Jennison Associates LLC Reduces Stock Position in DTE Energy Co (NYSE:DTE)

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Jennison Associates LLC cut its stake in DTE Energy Co (NYSE:DTE) by 11.0% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 968,034 shares of the utilities provider’s stock after selling 119,134 shares during the period. Jennison Associates LLC owned approximately 0.53% of DTE Energy worth $123,792,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently bought and sold shares of DTE. Janus Henderson Group PLC grew its position in shares of DTE Energy by 23.3% in the first quarter. Janus Henderson Group PLC now owns 1,334,039 shares of the utilities provider’s stock valued at $166,410,000 after purchasing an additional 252,418 shares in the last quarter. Wells Fargo & Company MN grew its position in DTE Energy by 17.7% in the first quarter. Wells Fargo & Company MN now owns 1,293,401 shares of the utilities provider’s stock worth $161,338,000 after acquiring an additional 194,255 shares during the period. First Trust Advisors LP grew its position in DTE Energy by 37.4% in the second quarter. First Trust Advisors LP now owns 664,769 shares of the utilities provider’s stock worth $85,011,000 after acquiring an additional 180,912 shares during the period. California Public Employees Retirement System grew its position in DTE Energy by 18.0% in the first quarter. California Public Employees Retirement System now owns 1,125,041 shares of the utilities provider’s stock worth $140,338,000 after acquiring an additional 171,768 shares during the period. Finally, Geode Capital Management LLC grew its position in DTE Energy by 6.9% in the fourth quarter. Geode Capital Management LLC now owns 2,344,758 shares of the utilities provider’s stock worth $258,174,000 after acquiring an additional 150,611 shares during the period. Institutional investors and hedge funds own 71.05% of the company’s stock.

Several brokerages recently weighed in on DTE. ValuEngine lowered DTE Energy from a “buy” rating to a “hold” rating in a research report on Saturday, August 10th. Bank of America lowered their price objective on DTE Energy from $124.00 to $122.00 and set an “underperform” rating for the company in a research report on Monday, June 3rd. KeyCorp began coverage on DTE Energy in a research report on Tuesday, June 4th. They issued an “overweight” rating and a $136.00 price objective for the company. Mizuho began coverage on DTE Energy in a research report on Monday, August 12th. They issued a “neutral” rating and a $131.00 price objective for the company. Finally, Barclays reiterated a “hold” rating and issued a $131.00 price objective on shares of DTE Energy in a research report on Thursday, June 20th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $126.36.

NYSE:DTE traded down $1.86 during trading hours on Friday, reaching $128.39. 726,770 shares of the stock were exchanged, compared to its average volume of 926,683. The company has a quick ratio of 0.54, a current ratio of 0.75 and a debt-to-equity ratio of 1.29. The business has a 50-day moving average of $129.31 and a two-hundred day moving average of $125.97. DTE Energy Co has a twelve month low of $106.41 and a twelve month high of $132.09. The company has a market capitalization of $23.88 billion, a price-to-earnings ratio of 20.38, a PEG ratio of 3.49 and a beta of 0.24.

DTE Energy (NYSE:DTE) last released its quarterly earnings results on Wednesday, July 24th. The utilities provider reported $0.99 EPS for the quarter, missing analysts’ consensus estimates of $1.09 by ($0.10). DTE Energy had a return on equity of 10.33% and a net margin of 8.09%. The firm had revenue of $2.89 billion for the quarter, compared to analyst estimates of $2.98 billion. During the same quarter last year, the company earned $1.36 earnings per share. On average, research analysts forecast that DTE Energy Co will post 6.21 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 16th will be paid a dividend of $0.945 per share. This represents a $3.78 dividend on an annualized basis and a yield of 2.94%. The ex-dividend date is Friday, September 13th. DTE Energy’s dividend payout ratio (DPR) is 60.00%.

In other DTE Energy news, Chairman Gerard M. Anderson sold 11,500 shares of the company’s stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $128.02, for a total transaction of $1,472,230.00. Following the transaction, the chairman now directly owns 80,406 shares in the company, valued at $10,293,576.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.55% of the stock is owned by corporate insiders.

About DTE Energy

DTE Energy Company engages in the utility operations. The company's Electric segment generates, purchases, distributes, and sells electricity to approximately 2.2 million residential, commercial, and industrial customers in southeastern Michigan. It generates electricity through fossil-fuel, hydroelectric pumped storage, and nuclear plants, as well as wind and other renewable assets.

Further Reading: What is the Coverage Ratio?

Institutional Ownership by Quarter for DTE Energy (NYSE:DTE)

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