DTE Energy (NYSE:DTE) Issues FY24 Earnings Guidance

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

DTE Energy Stock Performance

Shares of DTE Energy stock remained flat at $118.19 on Friday. 1,712,734 shares of the stock were exchanged, compared to its average volume of 951,260. The business has a 50-day simple moving average of $113.05 and a 200 day simple moving average of $110.33. The company has a current ratio of 0.75, a quick ratio of 0.54 and a debt-to-equity ratio of 1.72. DTE Energy has a twelve month low of $90.14 and a twelve month high of $120.54. The stock has a market cap of $24.46 billion, a price-to-earnings ratio of 19.34, a PEG ratio of 2.15 and a beta of 0.66.

DTE Energy (NYSE:DTE) last announced its earnings results on Thursday, July 25th. The utilities provider reported $1.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.21 by $0.22. DTE Energy had a return on equity of 12.20% and a net margin of 11.18%. The company had revenue of $2.88 billion for the quarter, compared to analyst estimates of $2.65 billion. During the same quarter in the previous year, the company earned $0.99 earnings per share. As a group, sell-side analysts predict that DTE Energy will post 6.69 EPS for the current year.

DTE Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 16th will be given a dividend of $1.02 per share. The ex-dividend date is Monday, September 16th. This represents a $4.08 annualized dividend and a dividend yield of 3.45%. DTE Energy’s dividend payout ratio is presently 66.78%.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on DTE shares. KeyCorp lifted their price objective on DTE Energy from $117.00 to $125.00 and gave the company an overweight rating in a research note on Monday, May 20th. Barclays boosted their price target on shares of DTE Energy from $115.00 to $119.00 and gave the stock an overweight rating in a report on Tuesday, April 30th. Morgan Stanley reduced their price objective on shares of DTE Energy from $116.00 to $111.00 and set an overweight rating on the stock in a report on Monday, June 24th. BMO Capital Markets boosted their target price on shares of DTE Energy from $120.00 to $123.00 and gave the stock a market perform rating in a research note on Monday, July 15th. Finally, Scotiabank dropped their target price on DTE Energy from $129.00 to $120.00 and set a sector outperform rating on the stock in a report on Monday, April 22nd. Five equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of Moderate Buy and an average price target of $118.40.

Insider Transactions at DTE Energy

In other news, Vice Chairman Trevor F. Lauer sold 3,500 shares of the business’s stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $115.07, for a total transaction of $402,745.00. Following the transaction, the insider now directly owns 59,475 shares in the company, valued at $6,843,788.25. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other DTE Energy news, COO Mark W. Stiers sold 10,000 shares of the business’s stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $116.00, for a total transaction of $1,160,000.00. Following the sale, the chief operating officer now directly owns 41,921 shares in the company, valued at approximately $4,862,836. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Vice Chairman Trevor F. Lauer sold 3,500 shares of the stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $115.07, for a total transaction of $402,745.00. Following the completion of the transaction, the insider now owns 59,475 shares of the company’s stock, valued at approximately $6,843,788.25. The disclosure for this sale can be found here. In the last quarter, insiders sold 14,698 shares of company stock worth $1,702,444. Company insiders own 0.61% of the company’s stock.

DTE Energy Company Profile

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.