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 (EPS) guidance of $6.54 to $6.83 for the period, compared to the consensus estimate of $6.69.

DTE Energy Stock Performance

Shares of NYSE DTE traded down $1.62 during midday trading on Friday, hitting $109.52. 1,235,918 shares of the company’s stock were exchanged, compared to its average volume of 1,196,661. DTE Energy has a 12 month low of $90.14 and a 12 month high of $116.73. The company’s 50 day moving average price is $109.12 and its 200 day moving average price is $106.06. The company has a quick ratio of 0.42, a current ratio of 0.60 and a debt-to-equity ratio of 1.58. The firm has a market capitalization of $22.66 billion, a PE ratio of 16.32, a price-to-earnings-growth ratio of 2.78 and a beta of 0.64.

DTE Energy (NYSE:DTE) last posted its earnings results on Thursday, April 25th. The utilities provider reported $1.67 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.71 by ($0.04). DTE Energy had a return on equity of 11.00% and a net margin of 10.96%. The company had revenue of $3.24 billion for the quarter, compared to analyst estimates of $3.81 billion. As a group, analysts predict that DTE Energy will post 6.69 earnings per share for the current fiscal year.

DTE Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Monday, March 18th were paid a dividend of $1.02 per share. The ex-dividend date was Friday, March 15th. This represents a $4.08 dividend on an annualized basis and a yield of 3.73%. DTE Energy’s payout ratio is 60.36%.

Analyst Ratings Changes

Several research analysts have issued reports on the stock. JPMorgan Chase & Co. raised their price target on shares of DTE Energy from $118.00 to $120.00 and gave the stock a neutral rating in a report on Wednesday, March 13th. Wolfe Research downgraded shares of DTE Energy from an outperform rating to a peer perform rating in a report on Tuesday, January 16th. Guggenheim lowered shares of DTE Energy from a buy rating to a neutral rating and set a $111.00 price objective on the stock. in a research report on Monday, January 22nd. Morgan Stanley raised their price objective on shares of DTE Energy from $108.00 to $109.00 and gave the stock an overweight rating in a report on Thursday, March 21st. Finally, KeyCorp boosted their price objective on DTE Energy from $106.00 to $117.00 and gave the company an overweight rating in a research note on Thursday, January 4th. One research analyst has rated the stock with a sell rating, four have given a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of Moderate Buy and a consensus target price of $115.10.

Insiders Place Their Bets

In related news, COO Robert A. Richard sold 4,800 shares of the business’s stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $107.25, for a total transaction of $514,800.00. Following the completion of the transaction, the chief operating officer now directly owns 26,118 shares in the company, valued at $2,801,155.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other DTE Energy news, VP Lisa A. Muschong sold 2,775 shares of the business’s stock in a transaction that occurred 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 owns 5,469 shares of the company’s stock, valued at $593,003.67. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO Robert A. Richard sold 4,800 shares of the firm’s stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $107.25, for a total value of $514,800.00. Following the transaction, the chief operating officer now owns 26,118 shares of the company’s stock, valued at $2,801,155.50. The disclosure for this sale can be found here. Insiders sold a total of 20,095 shares of company stock worth $2,168,183 over the last 90 days. 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.