XCEL ENERGY INC XEL
COM · Common Stock · CUSIP 98389B100 · ISIN US98389B1008
American utilities company
- SectorUtilities
- IndustryElectric & Other Services Combined
- HeadquartersMinneapolis, MN
- Founded1998
- Websitemy.xcelenergy.com
- FilingsSEC EDGAR
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($182.1m this quarter). Holder counts are more reliable. Shares outstanding: 591.5m as of 2025-10-28, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $73.89. Options: 15 managers hold calls ($159.4m notional), 14 hold puts ($164.8m).
Trends to Q4 2025
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 937 |
| Q4 2022 | 983 |
| Q1 2023 | 971 |
| Q2 2023 | 963 |
| Q3 2023 | 928 |
| Q4 2023 | 1,019 |
| Q1 2024 | 981 |
| Q2 2024 | 974 |
| Q3 2024 | 1,034 |
| Q4 2024 | 1,115 |
| Q1 2025 | 1,136 |
| Q2 2025 | 1,134 |
| Q3 2025 | 1,185 |
| Q4 2025 | 1,251 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q1 2024 | 429 | 514 |
| Q2 2024 | 465 | 411 |
| Q3 2024 | 515 | 413 |
| Q4 2024 | 539 | 376 |
| Q1 2025 | 526 | 450 |
| Q2 2025 | 559 | 460 |
| Q3 2025 | 620 | 407 |
| Q4 2025 | 598 | 456 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q1 2025 | $172.9m | $36.3m | 0.21 |
| Q2 2025 | $190.7m | $75.2m | 0.39 |
| Q3 2025 | $136.3m | $64.7m | 0.47 |
| Q4 2025 | $159.4m | $164.8m | 1.03 |
Biggest buyers
| Invesco Ltd. | Added | +13.4m |
| BARCLAYS PLC | Added | +3.9m |
| Boston Partners | Added | +2.0m |
| OMERS ADMINISTRATION Corp | Added | +1.8m |
| Qube Research & Technologies Ltd | New | +1.7m |
| BANK OF MONTREAL /CAN/ | Added | +1.6m |
| TORONTO DOMINION BANK | Added | +1.5m |
| HSBC HOLDINGS PLC | Added | +1.3m |
| Point72 Asset Management, L.P. | Added | +1.1m |
| BlackRock, Inc. | Added | +1.1m |
Biggest sellers
| JPMORGAN CHASE & CO | Reduced | -17.5m |
| MACQUARIE GROUP LTD | Reduced | -2.8m |
| PRICE T ROWE ASSOCIATES INC /MD/ | Reduced | -2.8m |
| DEUTSCHE BANK AG\ | Reduced | -2.5m |
| GOLDMAN SACHS GROUP INC | Reduced | -1.4m |
| BANK OF AMERICA CORP /DE/ | Reduced | -1.0m |
| REGIONS FINANCIAL CORP | Reduced | -1.0m |
| AMERIPRISE FINANCIAL INC | Reduced | -1.0m |
| CANADA PENSION PLAN INVESTMENT BOARD | Reduced | -782.9k |
| MARSHALL WACE, LLP | Reduced | -758.1k |
Biggest calls
| CITADEL ADVISORS LLC | Added | $40.4m547.3k shares |
| PEAK6 LLC | Added | $36.9m500.2k shares |
| JANE STREET GROUP, LLC | Added | $29.5m399.1k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $15.1m204.8k shares |
| Twin Tree Management, LP | Reduced | $14.3m193.7k shares |
| LMR Partners LLP | New | $5.1m69.0k shares |
| Walleye Capital LLC | Added | $4.3m57.7k shares |
| SIMPLEX TRADING, LLC | Added | $3.1m42.6k shares |
| IMC-Chicago, LLC | Reduced | $3.0m41.2k shares |
| Walleye Trading LLC | Added | $2.8m37.7k shares |
Biggest puts
| GOLDMAN SACHS GROUP INC | Added | $97.0m1.3m shares |
| Yaupon Capital Management LP | New | $27.3m370.2k shares |
| Balyasny Asset Management L.P. | New | $14.8m200.0k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $9.2m124.0k shares |
| CITADEL ADVISORS LLC | Reduced | $5.7m77.0k shares |
| SIMPLEX TRADING, LLC | Added | $3.5m46.8k shares |
| GROUP ONE TRADING LLC | Reduced | $2.7m36.6k shares |
| IMC-Chicago, LLC | Added | $1.9m26.1k shares |
| JANE STREET GROUP, LLC | Reduced | $952.8k12.9k shares |
| Walleye Capital LLC | Reduced | $664.7k9.0k shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
| VANGUARD CAPITAL MANAGEMENT LLC 13G · institution new · filed 2026-04-29 | 7.3% |
| VANGUARD PORTFOLIO MANAGEMENT LLC 13G · institution new · filed 2026-04-29 | 5.6% |
Fell to 5% or below in the last year: VANGUARD GROUP INC (0.0%, 2026-03-27; now reported by VANGUARD CAPITAL MANAGEMENT LLC), PRICE T ROWE ASSOCIATES INC /MD/ (4.7%, 2025-11-14)
Insider purchases and sales in Q4 2025
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
Officers and directors buying vs selling
Number of people, by quarter (10% owners not included)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q1 2024 | 0 | — | 0 | — | — |
| Q2 2024 | 0 | — | 1 | $979.5k | — |
| Q3 2024 | 0 | — | 1 | $121.4k | — |
| Q4 2024 | 0 | — | 0 | — | — |
| Q1 2025 | 1 | $149.6k | 0 | — | — |
| Q2 2025 | 0 | — | 0 | — | — |
| Q3 2025 | 0 | — | 0 | — | — |
| Q4 2025 | 0 | — | 0 | — | — |
None reported in Q4 2025.
Holders, Q4 2025
| Manager | Shares | Change |
|---|---|---|
| VANGUARD GROUP INC 0.08% of their portfolio | 77.6m $5.7bn | Added +885.1k |
| BlackRock, Inc. 0.07% of their portfolio | 52.7m $3.9bn | Added +1.1m |
| STATE STREET CORP 0.09% of their portfolio | 36.3m $2.7bn | Added +444.1k |
| BANK OF AMERICA CORP /DE/ 0.15% of their portfolio | 27.8m $2.1bn | Reduced -1.0m |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.20% of their portfolio | 25.1m $1.9bn | Reduced -2.8m |
| JPMORGAN CHASE & CO 0.12% of their portfolio | 24.6m $1.8bn | Reduced -17.5m |
| Invesco Ltd. 0.15% of their portfolio | 21.2m $1.6bn | Added +13.4m |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.45% of their portfolio | 18.8m $1.4bn | Reduced -712.1k |
| GEODE CAPITAL MANAGEMENT, LLC 0.07% of their portfolio | 16.5m $1.2bn | Added +126.5k |
| GQG Partners LLC 1.50% of their portfolio | 12.3m $911.0m | Reduced -739.1k |
| Aristotle Capital Management, LLC 1.71% of their portfolio | 11.6m $855.2m | Reduced -583.8k |
| BARCLAYS PLC 0.30% of their portfolio | 10.0m $737.1m | Added +3.9m |
| GOLDMAN SACHS GROUP INC 0.08% of their portfolio | 7.8m $576.4m | Reduced -1.4m |
| MORGAN STANLEY 0.03% of their portfolio | 7.0m $516.5m | Reduced -195.7k |
| FRANKLIN RESOURCES INC 0.12% of their portfolio | 6.8m $504.3m | Added +134.9k |
| Pictet Asset Management Holding SA 0.46% of their portfolio | 6.5m $478.1m | Added +465.9k |
| FMR LLC 0.02% of their portfolio | 6.4m $469.7m | Reduced -59.4k |
| Legal & General Group Plc 0.10% of their portfolio | 6.2m $461.1m | Added +229.4k |
| BARROW HANLEY MEWHINNEY & STRAUSS LLC 1.40% of their portfolio | 5.7m $421.7m | Reduced -475.3k |
| NORTHERN TRUST CORP 0.05% of their portfolio | 5.2m $382.0m | Reduced -98.0k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.04% of their portfolio | 3.8m $283.4m | Added +28.6k |
| Newport Trust Company, LLC 0.66% of their portfolio | 3.7m $274.6m | Reduced -134.2k |
| ROYAL BANK OF CANADA 0.05% of their portfolio | 3.7m $271.4m | Reduced -631.7k |
| FEDERATED HERMES, INC. 0.45% of their portfolio | 3.7m $270.3m | Reduced -108.6k |
| REAVES W H & CO INC 4.62% of their portfolio | 3.6m $264.4m | Added +415.8k |
| Bank of New York Mellon Corp 0.05% of their portfolio | 3.6m $263.6m | Added +7.6k |
| Capital Research Global Investors 0.05% of their portfolio | 3.5m $260.8m | Added +34.6k |
| BANK OF MONTREAL /CAN/ 0.09% of their portfolio | 3.1m $228.7m | Added +1.6m |
| AMERICAN CENTURY COMPANIES INC 0.11% of their portfolio | 3.1m $227.6m | Reduced -285.4k |
| Nuveen, LLC 0.05% of their portfolio | 2.8m $206.2m | Added +330.3k |
| DEUTSCHE BANK AG\ 0.07% of their portfolio | 2.8m $203.5m | Reduced -2.5m |
| Zimmer Partners, LP 5.33% of their portfolio | 2.7m $202.3m | Added +288.4k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.04% of their portfolio | 2.7m $196.2m | Added +408.4k |
| HSBC HOLDINGS PLC 0.05% of their portfolio | 2.6m $190.7m | Added +1.3m |
| NORDEA INVESTMENT MANAGEMENT AB 0.16% of their portfolio | 2.5m $185.2m | Reduced -493.1k |
| Mitsubishi UFJ Trust & Banking Corp 0.42% of their portfolio | 2.4m $177.9m | Reduced -68.1k |
| UBS Group AG 0.03% of their portfolio | 2.4m $175.1m | Reduced -626.4k |
| DUFF & PHELPS INVESTMENT MANAGEMENT CO 1.97% of their portfolio | 2.4m $173.7m | Reduced -4.9k |
| Russell Investments Group, Ltd. 0.19% of their portfolio | 2.3m $171.9m | Added +122.6k |
| CBRE INVESTMENT MANAGEMENT LISTED REAL ASSETS LLC 2.52% of their portfolio | 2.3m $171.7m | Added +356.2k |
| Brookfield Corp /ON/ 0.21% of their portfolio | 2.3m $167.6m | Reduced -175.8k |
| MILLENNIUM MANAGEMENT LLC 0.12% of their portfolio | 2.2m $163.1m | Added +208.1k |
| Merewether Investment Management, LP 3.68% of their portfolio | 2.2m $160.1m | Added +403.8k |
| RAYMOND JAMES FINANCIAL INC 0.05% of their portfolio | 2.1m $158.1m | Reduced -278.6k |
| Magellan Asset Management Ltd 1.90% of their portfolio | 2.1m $156.0m | Reduced -14.0k |
| PRINCIPAL FINANCIAL GROUP INC 0.08% of their portfolio | 2.1m $153.9m | Reduced -384.7k |
| Point72 Asset Management, L.P. 0.24% of their portfolio | 2.1m $153.7m | Added +1.1m |
| Boston Partners 0.15% of their portfolio | 2.0m $149.5m | Added +2.0m |
| DIMENSIONAL FUND ADVISORS LP 0.03% of their portfolio | 2.0m $147.0m | Reduced -44.1k |
| JENNISON ASSOCIATES LLC 0.09% of their portfolio | 2.0m $144.9m | Added +181.3k |
| Electron Capital Partners, LLC 6.64% of their portfolio | 1.9m $143.0m | Added +255.9k |
| AMERIPRISE FINANCIAL INC 0.03% of their portfolio | 1.9m $140.5m | Reduced -1.0m |
| TORONTO DOMINION BANK 0.24% of their portfolio | 1.8m $136.0m | Added +1.5m |
| WELLS FARGO & COMPANY/MN 0.03% of their portfolio | 1.8m $132.2m | Reduced -102.9k |
| OMERS ADMINISTRATION Corp 0.94% of their portfolio | 1.8m $131.9m | Added +1.8m |
| LPL Financial LLC 0.04% of their portfolio | 1.8m $131.5m | Added +75.3k |
| Qube Research & Technologies Ltd 0.18% of their portfolio | 1.7m $128.1m | New |
| HITE Hedge Asset Management LLC 7.87% of their portfolio | 1.7m $123.3m | Added +499.2k |
| BNP PARIBAS FINANCIAL MARKETS 0.08% of their portfolio | 1.6m $121.6m | Added +292.2k |
| Swiss National Bank 0.07% of their portfolio | 1.6m $119.7m | Reduced -41.8k |
| California Public Employees Retirement System 0.06% of their portfolio | 1.5m $112.7m | Reduced -275.7k |
| Sumitomo Mitsui Trust Group, Inc. 0.07% of their portfolio | 1.5m $112.2m | Added +7.1k |
| FIRST TRUST ADVISORS LP 0.08% of their portfolio | 1.5m $108.9m | Reduced -607.2k |
| CITIGROUP INC 0.07% of their portfolio | 1.4m $103.3m | Reduced -619.5k |
| Freestone Grove Partners LP 0.70% of their portfolio | 1.3m $96.7m | Added +452.1k |
| JANUS HENDERSON GROUP PLC 0.04% of their portfolio | 1.3m $96.2m | Added +229.0k |
| Mitsubishi UFJ Asset Management Co., Ltd. 0.07% of their portfolio | 1.3m $96.7m | Added +64.6k |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. 0.14% of their portfolio | 1.3m $95.1m | First filing |
| SG Americas Securities, LLC 0.12% of their portfolio | 1.2m $90.8m | Added +970.7k |
| STIFEL FINANCIAL CORP 0.08% of their portfolio | 1.2m $86.0m | Reduced -28.2k |
| ENVESTNET ASSET MANAGEMENT INC 0.03% of their portfolio | 1.2m $85.6m | Reduced -230.6k |
| COHEN & STEERS, INC. 0.15% of their portfolio | 1.1m $84.1m | Added +35.0k |
| Amundi 0.02% of their portfolio | 1.1m $82.9m | Reduced -272.2k |
| SEI INVESTMENTS CO 0.08% of their portfolio | 1.1m $82.5m | Added +70.6k |
| COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS 0.42% of their portfolio | 1.1m $82.1m | Reduced -4.4k |
| REGIONS FINANCIAL CORP 0.49% of their portfolio | 1.0m $77.0m | Reduced -1.0m |
| ProShare Advisors LLC 0.13% of their portfolio | 1.0m $76.4m | Added +286.6k |
| RHUMBLINE ADVISERS 0.06% of their portfolio | 1.0m $74.1m | Reduced -11.1k |
| Brandywine Global Investment Management, LLC 0.45% of their portfolio | 902.4k $66.7m | Reduced -9.4k |
| ExodusPoint Capital Management, LP 0.74% of their portfolio | 898.2k $66.3m | Added +533.1k |
| ALLIANCEBERNSTEIN L.P. 0.02% of their portfolio | 836.3k $61.8m | Added +119.4k |
| Balyasny Asset Management L.P. 0.11% of their portfolio | 794.8k $58.7m | Reduced -145.2k |
| AQR CAPITAL MANAGEMENT LLC 0.03% of their portfolio | 792.1k $58.5m | Reduced -285.6k |
| VICTORY CAPITAL MANAGEMENT INC 0.03% of their portfolio | 754.8k $55.7m | Reduced -2.4k |
| ADAGE CAPITAL PARTNERS GP, L.L.C. 0.08% of their portfolio | 734.2k $54.2m | Added +195.7k |
| SOROS FUND MANAGEMENT LLC 0.72% of their portfolio | 732.0k $54.1m | New |
| JANE STREET GROUP, LLC 0.06% of their portfolio | 724.7k $53.5m | Added +689.7k |
| VAUGHAN DAVID INVESTMENTS LLC/IL 1.14% of their portfolio | 710.7k $52.5m | Added +38 |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.05% of their portfolio | 706.1k $52.2m | Added +11.0k |
| National Pension Service 0.04% of their portfolio | 692.2k $51.1m | Added +40.9k |
| OLD REPUBLIC INTERNATIONAL CORP 1.96% of their portfolio | 655.3k $48.4m | Added +133.1k |
| Verition Fund Management LLC 0.26% of their portfolio | 653.4k $48.3m | Reduced -25.5k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.04% of their portfolio | 653.2k $48.3m | Reduced -18.5k |
| Treasurer of the State of North Carolina 0.15% of their portfolio | 641.3k $47.4m | Reduced -18.9k |
| Hudson Bay Capital Management LP 0.27% of their portfolio | 626.3k $46.3m | Added +112.8k |
| ANCHOR CAPITAL ADVISORS LLC 1.33% of their portfolio | 623.3k $46.0m | Reduced -21.6k |
| Energy Income Partners, LLC 0.80% of their portfolio | 601.3k $44.4m | Reduced -364.8k |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.06% of their portfolio | 572.5k $42.6m | Added +12.2k |
| EP Wealth Advisors, LLC 0.21% of their portfolio | 549.3k $40.6m | First filing |
| GABELLI FUNDS LLC 0.27% of their portfolio | 531.7k $39.3m | Reduced -4.0k |