DTE Energy (DTE) Upgraded to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of DTE Energy (NYSE:DTE) from a hold rating to a buy rating in a research note released on Tuesday morning, Zacks.com reports. They currently have $137.00 price objective on the utilities provider’s stock.
According to Zacks, “DTE Energy has outperformed its industry in past 12 months. The company is investing steadily to enhance its renewable generation assets. It plans to build natural gas turbine plants to provide approximately 1,100 megawatts of energy from the beginning of 2022. DTE Energy also announced its industry leading plan to reduce methane emissions by 80% at DTE Gas by 2040. The company follows a disciplined capital spending program to maintain and upgrade the reliability of its electric utility systems. DTE Electric currently expects to make capital investments of $11.3 billion over the 2019-2023 period. Apart from its utility operation, the company continues to make progress in its non-utility business, which provides diversity to its earnings stream. However, DTE Energy faces increasingly stringent government regulations for curbing emissions and operational risks.”
DTE has been the topic of a number of other research reports. Macquarie set a $123.00 target price on DTE Energy and gave the company a buy rating in a research note on Saturday, February 9th. Goldman Sachs Group began coverage on DTE Energy in a research note on Wednesday, January 16th. They issued a buy rating and a $121.00 target price on the stock. ValuEngine lowered DTE Energy from a buy rating to a hold rating in a research note on Monday, December 31st. Finally, Credit Suisse Group set a $117.00 target price on DTE Energy and gave the company a sell rating in a research note on Monday. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have issued a buy rating to the company’s stock. The stock presently has an average rating of Hold and a consensus price target of $118.25.
DTE Energy (NYSE:DTE) last announced its quarterly earnings results on Thursday, February 7th. The utilities provider reported $0.91 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.92 by ($0.01). The firm had revenue of $3.75 billion for the quarter, compared to analysts’ expectations of $2.35 billion. DTE Energy had a return on equity of 10.85% and a net margin of 7.88%. During the same period last year, the firm earned $1.26 EPS. Analysts expect that DTE Energy will post 6.18 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Monday, March 18th were paid a dividend of $0.945 per share. This represents a $3.78 dividend on an annualized basis and a dividend yield of 3.07%. The ex-dividend date of this dividend was Friday, March 15th. DTE Energy’s dividend payout ratio is presently 60.00%.
In other DTE Energy news, VP Lisa A. Muschong sold 2,616 shares of the stock in a transaction on Tuesday, February 19th. The stock was sold at an average price of $119.80, for a total transaction of $313,396.80. Following the transaction, the vice president now owns 2,933 shares of the company’s stock, valued at approximately $351,373.40. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Chairman Gerard M. Anderson sold 11,000 shares of the stock in a transaction on Thursday, February 14th. The stock was sold at an average price of $119.39, for a total value of $1,313,290.00. Following the transaction, the chairman now directly owns 79,906 shares in the company, valued at approximately $9,539,977.34. The disclosure for this sale can be found here. In the last three months, insiders have sold 15,316 shares of company stock worth $1,834,835. Corporate insiders own 0.55% of the company’s stock.
Several institutional investors have recently modified their holdings of the business. Vanguard Group Inc lifted its stake in shares of DTE Energy by 1.6% during the 3rd quarter. Vanguard Group Inc now owns 19,856,235 shares of the utilities provider’s stock worth $2,166,911,000 after purchasing an additional 311,679 shares during the period. BlackRock Inc. lifted its stake in shares of DTE Energy by 3.9% during the 4th quarter. BlackRock Inc. now owns 15,212,035 shares of the utilities provider’s stock worth $1,677,888,000 after purchasing an additional 577,066 shares during the period. Geode Capital Management LLC increased its holdings in shares of DTE Energy by 6.9% during the 4th quarter. Geode Capital Management LLC now owns 2,344,758 shares of the utilities provider’s stock worth $258,174,000 after buying an additional 150,611 shares during the last quarter. Northern Trust Corp increased its holdings in shares of DTE Energy by 3.3% during the 4th quarter. Northern Trust Corp now owns 2,330,047 shares of the utilities provider’s stock worth $257,004,000 after buying an additional 75,242 shares during the last quarter. Finally, Victory Capital Management Inc. increased its holdings in shares of DTE Energy by 1.5% during the 4th quarter. Victory Capital Management Inc. now owns 1,796,612 shares of the utilities provider’s stock worth $198,166,000 after buying an additional 27,301 shares during the last quarter. 70.43% of the stock is currently owned by institutional investors.
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.
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