DTE Energy (NYSE:DTE) Releases Earnings Results, Beats Expectations By $0.22 EPS

DTE Energy (NYSE:DTE) posted its earnings results on Thursday. The utilities provider reported $1.43 earnings per share for the quarter, topping analysts’ consensus estimates of $1.21 by $0.22, Briefing.com reports. The company had revenue of $2.88 billion during the quarter, compared to analyst estimates of $2.65 billion. DTE Energy had a net margin of 10.36% and a return on equity of 11.53%. During the same period in the prior year, the business posted $0.99 earnings per share. DTE Energy updated its FY24 guidance to $6.54-6.83 EPS.

DTE Energy Stock Performance

DTE Energy stock remained flat at $118.19 during mid-day trading on Friday. 1,667,423 shares of the company traded hands, compared to its average volume of 1,102,629. The company has a 50 day moving average of $113.02 and a 200 day moving average of $110.29. DTE Energy has a one year low of $90.14 and a one year high of $120.54. The stock has a market cap of $24.46 billion, a price-to-earnings ratio of 19.24, a P/E/G ratio of 2.15 and a beta of 0.66. The company has a debt-to-equity ratio of 1.72, a current ratio of 0.75 and a quick ratio of 0.54.

DTE Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 16th will be issued a $1.02 dividend. This represents a $4.08 annualized dividend and a yield of 3.45%. The ex-dividend date of this dividend is Monday, September 16th. DTE Energy’s dividend payout ratio is currently 66.78%.

Insider Buying and Selling at DTE Energy

In other DTE Energy news, VP Lisa A. Muschong sold 1,198 shares of the stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $116.61, for a total transaction of $139,698.78. Following the completion of the transaction, the vice president now owns 4,271 shares of the company’s stock, valued at approximately $498,041.31. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, COO Mark W. Stiers sold 10,000 shares of the company’s stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $116.00, for a total transaction of $1,160,000.00. Following the sale, the chief operating officer now directly owns 41,921 shares in the company, valued at approximately $4,862,836. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Lisa A. Muschong sold 1,198 shares of the company’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $116.61, for a total transaction of $139,698.78. Following the sale, the vice president now owns 4,271 shares in the company, valued at $498,041.31. The disclosure for this sale can be found here. Insiders sold 14,698 shares of company stock valued at $1,702,444 in the last 90 days. Insiders own 0.61% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have commented on DTE. Scotiabank lowered their price objective on shares of DTE Energy from $129.00 to $120.00 and set a “sector outperform” rating for the company in a report on Monday, April 22nd. BMO Capital Markets raised their price objective on shares of DTE Energy from $120.00 to $123.00 and gave the stock a “market perform” rating in a report on Monday, July 15th. Barclays raised their price objective on shares of DTE Energy from $115.00 to $119.00 and gave the stock an “overweight” rating in a report on Tuesday, April 30th. KeyCorp raised their price objective on shares of DTE Energy from $117.00 to $125.00 and gave the stock an “overweight” rating in a report on Monday, May 20th. Finally, Wells Fargo & Company raised their target price on shares of DTE Energy from $125.00 to $133.00 and gave the company an “overweight” rating in a research note on Friday. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $118.40.

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.