DTE Energy (NYSE:DTE) Releases Earnings Results, Misses Estimates By $0.04 EPS

DTE Energy (NYSE:DTE) announced its quarterly earnings data on Thursday. The utilities provider reported $1.67 earnings per share for the quarter, missing analysts’ consensus estimates of $1.71 by ($0.04), reports. The firm had revenue of $3.24 billion for 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%. DTE Energy updated its FY24 guidance to $6.54 to $6.83 EPS.

DTE Energy Trading Down 1.5 %

NYSE DTE opened at $109.52 on Friday. The company has a quick ratio of 0.42, a current ratio of 0.60 and a debt-to-equity ratio of 1.58. DTE Energy has a twelve month low of $90.14 and a twelve month high of $116.73. The firm has a market capitalization of $22.66 billion, a PE ratio of 17.92, a P/E/G ratio of 2.77 and a beta of 0.64. The stock’s 50 day moving average is $109.15 and its 200 day moving average is $106.15.

DTE Energy Announces Dividend

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

Insider Activity at DTE Energy

In other DTE Energy news, CAO Tracy J. Myrick sold 600 shares of the business’s stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $107.04, for a total value of $64,224.00. Following the sale, the chief accounting officer now directly owns 3,462 shares of the company’s stock, valued at $370,572.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, VP Lisa A. Muschong sold 2,775 shares of the stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $108.43, for a total value of $300,893.25. Following the sale, the vice president now directly owns 5,469 shares of the company’s stock, valued at $593,003.67. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO Tracy J. Myrick sold 600 shares of the 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 transaction, the chief accounting officer now directly owns 3,462 shares in the company, valued at approximately $370,572.48. The disclosure for this sale can be found here. Insiders have sold 20,095 shares of company stock worth $2,168,183 over the last ninety days. 0.61% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Pinnacle Associates Ltd. lifted its holdings in DTE Energy by 6.9% in the first quarter. Pinnacle Associates Ltd. now owns 5,955 shares of the utilities provider’s stock valued at $668,000 after acquiring an additional 382 shares during the period. SYSTM Wealth Solutions LLC raised its stake in shares of DTE Energy by 163.9% in the first quarter. SYSTM Wealth Solutions LLC now owns 1,903 shares of the utilities provider’s stock worth $214,000 after buying an additional 1,182 shares during the period. Mesirow Financial Investment Management Inc. bought a new position in shares of DTE Energy in the first quarter worth about $470,000. Triton Wealth Management PLLC bought a new position in shares of DTE Energy in the first quarter worth about $203,000. Finally, New York State Teachers Retirement System raised its stake in shares of DTE Energy by 9.3% in the first quarter. New York State Teachers Retirement System now owns 234,784 shares of the utilities provider’s stock worth $26,329,000 after buying an additional 20,035 shares during the period. Institutional investors own 76.06% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on DTE. TheStreet raised DTE Energy from a “c+” rating to a “b-” rating in a report on Friday, March 15th. KeyCorp lifted their price target on DTE Energy from $106.00 to $117.00 and gave the stock an “overweight” rating in a research note on Thursday, January 4th. BMO Capital Markets lifted their price target on DTE Energy from $111.00 to $113.00 and gave the stock a “market perform” rating in a research note on Wednesday, April 17th. Wolfe Research cut DTE Energy from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, January 16th. Finally, Barclays lifted their price target on DTE Energy from $112.00 to $115.00 and gave the stock an “overweight” rating in a research note on Monday, April 15th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, DTE Energy currently has an average rating of “Moderate Buy” and an average price target of $115.10.

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.