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

DTE Energy (NYSE:DTE) issued its quarterly earnings results on Thursday. The utilities provider reported $1.43 EPS for the quarter, beating analysts’ consensus estimates of $1.21 by $0.22, Briefing.com reports. DTE Energy had a return on equity of 12.20% and a net margin of 11.18%. The company had revenue of $2.88 billion during the quarter, compared to the consensus estimate of $2.65 billion. During the same period last year, the business posted $0.99 earnings per share. DTE Energy updated its FY24 guidance to $6.54-6.83 EPS.

DTE Energy Price Performance

NYSE:DTE remained flat at $118.19 during trading hours on Friday. The company had a trading volume of 1,712,734 shares, compared to its average volume of 951,260. The company has a market cap of $24.46 billion, a price-to-earnings ratio of 19.34, a P/E/G ratio of 2.15 and a beta of 0.66. DTE Energy has a 12 month low of $90.14 and a 12 month high of $120.54. The company has a 50 day moving average of $113.05 and a two-hundred day moving average of $110.33. The company has a current ratio of 0.75, a quick ratio of 0.54 and a debt-to-equity ratio of 1.72.

DTE Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 16th will be paid a dividend of $1.02 per share. 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 66.78%.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Wells Fargo & Company increased their price objective on DTE Energy from $125.00 to $133.00 and gave the company an “overweight” rating in a report on Friday. Morgan Stanley reduced their price objective on DTE Energy from $116.00 to $111.00 and set an “overweight” rating for the company in a report on Monday, June 24th. Barclays increased their price objective on DTE Energy from $115.00 to $119.00 and gave the company an “overweight” rating in a report on Tuesday, April 30th. Scotiabank reduced their price objective on DTE Energy from $129.00 to $120.00 and set a “sector outperform” rating for the company in a report on Monday, April 22nd. Finally, StockNews.com raised DTE Energy from a “sell” rating to a “hold” rating in a report on Friday. Five investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, DTE Energy presently has a consensus rating of “Moderate Buy” and a consensus price target of $118.40.

Insider Activity at DTE Energy

In related news, COO Mark W. Stiers sold 10,000 shares of DTE Energy stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $116.00, for a total transaction of $1,160,000.00. Following the completion of the sale, the chief operating officer now owns 41,921 shares of the company’s stock, valued at $4,862,836. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other DTE Energy news, VP Lisa A. Muschong sold 1,198 shares of the firm’s stock in a transaction dated Monday, June 3rd. The stock was 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Mark W. Stiers sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $116.00, for a total value of $1,160,000.00. Following the sale, the chief operating officer now owns 41,921 shares in the company, valued at approximately $4,862,836. The disclosure for this sale can be found here. Over the last quarter, insiders sold 14,698 shares of company stock valued at $1,702,444. Company insiders own 0.61% of the company’s stock.

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.