DTE Energy (NYSE:DTE) Releases FY24 Earnings Guidance

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

Analyst Upgrades and Downgrades

A number of research firms have issued reports on DTE. JPMorgan Chase & Co. increased their target price on shares of DTE Energy from $118.00 to $120.00 and gave the stock a neutral rating in a report on Wednesday, March 13th. KeyCorp raised their price objective on shares of DTE Energy from $106.00 to $117.00 and gave the company an overweight rating in a report on Thursday, January 4th. BMO Capital Markets raised their price objective on shares of DTE Energy from $111.00 to $113.00 and gave the company a market perform rating in a report on Wednesday, April 17th. Wolfe Research lowered shares of DTE Energy from an outperform rating to a peer perform rating in a report on Tuesday, January 16th. Finally, Morgan Stanley raised their price objective on shares of DTE Energy from $108.00 to $109.00 and gave the company an overweight rating in a report on Thursday, March 21st. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, DTE Energy presently has an average rating of Moderate Buy and a consensus price target of $115.10.

DTE Energy Stock Performance

DTE Energy stock traded down $1.62 during midday 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 12-month low of $90.14 and a 12-month high of $116.73. The company has a debt-to-equity ratio of 1.58, a quick ratio of 0.42 and a current ratio of 0.60. The stock has a market cap of $22.66 billion, a price-to-earnings ratio of 17.92, a price-to-earnings-growth ratio of 2.77 and a beta of 0.64. The firm’s 50 day simple moving average is $109.15 and its 200 day simple moving average is $106.15.

DTE Energy (NYSE:DTE) last issued its earnings results on Thursday, April 25th. The utilities provider reported $1.67 earnings per share for the quarter, missing the consensus estimate of $1.71 by ($0.04). The firm had revenue of $3.24 billion during the quarter, compared to analysts’ expectations of $3.81 billion. DTE Energy had a net margin of 10.36% and a return on equity of 11.63%. Equities research analysts predict that DTE Energy will post 6.69 EPS for the current year.

DTE Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Monday, March 18th were paid a $1.02 dividend. This represents a $4.08 annualized dividend and a dividend yield of 3.73%. The ex-dividend date of this dividend was Friday, March 15th. DTE Energy’s dividend payout ratio (DPR) is 66.78%.

Insider Activity at DTE Energy

In related news, CAO Tracy J. Myrick sold 600 shares of the firm’s stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $107.04, for a total value of $64,224.00. Following the completion of the sale, the chief accounting officer now owns 3,462 shares in the company, valued at $370,572.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other DTE Energy news, CAO Tracy J. Myrick sold 600 shares of DTE Energy stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $107.04, for a total transaction of $64,224.00. Following the completion of the transaction, the chief accounting officer now owns 3,462 shares in the company, valued at $370,572.48. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Matthew T. Paul sold 5,850 shares of DTE Energy stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $106.92, for a total transaction of $625,482.00. Following the transaction, the chief operating officer now owns 6,951 shares of the company’s stock, valued at approximately $743,200.92. The disclosure for this sale can be found here. Insiders sold 20,095 shares of company stock worth $2,168,183 over the last 90 days. Company insiders own 0.61% of the company’s stock.

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.