DTE Energy Co. (NYSE:DTE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday. The firm presently has a $106.00 target price on the stock. Zacks Investment Research’s price objective would suggest a potential upside of 11.50% from the stock’s previous close.
According to Zacks, “DTE Energy’s focus on improving its cost structure and making capital investments in renewable generation, utility infrastructure, environmental compliance assets and reliability of its electric utility systems is appreciable. It has plans for billions of dollars worth of capital investment through 2020 to drive growth. Improving economic fundamentals in Michigan are an added stimulus for the company. However, the current macro backdrop, including low natural gas prices and a slowly evolving U.S. economy, may pose challenges for GS&P and P&I to achieve earnings targets.”
Several other brokerages have also weighed in on DTE. Macquarie increased their price objective on shares of DTE Energy from $105.00 to $107.00 and gave the company an “outperform” rating in a research report on Tuesday. KeyCorp set a $105.00 price objective on shares of DTE Energy and gave the company a “buy” rating in a research report on Monday, September 12th. Barclays PLC restated a “buy” rating and issued a $108.00 price target on shares of DTE Energy in a research note on Thursday, July 28th. Finally, BMO Capital Markets restated a “hold” rating on shares of DTE Energy in a research note on Wednesday, June 22nd. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $103.20.
Shares of DTE Energy (NYSE:DTE) traded down 0.17% during trading on Wednesday, hitting $94.91. 453,109 shares of the company’s stock were exchanged. The stock’s 50-day moving average price is $94.28 and its 200-day moving average price is $92.93. DTE Energy has a 1-year low of $77.35 and a 1-year high of $100.45. The stock has a market cap of $17.03 billion, a PE ratio of 22.92 and a beta of 0.26.
DTE Energy (NYSE:DTE) last issued its quarterly earnings data on Tuesday, July 26th. The company reported $0.98 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.89 by $0.09. The company had revenue of $2.26 billion for the quarter, compared to analyst estimates of $2.36 billion. DTE Energy had a net margin of 7.51% and a return on equity of 10.00%. The company’s revenue was down .3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.76 earnings per share. On average, equities analysts expect that DTE Energy will post $5.07 earnings per share for the current fiscal year.
In related news, Chairman Gerard M. Anderson sold 17,500 shares of the company’s stock in a transaction dated Monday, August 1st. The shares were sold at an average price of $97.96, for a total value of $1,714,300.00. Following the transaction, the chairman now directly owns 77,500 shares in the company, valued at $7,591,900. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.93% of the stock is currently owned by corporate insiders.
Institutional investors have recently added to or reduced their stakes in the stock. Bank of Montreal Can acquired a new position in DTE Energy during the second quarter valued at approximately $30,302,000. Legal & General Group Plc increased its position in DTE Energy by 0.7% in the first quarter. Legal & General Group Plc now owns 923,490 shares of the company’s stock valued at $83,723,000 after buying an additional 6,794 shares during the period. Capstone Asset Management Co. increased its position in DTE Energy by 1.7% in the first quarter. Capstone Asset Management Co. now owns 23,014 shares of the company’s stock valued at $2,086,000 after buying an additional 390 shares during the period. Geode Capital Management LLC increased its position in DTE Energy by 2.0% in the first quarter. Geode Capital Management LLC now owns 1,472,427 shares of the company’s stock valued at $133,224,000 after buying an additional 28,200 shares during the period. Finally, Adams Diversified Equity Fund Inc. acquired a new position in DTE Energy during the second quarter valued at approximately $12,033,000. Institutional investors and hedge funds own 65.25% of the company’s stock.
About DTE Energy
DTE Energy Company (DTE Energy) is a diversified energy company. DTE Energy’s utility operations consist primarily of DTE Electric Company (DTE Electric) and DTE Gas Company (DTE Gas). The Company’s segments include Electric, Gas, Gas Storage and Pipelines, Power and Industrial Projects, Energy Trading, and Corporate and Other.
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