Key Takeaways
- Clean Energy Transition, a $4.6 billion firm, sold all its Xcel Energy and Fortive shares in the third quarter and added 29% to Consolidated Edison.
- Since Sept. 30, Xcel is up 16% and Fortive 24%.
- Fortive now trades at analysts’ average target, while Xcel’s target sits 10% above its price.
- Fortive’s exit holds up better from today’s prices; Xcel looks like the stock worth holding.
A $4.6 billion fund just sold two stocks that have rallied hard since. Clean Energy Transition LLP’s 13F for the quarter ended Sept. 30, filed Nov. 13, shows it sold all of its Xcel Energy (XEL) and Fortive (FTV) shares.
It went the other way on Consolidated Edison (ED), adding 29% to its stake. The London firm, which invests around the shift to cleaner energy, manages $4.63 billion; its 13F held 11 positions worth $1.11 billion at Sept. 30.
Xcel Is Earning More on What It Builds
Xcel was a new position at June 30: 430,722 shares worth $35 million, 2.4% of the fund’s 13F portfolio. By Sept. 30, it was gone. Xcel closed that day at $70.48, near its 52-week low, and is up 16% since.
Then came the Oct. 29 results. Ongoing earnings rose to $1.52 a share from $1.24, on higher recovery of infrastructure spending, equity investments and warm weather, partly offset by higher financing costs. Xcel narrowed its 2026 guidance to $4.10-$4.16 a share, from $4.04-$4.16, and set 2027’s at $4.48-$4.62. At the midpoints, that’s about 10% growth next year.
CEO Bob Frenzel said on the call that Xcel’s $70 billion five-year plan doesn’t depend on new data-center customers, yet Xcel aims to sign another gigawatt of that load by year-end and 3 more in 2027, on top of the Google data center in Minnesota it agreed to power in February.
Fortive Has Caught Up With the Street
Fortive was the smaller sale and a slower one. The fund had been cutting it all year, from 1,054,309 shares at the end of 2025 to 512,269 worth $31 million at June 30, 2.2% of the portfolio. Since its $54.81 close on Sept. 30, Fortive reported third-quarter results with adjusted EPS up 13% to $0.77 and core revenue up 7.2%. It raised its 2026 adjusted EPS guidance to $3.10-$3.14 from $2.95-$3.05, and the stock has climbed 24% to $67.92, up from about $52 a year ago and within 1% of its 52-week high.
Analysts have spent the year chasing it:
The average target is now $67.50, up from a low of $57.19 on Dec. 4, 2025. The stock trades a hair above it, at about 22 times the midpoint of its new guidance.
The Fund Added to Con Ed
The fund ended September with 799,807 Con Ed shares worth $82 million, 29% more than at June 30 and 7.4% of its 13F portfolio.
The stock has since run 18% to $121, faster than analysts’ targets have moved:
Over the past year, the average target rose to $109.79 from $104.86 while the stock went from $100.95 to $121. Con Ed now trades 10% above that average, though still below the top target of $134. On Nov. 5, Con Ed reported third-quarter adjusted EPS of $2.07, up from $1.90, and narrowed its 2026 guidance to $6.05-$6.15 a share, keeping the midpoint.
TIKR Tracks 21 Analysts on Xcel Energy and 17 on Fortive. How Many Say “Buy”?
See the full breakdown of Buy, Hold, and Sell ratings on Xcel Energy and Fortive, along with Wall Street’s revenue and earnings estimates, all in one place. More than 500,000 investors use TIKR to research stocks like these. See Xcel Energy’s and Fortive’s Analyst Ratings
Xcel Is the One I’d Have Held
A 13F doesn’t show why a fund sold or at what price, but both exits came before the rallies. From today’s prices, though, the two look very different.
Analysts have kept Xcel’s average target between $86.65 and $92.83 all year. At $89.82, it sits 10% above Xcel’s $81.61 close. Xcel trades at about 20 times its 2026 guidance midpoint, below Fortive’s 22, with higher 2027 guidance and data-center upside its base plan doesn’t count.
The risk is the bill: Xcel plans about $26 billion of new debt and $8 billion of new equity to fund its $70 billion plan.
Fortive’s exit holds up better from here; I’d have kept Xcel. Watch whether Xcel signs that gigawatt by Dec. 31, and the fund’s next 13F, due by Feb. 16.
So What Are Xcel Energy, Fortive and Con Ed Stocks Actually Worth?
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