5 Best Energy Stocks Capitalizing on the Data Center Boom

3. Xcel Energy Inc. (NASDAQ:XEL)

Potential Upside: 18.15%

Number of Hedge Fund Holders: 55

Xcel Energy Inc. (NASDAQ:XEL) is one of the 10 Best Energy Stocks Capitalizing on the Data Center Boom. On June 9, Truist Financial Analyst Richard Sunderland maintained a Buy rating on Xcel Energy, according to a report by TipRanks.

According to a report by Investing.com on June 8, KeyBanc reiterated its Overweight rating on Xcel Energy, maintaining a price target of $90.00 price, following a Colorado rate case settlement. The analyst highlighted that among the factors supporting the stock returning to a modest premium are its long-term earnings growth trajectory and the alleviation of several key overhangs.

For the first quarter of the year, Xcel Energy reported GAAP earnings of $556 million, or $0.89 per share, an increase from the $483 million, or $0.84 per share, in the same period last year. It also reported higher ongoing earnings of $567 million, or $0.91 per share, compared with $483 million or $0.84 per share in the same period a year ago.

Based on 22 analyst ratings compiled by CNN, 86% assigned a Buy rating to Xcel Energy, while 9% assigned a Hold rating. The stock has a median price target of $92, an 18.15% upside from the current price of $77.87.

Xcel Energy Inc. (NASDAQ:XEL) is an electricity and natural gas company operating in eight Western and Midwestern states. The company offers a comprehensive portfolio of energy-related products and services to millions of electricity and natural gas customers through its regulated operating companies.