Xcel Energy Inc (NASDAQ: XEL) said this week its Board of Directors had authorized a regular quarterly dividend of $0.5475 per common share, an increase from $0.52 per share previously.
The dividend will be paid on April 20th to shareholders of record as of the close of business on March 15th 2024, the company said.
“Today’s dividend increase of 5.3% marks the twenty first consecutive year that Xcel Energy has increased its dividend. It signals the strength of our business and our recognition of the importance of dividend growth to our shareholders,” Bob Frenzel, Chairman, President and Chief Executive Officer of Xcel Energy, said in a press release.
“In addition, we have established a long-term dividend payout ratio target of 50-60 percent. Our dividend growth and earnings per share growth objectives remain 5-7 percent annually,” the CEO added.
Stock Performance
The shares of Xcel Energy Inc (XEL) closed without change at $59.33 on Nasdaq on Friday, following a 0.80% loss from the previous market session.
The company’s total market cap now stands at $32.937 billion.
The shares of Xcel Energy Inc (XEL) went down 11.69% in 2023, compared with a 24.23% gain for the benchmark index, S&P 500 (SPX).
The company’s shares have retreated 4.17% so far this year.
Analyst stock price forecast and recommendation
According to TipRanks, at least 5 out of 9 surveyed investment analysts had rated Xcel Energy Inc’s stock as “Hold”, while 4 – as “Buy”. The median price target on the stock stands at $65.78, which translates into a 10.87% upside compared to the closing price on Friday.
The high point of the analyst forecast range stands at $69.00.
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