Xcel Energy plans $19B investment in Texas and New Mexico to boost growth through its SPS utility.

Xcel Energy Inc. is set for growth driven by its Southwestern Public Service (SPS) utility, with a planned investment of about $19.03 billion in Texas and New Mexico through 2030. SPS's electric sales grew 4.8%, outpacing the overall company average, and its proposed 2,623 MW generation portfolio could expand its rate base and earnings. However, risks remain around regulatory approval, project execution, and financing. The stock currently offers limited upside, with a recommendation to buy on dips below $70 rather than at its current price near $77.68.