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

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

DTE Energy Price Performance

Shares of NYSE DTE remained flat at $118.19 during trading on Friday. 1,712,734 shares of the stock traded hands, compared to its average volume of 951,260. The company has a quick ratio of 0.54, a current ratio of 0.75 and a debt-to-equity ratio of 1.72. The company’s 50 day moving average price is $113.05 and its two-hundred day moving average price is $110.33. DTE Energy has a 12-month low of $90.14 and a 12-month high of $120.54. The firm has a market capitalization of $24.46 billion, a P/E ratio of 19.34, a PEG ratio of 2.15 and a beta of 0.66.

DTE Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 16th will be issued a dividend of $1.02 per share. This represents a $4.08 dividend on an annualized basis 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%.

Insider Buying and Selling

In other DTE Energy news, Vice Chairman Trevor F. Lauer sold 3,500 shares of the stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $115.07, for a total value of $402,745.00. Following the completion of the sale, the insider now owns 59,475 shares in the company, valued at approximately $6,843,788.25. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, Vice Chairman Trevor F. Lauer sold 3,500 shares of the company’s 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 completion of the transaction, the insider now directly owns 59,475 shares of the company’s stock, valued at $6,843,788.25. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, COO Mark W. Stiers sold 10,000 shares of the firm’s stock in a transaction on 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 $4,862,836. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 14,698 shares of company stock worth $1,702,444. 0.61% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research firms have weighed in on DTE. Barclays lifted their price target on shares of DTE Energy from $115.00 to $119.00 and gave the company an “overweight” rating in a research note on Tuesday, April 30th. StockNews.com raised DTE Energy from a “sell” rating to a “hold” rating in a research note on Friday. BMO Capital Markets boosted their price objective on DTE Energy from $120.00 to $123.00 and gave the company a “market perform” rating in a report on Monday, July 15th. Morgan Stanley lowered their target price on DTE Energy from $116.00 to $111.00 and set an “overweight” rating on the stock in a research report on Monday, June 24th. Finally, KeyCorp boosted their price target on shares of DTE Energy from $117.00 to $125.00 and gave the company an “overweight” rating in a research note on Monday, May 20th. Five investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $118.40.

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.