MINNEAPOLIS - Xcel Energy Inc. (NASDAQ: NASDAQ:XEL), a leading utility providing energy to several Western and Midwestern states with a market capitalization of $38 billion, announced the election of Devin Stockfish to its board of directors, effective today. According to InvestingPro analysis, the company currently trades above its Fair Value, though it maintains a strong dividend track record with 54 consecutive years of payments.
Stockfish, the current president and CEO of Weyerhaeuser (NYSE:WY) Co., brings extensive experience from his leadership role at North America’s largest integrated timber and forest products company. His tenure at Weyerhaeuser since 2019 and his position on its board of directors are complemented by his previous roles within the company, including senior vice president of Timberlands and senior vice president, general counsel, and corporate secretary.
Bob Frenzel, chairman, president, and CEO of Xcel Energy, praised Stockfish’s commitment to safety and operational excellence, noting that his expertise in managing a publicly traded, capital-intensive business and his background in sustainable forest management will be valuable assets to the board. Stockfish’s engineering education and his experience with corporate strategy, finance, and complex legal and regulatory issues were also highlighted as beneficial for the energy company. With a solid financial health score rated as GOOD by InvestingPro, and an EBITDA of $5.5 billion in the last twelve months, Xcel Energy continues to demonstrate strong operational performance.
As a new member of the Xcel Energy board, Stockfish will participate in the Finance committee and the Operations, Nuclear, Environmental, and Safety (ONES) committee. His appointment expands the board to 14 members.
Stockfish’s professional background includes positions beyond Weyerhaeuser. He served as vice president and associate general counsel at Univar (NYSE:UNVR) Solutions LLC, where he concentrated on mergers and acquisitions, corporate governance, and securities law. Additionally, he has worked as an attorney for Starbucks Corp (NASDAQ:SBUX). and practiced corporate law at K&L Gates LLP. Before his legal career, Stockfish was a mechanical engineer with Boeing Co (NYSE:BA).
He holds a Juris Doctor degree from Columbia Law School and a Bachelor of Science degree in mechanical engineering from the University of Colorado.
Xcel Energy, headquartered in Minneapolis, is recognized for its commitment to reducing carbon emissions and delivering clean energy solutions. The company’s service area covers eight states, where it is known for its competitive pricing and renewable energy options. With a current dividend yield of 3.27% and analysts forecasting profitability for the coming year, Xcel Energy maintains a strong market position. Investors seeking deeper insights can access comprehensive analysis and additional metrics through InvestingPro’s detailed research reports, which cover over 1,400 US equities including XEL.
This announcement is based on a press release statement from Xcel Energy.
In other recent news, Xcel Energy’s earnings per share rose from $1.23 to $1.25 in the third quarter of 2024 and the company introduced a 2025 earnings guidance of $3.75 to $3.85 per share. Additionally, the company proposed a 19.3% rate hike in North Dakota, which, if approved, would generate an additional $45 million annually. The company’s subsidiary, Southwestern Public Service Company, unveiled a Texas System Resiliency Plan, outlining a $538M investment to bolster infrastructure against threats like wildfires.
In terms of analyst notes, Xcel Energy’s stock rating was upgraded from Neutral to Overweight by JPMorgan, with Goldman Sachs and Jefferies also showing confidence in the company’s growth. Jefferies maintained its Buy rating on the stock, signaling a positive outlook on the utility provider’s future performance, despite a slight decrease in the company’s price target, which was adjusted from $76.00 to $75.00.
These are recent developments that reflect Xcel Energy’s commitment to strategic growth and financial stability. Investors should note this information for their decision-making processes.
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