Xcel Energy Inc. (NASDAQ:XEL) is included among the Billionaire George Soros Stock Portfolio: 10 Best Stocks to Buy.
On May 18, Truist lowered its price recommendation on Xcel Energy Inc. (NASDAQ:XEL) to $92 from $95. It reiterated a Buy rating on the shares. The change came as part of a broader research update on the Power and Utilities sector ahead of the American Gas Association’s Financial Forum. The analyst noted that the industry is now in the third year of the data center expansion wave, with investment levels continuing to rise alongside growth expectations. Truist believes vertically integrated electric utilities are well-positioned to benefit as they build the infrastructure needed to support growing power demand.
During Xcel Energy’s first-quarter 2026 earnings call, President, CEO, and Chairman Robert Frenzel said the quarter was marked by strong capital execution and increasing demand from large-load customers. He noted that the company invested more than $3 billion in new infrastructure during the quarter and remains on track to complete the largest capital investment program in its history this year.
Frenzel also discussed Xcel Energy’s agreement with Google for a new data center. Under the 15-year arrangement, Google will cover the full cost of the service and infrastructure required for the project. He said the company expects the data center to generate between $1 billion and $1.5 billion in customer savings over the life of the Electric Service Agreement (ESA). Addressing efforts to accelerate energy supply and development, Frenzel said Xcel Energy finalized a non-exclusive agreement with NextEra Energy in April, following an earlier memorandum of understanding. He added that work is already underway on solutions designed to support 2 gigawatts of new data center capacity.
Xcel Energy Inc. (NASDAQ:XEL) is an electric and natural gas delivery company. Through its utility subsidiaries, NSP-Minnesota, NSP-Wisconsin, PSCo, and SPS, the company serves approximately 3.9 million electric customers and 2.2 million natural gas customers with a range of energy-related products and services.
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