DTE Energy (NYSE:DTE) Releases FY24 Earnings Guidance

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

DTE Energy Trading Up 0.2 %

Shares of DTE traded up $0.28 during midday trading on Thursday, reaching $118.19. The company had a trading volume of 995,163 shares, compared to its average volume of 1,098,054. DTE Energy has a 1-year low of $90.14 and a 1-year high of $120.54. The stock has a market cap of $24.46 billion, a PE ratio of 19.34, a price-to-earnings-growth ratio of 2.11 and a beta of 0.66. The firm has a 50 day simple moving average of $113.02 and a 200-day simple moving average of $110.29. The company has a quick ratio of 0.54, a current ratio of 0.75 and a debt-to-equity ratio of 1.72.

DTE Energy (NYSE:DTE) last issued its quarterly earnings data 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). The business had revenue of $3.24 billion for the quarter, compared to analyst estimates of $3.81 billion. DTE Energy had a return on equity of 11.53% and a net margin of 10.36%. Research analysts forecast that DTE Energy will post 6.69 EPS for the current fiscal year.

DTE Energy Dividend Announcement

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

Analysts Set New Price Targets

Several equities analysts have weighed in on DTE shares. BMO Capital Markets lifted their target price on DTE Energy from $120.00 to $123.00 and gave the company a market perform rating in a research report on Monday, July 15th. Barclays boosted their target price on DTE Energy from $115.00 to $119.00 and gave the stock an overweight rating in a research note on Tuesday, April 30th. Scotiabank decreased their target price on DTE Energy from $129.00 to $120.00 and set a sector outperform rating for the company in a research note on Monday, April 22nd. KeyCorp boosted 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. Finally, Morgan Stanley reduced their price objective on DTE Energy from $116.00 to $111.00 and set an overweight rating for the company in a research note on Monday, June 24th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of Hold and a consensus target price of $116.78.

Insider Buying and Selling

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 stock was 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 $4,862,836. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 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 stock was 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 $4,862,836. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Lisa A. Muschong sold 1,198 shares of the business’s stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $116.61, for a total value of $139,698.78. Following the sale, the vice president now owns 4,271 shares in the company, valued at $498,041.31. The disclosure for this sale can be found here. Insiders have sold 14,698 shares of company stock valued at $1,702,444 over the last quarter. Company insiders own 0.61% of the company’s stock.

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.