DTE Energy (NYSE:DTE) Updates FY24 Earnings Guidance

DTE Energy (NYSE:DTE) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share guidance of $6.54-6.83 for the period, compared to the consensus earnings per share estimate of $6.69.

DTE Energy Stock Performance

NYSE DTE opened at $118.19 on Friday. DTE Energy has a fifty-two week low of $90.14 and a fifty-two week high of $120.54. The stock’s fifty day moving average is $113.05 and its two-hundred day moving average is $110.33. The firm has a market capitalization of $24.46 billion, a P/E ratio of 19.34, a price-to-earnings-growth ratio of 2.15 and a beta of 0.66. The company has a debt-to-equity ratio of 1.72, a quick ratio of 0.54 and a current ratio of 0.75.

DTE Energy (NYSE:DTE) last announced its quarterly earnings results on Thursday, July 25th. The utilities provider reported $1.43 EPS for the quarter, beating the consensus estimate of $1.21 by $0.22. DTE Energy had a return on equity of 12.20% and a net margin of 11.18%. The business had revenue of $2.88 billion for the quarter, compared to analyst estimates of $2.65 billion. During the same quarter in the prior year, the company posted $0.99 EPS. On average, research analysts anticipate that DTE Energy will post 6.7 earnings per share for the current year.

DTE Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 16th will be paid a $1.02 dividend. This represents a $4.08 annualized dividend and a dividend yield of 3.45%. The ex-dividend date of this dividend is Monday, September 16th. DTE Energy’s dividend payout ratio (DPR) is presently 66.78%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Morgan Stanley decreased their target price on DTE Energy from $116.00 to $111.00 and set an overweight rating on the stock in a research note on Monday, June 24th. BMO Capital Markets increased their target price on DTE Energy from $120.00 to $123.00 and gave the stock a market perform rating in a research note on Monday, July 15th. KeyCorp increased their target price on DTE Energy from $117.00 to $125.00 and gave the stock an overweight rating in a research note on Monday, May 20th. Scotiabank cut their price target 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. Finally, Barclays upped their price target on DTE Energy from $115.00 to $119.00 and gave the stock an overweight rating in a report on Tuesday, April 30th. Five equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of Moderate Buy and a consensus target price of $118.40.

Insider Activity at DTE Energy

In related news, COO Mark W. Stiers sold 10,000 shares of the company’s stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $116.00, for a total value of $1,160,000.00. Following the completion of the sale, the chief operating officer now directly owns 41,921 shares of the company’s stock, valued at approximately $4,862,836. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other DTE Energy news, COO Mark W. Stiers sold 10,000 shares of the stock in a transaction that occurred 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 directly owns 41,921 shares of the company’s stock, valued at approximately $4,862,836. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Vice Chairman Trevor F. Lauer sold 3,500 shares of the stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $115.07, for a total value of $402,745.00. Following the sale, the insider now directly owns 59,475 shares of the company’s stock, valued at $6,843,788.25. The disclosure for this sale can be found here. Insiders sold a total of 14,698 shares of company stock valued at $1,702,444 in the last three months. 0.61% of the stock is currently owned by company insiders.

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.