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$XEL said it will voluntarily transfer its stock exchange listing from the NYSE to the Nasdaq Global Select Market, effective Dec. 29, 2017. Xcel Energy shares are expected to begin trading on Nasdaq on Jan. 2, 2018 and will retain its current "XEL" ticker.
$XEL's BoD raised the quarterly dividend on the company’s common stock from $0.34 per share to $0.36 per share, which is equivalent to an annual rate of $1.44 per share. The Board declared the 1Q17 common stock dividend payable April 20, 2017, to shareholders of record on March 15, 2017.
$XEL reported a 9% increase in 4Q16 profit, helped by higher revenues. Net income was $227.5MM or $0.45 per share compared to $209MM or $0.41 per share in the prior year quarter. Operating revenue rose 5.6% to $2.8Bil. Ongoing diluted EPS was $0.45 versus $0.41 in 4Q15.
Utility holding company $XEL reported an increase in quarterly profit, helped by higher retail electric and natural gas rates and nonfuel riders. The company reported 3Q16 earnings of $458MM, or $0.90 per share, compared with $426MM, or $0.84 per share a year ago. Revenue rose to $3.04Bil.
Deutsche Bank analyst Jonathan Arnold asks about the likely earnings drivers in 2H16. CEO Benjamin Fowke said that 2H16 is going to be balanced. $XEL expects top line revenues to come from New Mexico and the Texas cases, and some favorable weather in 2H16. He added that the company is confident about the revenue streams and cost initiatives.
$XEL said that it has filed for the implementation of advanced grid initiative in Colorado, which comprises major projects and enables the implementation of new rate structures. The estimated capital investment for this project is $500MM, which is included in the company's base capital forecast.
$XEL said that in Minnesota rate case, the company reached a settlement in principle with several other parties, but the terms remain confidential until $XEL reaches a final agreement. This settlement, which has to be approved by Administrative Law Judge and Minnesota Commission, is anticipated to address all revenue issues, the company said.
$XEL said it reaffirmed its 2016 ongoing earnings guidance of $2.12-2.27 per share. The company also said it made significant progress in Colorado in its regulatory initiatives including filing a resource plan, a decoupling proposal and a distribution grid modernization program.
$XEL President and CEO Ben Fowke said, "While we continue to see lower than expected sales across much of our operating territory, our teams continue to carefully manage our O&M expenses and take a thoughtful approach to delivering on our business objectives. We fully expect to deliver ongoing earnings solidly within our 2016 guidance range."