DTE Energy (NYSE:DTE) Announces Quarterly Earnings Results

DTE Energy (NYSE:DTE) issued its quarterly earnings data on Thursday. The utilities provider reported $1.67 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.71 by ($0.04), reports. DTE Energy had a return on equity of 11.63% and a net margin of 10.36%. The firm had revenue of $3.24 billion for the quarter, compared to the consensus estimate of $3.81 billion. DTE Energy updated its FY24 guidance to $6.54 to $6.83 EPS.

DTE Energy Price Performance

DTE Energy stock traded down $1.62 during mid-day trading on Friday, reaching $109.52. The company had a trading volume of 1,247,739 shares, compared to its average volume of 1,158,886. The business has a fifty day simple moving average of $109.15 and a 200 day simple moving average of $106.21. The company has a market cap of $22.66 billion, a P/E ratio of 17.92, a P/E/G ratio of 2.73 and a beta of 0.64. DTE Energy has a fifty-two week low of $90.14 and a fifty-two week high of $116.73. The company has a current ratio of 0.60, a quick ratio of 0.42 and a debt-to-equity ratio of 1.58.

DTE Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Monday, March 18th were given a dividend of $1.02 per share. This represents a $4.08 dividend on an annualized basis and a yield of 3.73%. The ex-dividend date was Friday, March 15th. DTE Energy’s dividend payout ratio is 66.78%.

Analyst Ratings Changes

DTE has been the subject of several recent research reports. Wolfe Research downgraded DTE Energy from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, January 16th. Morgan Stanley lifted their target price on DTE Energy from $108.00 to $109.00 and gave the stock an “overweight” rating in a report on Thursday, March 21st. TheStreet upgraded shares of DTE Energy from a “c+” rating to a “b-” rating in a research note on Friday, March 15th. Barclays raised their target price on shares of DTE Energy from $112.00 to $115.00 and gave the stock an “overweight” rating in a report on Monday, April 15th. Finally, JPMorgan Chase & Co. raised their price target on DTE Energy from $118.00 to $120.00 and gave the stock a “neutral” rating in a research report on Wednesday, March 13th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, DTE Energy has a consensus rating of “Moderate Buy” and a consensus price target of $115.10.

Insider Transactions at DTE Energy

In related news, COO Matthew T. Paul sold 5,850 shares of the firm’s stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $106.92, for a total transaction of $625,482.00. Following the sale, the chief operating officer now owns 6,951 shares of the company’s stock, valued at approximately $743,200.92. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, COO Matthew T. Paul sold 5,850 shares of the company’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $106.92, for a total value of $625,482.00. Following the completion of the transaction, the chief operating officer now owns 6,951 shares of the company’s stock, valued at $743,200.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Joann Chavez sold 6,070 shares of DTE Energy stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $109.19, for a total transaction of $662,783.30. Following the sale, the senior vice president now owns 16,667 shares in the company, valued at $1,819,869.73. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 20,095 shares of company stock worth $2,168,183. Corporate insiders own 0.61% of the company’s stock.

Hedge Funds Weigh In On DTE Energy

A number of hedge funds have recently modified their holdings of DTE. Capital Research Global Investors raised its position in DTE Energy by 1.9% during the 4th quarter. Capital Research Global Investors now owns 20,933,030 shares of the utilities provider’s stock worth $2,308,076,000 after purchasing an additional 399,646 shares during the last quarter. Ameriprise Financial Inc. increased its stake in shares of DTE Energy by 16.4% in the third quarter. Ameriprise Financial Inc. now owns 5,130,348 shares of the utilities provider’s stock valued at $509,081,000 after buying an additional 724,561 shares during the period. Boston Partners raised its position in shares of DTE Energy by 66.8% during the fourth quarter. Boston Partners now owns 2,542,081 shares of the utilities provider’s stock worth $280,247,000 after acquiring an additional 1,018,212 shares during the last quarter. Invesco Ltd. lifted its stake in shares of DTE Energy by 6.6% in the third quarter. Invesco Ltd. now owns 2,229,189 shares of the utilities provider’s stock worth $221,314,000 after acquiring an additional 137,960 shares during the period. Finally, Northern Trust Corp lifted its stake in shares of DTE Energy by 1.5% in the third quarter. Northern Trust Corp now owns 1,923,222 shares of the utilities provider’s stock worth $190,937,000 after acquiring an additional 27,891 shares during the period. Institutional investors and hedge funds own 76.06% of the company’s stock.

DTE Energy Company Profile

DTE Energy Company engages in the utility operations. The company's Electric segment generates, purchases, distributes, and sells electricity to various residential, commercial, and industrial customers in southeastern Michigan. It generates electricity through coal-fired plants, hydroelectric pumped storage, and nuclear plants, as well as wind and solar assets.