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

DTE Energy (NYSE:DTE) announced its quarterly earnings data on Thursday. The utilities provider reported $1.67 earnings per share (EPS) 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 during the quarter, compared to analyst estimates of $3.81 billion. DTE Energy updated its FY24 guidance to $6.54 to $6.83 EPS.

DTE Energy Stock Down 1.5 %

DTE Energy stock traded down $1.62 during mid-day trading on Friday, hitting $109.52. 1,247,739 shares of the company’s stock were exchanged, compared to its average volume of 1,158,886. 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 of $109.15 and a two-hundred day moving average of $106.21. The company has a current ratio of 0.60, a quick ratio of 0.42 and a debt-to-equity ratio of 1.58. The stock 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 Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, April 15th. Stockholders 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 dividend payout ratio is currently 66.78%.

Insiders Place Their Bets

In related news, SVP Joann Chavez sold 6,070 shares of the firm’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 transaction, the senior vice president now directly 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 accessible through this link. In other DTE Energy news, COO Matthew T. Paul sold 5,850 shares of the stock in a transaction 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 directly owns 6,951 shares of the company’s stock, valued at approximately $743,200.92. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Joann Chavez sold 6,070 shares of the company’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $109.19, for a total transaction of $662,783.30. Following 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 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. Insiders own 0.61% of the company’s stock.

Hedge Funds Weigh In On DTE Energy

Several large investors have recently added to or reduced their stakes in DTE. Rise Advisors LLC grew its holdings in shares of DTE Energy by 89.6% during the 1st quarter. Rise Advisors LLC now owns 273 shares of the utilities provider’s stock worth $31,000 after purchasing an additional 129 shares in the last quarter. MV Capital Management Inc. boosted its position in shares of DTE Energy by 104.4% during the 4th quarter. MV Capital Management Inc. now owns 280 shares of the utilities provider’s stock valued at $31,000 after acquiring an additional 143 shares in the last quarter. Denali Advisors LLC bought a new stake in DTE Energy in the first quarter valued at about $34,000. Milestone Investment Advisors LLC acquired a new position in DTE Energy in the third quarter worth about $36,000. Finally, Compagnie Lombard Odier SCmA bought a new position in DTE Energy during the third quarter worth about $37,000. Institutional investors and hedge funds own 76.06% of the company’s stock.

Analyst Ratings Changes

Several research firms have issued reports on DTE. TheStreet upgraded shares of DTE Energy from a “c+” rating to a “b-” rating in a research report on Friday, March 15th. Scotiabank decreased their target price on DTE Energy from $129.00 to $120.00 and set a “sector outperform” rating on the stock in a report on Monday, April 22nd. Guggenheim downgraded DTE Energy from a “buy” rating to a “neutral” rating and set a $111.00 target price for the company. in a report on Monday, January 22nd. JPMorgan Chase & Co. lifted their price target on DTE Energy from $118.00 to $120.00 and gave the stock a “neutral” rating in a research note on Wednesday, March 13th. Finally, BMO Capital Markets upped their price objective on shares of DTE Energy from $111.00 to $113.00 and gave the company a “market perform” rating in a research note on Wednesday, April 17th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $115.10.

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.