DTE Energy (NYSE:DTE) Posts Earnings Results, Beats Expectations By $0.01 EPS

DTE Energy (NYSE:DTEGet Free Report) issued its earnings results on Thursday. The utilities provider reported $1.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.96 by $0.01, Briefing.com reports. The business had revenue of $3.39 billion for the quarter, compared to analyst estimates of $4.97 billion. DTE Energy had a net margin of 10.96% and a return on equity of 11.10%. During the same period in the prior year, the firm earned $1.31 earnings per share. DTE Energy updated its FY24 guidance to $6.54-6.83 EPS.

DTE Energy Stock Up 0.2 %

Shares of DTE traded up $0.18 during trading hours on Friday, reaching $104.41. 1,118,566 shares of the stock traded hands, compared to its average volume of 1,196,344. The company has a current ratio of 0.85, a quick ratio of 0.57 and a debt-to-equity ratio of 1.71. The stock has a fifty day simple moving average of $107.91 and a 200 day simple moving average of $104.67. DTE Energy has a 52 week low of $90.14 and a 52 week high of $116.73. The company has a market cap of $21.54 billion, a price-to-earnings ratio of 15.45, a PEG ratio of 2.59 and a beta of 0.64.

DTE Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, April 15th. Investors of record on Monday, March 18th will be given a dividend of $1.02 per share. This represents a $4.08 dividend on an annualized basis and a dividend yield of 3.91%. The ex-dividend date is Friday, March 15th. DTE Energy’s payout ratio is currently 60.36%.

Analyst Ratings Changes

Several brokerages recently issued reports on DTE. Morgan Stanley cut their target price on shares of DTE Energy from $118.00 to $111.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 25th. KeyCorp increased their target price on shares of DTE Energy from $106.00 to $117.00 and gave the stock an “overweight” rating in a research note on Thursday, January 4th. TheStreet lowered shares of DTE Energy from a “b-” rating to a “c+” rating in a research note on Friday, October 20th. StockNews.com lowered shares of DTE Energy from a “hold” rating to a “sell” rating in a research note on Wednesday, October 25th. Finally, BMO Capital Markets raised their price objective on shares of DTE Energy from $107.00 to $111.00 and gave the company a “market perform” rating in a research note on Monday, December 4th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, DTE Energy currently has an average rating of “Moderate Buy” and an average price target of $83.22.

Get Our Latest Analysis on DTE

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the company. Morgan Stanley lifted its position in shares of DTE Energy by 1.3% during the third quarter. Morgan Stanley now owns 2,133,197 shares of the utilities provider’s stock valued at $211,784,000 after purchasing an additional 27,025 shares in the last quarter. Townsquare Capital LLC lifted its position in shares of DTE Energy by 55.2% during the third quarter. Townsquare Capital LLC now owns 6,348 shares of the utilities provider’s stock valued at $630,000 after purchasing an additional 2,258 shares in the last quarter. Toroso Investments LLC lifted its position in shares of DTE Energy by 11.4% during the third quarter. Toroso Investments LLC now owns 4,149 shares of the utilities provider’s stock valued at $412,000 after purchasing an additional 425 shares in the last quarter. Qube Research & Technologies Ltd purchased a new stake in DTE Energy during the third quarter worth about $330,000. Finally, Orion Portfolio Solutions LLC increased its holdings in DTE Energy by 123.4% during the second quarter. Orion Portfolio Solutions LLC now owns 4,954 shares of the utilities provider’s stock worth $545,000 after buying an additional 2,736 shares during the last quarter. 74.72% of the stock is owned by institutional investors.

DTE Energy Company Profile

(Get Free Report)

DTE Energy Company engages in the utility operations. The company's Electric segment generates, purchases, distributes, and sells electricity to approximately 2.3 million residential, commercial, and industrial customers in southeastern Michigan. It generates electricity through fossil-fuel, hydroelectric pumped storage, and nuclear plants, as well as wind and solar assets.

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Earnings History for DTE Energy (NYSE:DTE)

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