DTE Energy (NYSE:DTE) Releases FY24 Earnings Guidance

DTE Energy (NYSE:DTE) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of $6.54-6.83 for the period, compared to the consensus estimate of $6.69.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on DTE. Morgan Stanley lifted their price target on shares of DTE Energy from $108.00 to $109.00 and gave the stock an overweight rating in a research report on Thursday, March 21st. Wolfe Research lowered shares of DTE Energy from an outperform rating to a peer perform rating in a report on Tuesday, January 16th. Guggenheim downgraded DTE Energy from a buy rating to a neutral rating and set a $111.00 price target on the stock. in a research note on Monday, January 22nd. TheStreet upgraded DTE Energy from a c+ rating to a b- rating in a research report on Friday, March 15th. Finally, BMO Capital Markets dropped their price objective on DTE Energy from $113.00 to $111.00 and set a market perform rating for the company in a report on Monday, February 12th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of Hold and an average price target of $114.00.

DTE Energy Stock Down 0.6 %

NYSE:DTE opened at $109.56 on Friday. DTE Energy has a 1 year low of $90.14 and a 1 year high of $116.73. The stock has a 50-day moving average price of $108.25 and a two-hundred day moving average price of $105.35. The stock has a market cap of $22.67 billion, a price-to-earnings ratio of 16.21, a PEG ratio of 2.74 and a beta of 0.64. 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 (NYSE:DTE) last issued its quarterly earnings data on Thursday, February 8th. The utilities provider reported $1.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.96 by $0.01. DTE Energy had a return on equity of 11.00% and a net margin of 10.96%. The business had revenue of $3.39 billion during the quarter, compared to analyst estimates of $4.97 billion. During the same period in the previous year, the firm earned $1.31 EPS. As a group, equities analysts expect that DTE Energy will post 6.7 earnings per share for the current year.

DTE Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 15th. Stockholders of record on Monday, March 18th will be given a dividend of $1.02 per share. This represents a $4.08 annualized dividend and a dividend yield of 3.72%. The ex-dividend date of this dividend is Friday, March 15th. DTE Energy’s dividend payout ratio is 60.36%.

Insider Activity at DTE Energy

In related news, SVP Joann Chavez sold 6,070 shares of the company’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $109.19, for a total value of $662,783.30. Following the completion of the transaction, the senior vice president now directly owns 16,667 shares of the company’s stock, valued at approximately $1,819,869.73. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other DTE Energy news, SVP Joann Chavez sold 6,070 shares of the business’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $109.19, for a total value of $662,783.30. Following the sale, the senior vice president now owns 16,667 shares in the company, valued at approximately $1,819,869.73. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 transaction, the chief operating officer now directly owns 6,951 shares of the company’s stock, valued at approximately $743,200.92. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 20,095 shares of company stock valued at $2,168,183. 0.61% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On DTE Energy

Large investors have recently made changes to their positions in the stock. Vanguard Group Inc. raised its position in DTE Energy by 6.6% during the first quarter. Vanguard Group Inc. now owns 23,028,699 shares of the utilities provider’s stock worth $3,044,624,000 after acquiring an additional 1,420,586 shares in the last quarter. State Street Corp raised its holdings in shares of DTE Energy by 2.6% in the 1st quarter. State Street Corp now owns 9,707,687 shares of the utilities provider’s stock valued at $1,291,854,000 after purchasing an additional 245,923 shares during the period. Neuberger Berman Group LLC lifted its stake in DTE Energy by 0.7% in the 4th quarter. Neuberger Berman Group LLC now owns 4,699,876 shares of the utilities provider’s stock valued at $518,219,000 after purchasing an additional 32,450 shares during the last quarter. Geode Capital Management LLC increased its position in DTE Energy by 2.0% during the first quarter. Geode Capital Management LLC now owns 3,999,746 shares of the utilities provider’s stock worth $437,132,000 after buying an additional 78,630 shares during the last quarter. Finally, Millennium Management LLC raised its stake in DTE Energy by 224.8% in the fourth quarter. Millennium Management LLC now owns 2,379,882 shares of the utilities provider’s stock valued at $279,708,000 after buying an additional 1,647,053 shares during the period. Institutional investors and hedge funds own 76.06% of the company’s stock.

About DTE Energy

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.