings a wealth of experience in financial management, treasury operations, and investment banking to Xcel Energy. His background includes optimizing capital structures and managing relationships with equity and debt providers, as well as credit rating agencies. His prior roles at Morgan Stanley (NYSE:MS) and Barclays (LON:BARC) saw him focusing on the global utilities and chemicals sectors.
Bob Frenzel, Xcel Energy's chairman, president, and CEO, commended Wehner's proven track record in financial leadership, strategic management, and capital markets experience. Frenzel expressed confidence that Wehner's expertise will benefit Xcel Energy's customers by effectively raising capital for grid and energy investments, which in turn will provide long-term, lower-cost energy.
Wehner, who has master's degrees in sustainable systems and business administration from the University of Michigan, as well as bachelor of science degrees in electrical engineering and mechanical engineering from Michigan Technological University, expressed enthusiasm for his new role. He emphasized the honor of working in the utility sector, a sentiment inspired by his father's career as a lineworker.
Xcel Energy, a leader in the clean energy transition, serves millions of customers across eight Western and Midwestern states. The Minneapolis-headquartered company is recognized for its commitment to reducing carbon emissions and delivering clean energy solutions from renewable sources at competitive prices.
The information contained in this article is based on a press release statement from Xcel Energy.
In other recent news, Xcel Energy has seen significant developments in its operations and financial performance. The utility company recently reported an earnings per share of $0.54 and a substantial $1.7 billion investment in energy infrastructure. Xcel Energy also reaffirmed its 2024 earnings guidance, underlining its commitment to investing in resilient infrastructure and clean energy.
Argus upgraded Xcel Energy's stock rating from Hold to Buy, citing the stock's favorable trading position compared to its peers. The firm also highlighted Xcel Energy's potential cost savings and favorable regulatory outcomes associated with its clean nuclear generation.
Other analysts have also taken note of the company's performance. KeyBanc maintained its Overweight rating and $65.00 price target for Xcel Energy, while Goldman Sachs (NYSE:GS) increased its price target to $73. Both firms highlighted the company's growth strategies and commitment to decarbonization.
In addition, Xcel Energy has been managing the aftermath of the Smokehouse Creek wildfire, having settled 43 out of 141 claims. The Texas Commission also approved a $13 million distribution rider request, which is expected to reduce the need for future rate cases. These are among the recent developments that investors may find noteworthy.
InvestingPro Insights
As Xcel Energy (NASDAQ:XEL) welcomes Todd Wehner into the fold, the company's financial landscape offers a blend of stability and growth that aligns with its strategic objectives. With a market capitalization of $35.43 billion, Xcel Energy showcases its robust financial position. An important facet of the company's financial health is its dividend track record. An InvestingPro Tip highlights that Xcel Energy has raised its dividend for 20 consecutive years, which reflects a strong commitment to returning value to shareholders. In fact, the company has maintained dividend payments for an impressive 53 consecutive years, underscoring its financial reliability and long-term stability.
From a performance perspective, Xcel Energy has been trading near its 52-week high, with a price percentage of the high at 98.89%. This is coupled with a significant price uptick over the last six months, where the six-month price total return stands at 25.9%. Analysts have taken note of the company's trajectory, with six analysts revising their earnings estimates upwards for the upcoming period, an InvestingPro Tip that signals confidence in the company's future performance.
InvestingPro Data further reveals that Xcel Energy's P/E ratio is 18.96, which indicates the company is trading at a high valuation relative to near-term earnings growth. However, the adjusted P/E ratio for the last twelve months as of Q2 2024 is slightly lower at 17.7, suggesting a nuanced valuation picture for investors to consider.
Investors seeking additional insights and tips on Xcel Energy can find more detailed analysis and metrics on InvestingPro, where a total of 10 InvestingPro Tips are available to help assess the company's financial health and investment potential.
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