DTE Energy (NYSE:DTE) Issues Quarterly Earnings Results, Misses Estimates By $0.04 EPS

DTE Energy (NYSE:DTE) announced its earnings results on Thursday. The utilities provider reported $1.67 earnings per share for the quarter, missing the consensus estimate 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 business had revenue of $3.24 billion for the quarter, compared to analysts’ expectations of $3.81 billion. DTE Energy updated its FY24 guidance to $6.54 to $6.83 EPS.

DTE Energy Price Performance

Shares of DTE Energy stock opened at $109.52 on Friday. The business has a 50 day simple moving average of $109.15 and a two-hundred day simple moving average of $106.15. DTE Energy has a 12 month low of $90.14 and a 12 month high of $116.73. The stock has a market capitalization of $22.66 billion, a P/E ratio of 17.92, a PEG ratio of 2.77 and a beta of 0.64. The company has a debt-to-equity ratio of 1.58, a current ratio of 0.60 and a quick ratio of 0.42.

DTE Energy Announces Dividend

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

Wall Street Analyst Weigh In

Several research analysts recently weighed in on DTE shares. Morgan Stanley boosted their target price on DTE Energy from $108.00 to $109.00 and gave the stock an “overweight” rating in a research note on Thursday, March 21st. Barclays boosted their target price on DTE Energy from $112.00 to $115.00 and gave the stock an “overweight” rating in a research note on Monday, April 15th. BMO Capital Markets boosted their price target on DTE Energy from $111.00 to $113.00 and gave the company a “market perform” rating in a research note on Wednesday, April 17th. 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. Finally, TheStreet upgraded DTE Energy from a “c+” rating to a “b-” rating in a research note on Friday, March 15th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $115.10.

Insider Buying and Selling at DTE Energy

In other DTE Energy news, COO Matthew T. Paul sold 5,850 shares of the stock in a transaction that occurred 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 completion of the transaction, the chief operating officer now owns 6,951 shares of the company’s stock, valued at $743,200.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other DTE Energy news, COO Robert A. Richard sold 4,800 shares of the stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $107.25, for a total transaction of $514,800.00. Following the completion of the transaction, the chief operating officer now owns 26,118 shares of the company’s stock, valued at $2,801,155.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through 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 shares were sold at an average price of $106.92, for a total value of $625,482.00. Following the completion of the sale, the chief operating officer now owns 6,951 shares of the company’s stock, valued at $743,200.92. The disclosure for this sale can be found here. Insiders sold 20,095 shares of company stock valued at $2,168,183 over the last quarter. 0.61% of the stock is currently owned by insiders.

Institutional Investors Weigh In On DTE Energy

Large investors have recently made changes to their positions in the stock. Rise Advisors LLC grew its position in shares of DTE Energy by 89.6% in the first quarter. Rise Advisors LLC now owns 273 shares of the utilities provider’s stock valued at $31,000 after purchasing an additional 129 shares in the last quarter. MV Capital Management Inc. grew its position in shares of DTE Energy by 104.4% in the fourth quarter. MV Capital Management Inc. now owns 280 shares of the utilities provider’s stock valued at $31,000 after purchasing an additional 143 shares in the last quarter. Denali Advisors LLC purchased a new stake in shares of DTE Energy in the first quarter valued at approximately $34,000. Milestone Investment Advisors LLC purchased a new stake in shares of DTE Energy in the third quarter valued at approximately $36,000. Finally, Compagnie Lombard Odier SCmA purchased a new position in DTE Energy in the third quarter worth approximately $37,000. 76.06% of the stock is currently owned by hedge funds and other institutional investors.

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.