Magellan Asset Management Ltd Takes Position in DTE Energy Company $DTE

Magellan Asset Management Ltd acquired a new position in shares of DTE Energy Company (NYSE:DTE) during the second quarter, Holdings Channel.com reports. The institutional investor acquired 225,684 shares of the utilities provider’s stock, valued at approximately $34,387,000.

A number of other hedge funds have also recently modified their holdings of the company. Laurel Wealth Advisors LLC acquired a new stake in DTE Energy during the fourth quarter worth about $25,000. Torren Management LLC acquired a new stake in shares of DTE Energy during the 4th quarter worth approximately $26,000. Quest 10 Wealth Builders Inc. increased its holdings in shares of DTE Energy by 754.2% during the 4th quarter. Quest 10 Wealth Builders Inc. now owns 205 shares of the utilities provider’s stock worth $26,000 after buying an additional 181 shares during the last quarter. Elyxium Wealth LLC purchased a new stake in shares of DTE Energy during the 4th quarter valued at approximately $29,000. Finally, Key Financial Inc purchased a new stake in shares of DTE Energy during the 1st quarter valued at approximately $29,000. Hedge funds and other institutional investors own 76.06% of the company’s stock.

DTE Energy Stock Performance

NYSE DTE opened at $135.28 on Monday. The company has a quick ratio of 0.53, a current ratio of 0.80 and a debt-to-equity ratio of 2.13. The stock has a market cap of $28.15 billion, a price-to-earnings ratio of 21.41, a price-to-earnings-growth ratio of 2.94 and a beta of 0.38. DTE Energy Company has a fifty-two week low of $126.23 and a fifty-two week high of $155.74. The business has a fifty day moving average of $146.13 and a 200-day moving average of $145.34.

DTE Energy (NYSE:DTE) last announced its earnings results on Tuesday, July 28th. The utilities provider reported $1.32 earnings per share for the quarter, beating the consensus estimate of $1.14 by $0.18. The firm had revenue of $6.74 billion during the quarter, compared to the consensus estimate of $3.36 billion. DTE Energy had a net margin of 8.00% and a return on equity of 12.19%. During the same quarter in the previous year, the company posted $1.36 EPS. As a group, analysts predict that DTE Energy Company will post 7.71 earnings per share for the current fiscal year.

DTE Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Monday, September 21st will be issued a $1.165 dividend. The ex-dividend date of this dividend is Monday, September 21st. This represents a $4.66 dividend on an annualized basis and a yield of 3.4%. DTE Energy’s dividend payout ratio is currently 73.73%.

Wall Street Analysts Forecast Growth

A number of research firms have commented on DTE. BMO Capital Markets upped their target price on shares of DTE Energy from $148.00 to $150.00 and gave the company a “market perform” rating in a research report on Wednesday, July 29th. TD Cowen assumed coverage on DTE Energy in a research report on Tuesday, July 7th. They set a “hold” rating and a $166.00 price objective for the company. Morgan Stanley cut their price target on DTE Energy from $153.00 to $148.00 and set an “overweight” rating on the stock in a research note on Friday. Barclays lowered their target price on shares of DTE Energy from $156.00 to $154.00 and set an “equal weight” rating for the company in a report on Monday, May 4th. Finally, Mizuho cut their price target on DTE Energy from $165.00 to $164.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $158.46.

DTE Energy Company Profile

DTE Energy is an integrated energy company headquartered in Detroit, Michigan, that combines regulated utility operations with non-utility energy businesses. Its regulated subsidiaries operate electric and natural gas utility services that deliver generation, transmission and distribution to residential, commercial and industrial customers. The company’s utility segment focuses on maintaining and upgrading energy delivery infrastructure, ensuring reliable service and meeting regulatory requirements in its service territory.

Beyond its regulated utilities, DTE Energy operates non-utility businesses that develop, own and operate power generation and energy-related projects.