DTE Energy (NYSE:DTE) Updates FY24 Earnings Guidance

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

DTE Energy Trading Down 0.4 %

Shares of DTE Energy stock traded down $0.41 during trading hours on Thursday, hitting $111.14. The company’s stock had a trading volume of 1,408,506 shares, compared to its average volume of 1,196,023. DTE Energy has a twelve month low of $90.14 and a twelve month high of $116.73. The firm has a fifty day moving average of $109.12 and a 200-day moving average of $106.06. The stock has a market cap of $23.00 billion, a price-to-earnings ratio of 16.44, a P/E/G ratio of 2.74 and a beta of 0.64. The company has a debt-to-equity ratio of 1.58, a quick ratio of 0.42 and a current ratio of 0.60.

DTE Energy (NYSE:DTE) last posted its earnings results on Thursday, February 8th. The utilities provider reported $1.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.96 by $0.01. DTE Energy had a return on equity of 11.00% and a net margin of 10.96%. The firm had revenue of $3.39 billion for the quarter, compared to analyst estimates of $4.97 billion. During the same quarter in the prior year, the company earned $1.31 EPS. Research analysts forecast that DTE Energy will post 6.71 EPS for the current year.

DTE Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Monday, March 18th were paid a dividend of $1.02 per share. This represents a $4.08 annualized dividend and a yield of 3.67%. The ex-dividend date was Friday, March 15th. DTE Energy’s payout ratio is 60.36%.

Analysts Set New Price Targets

DTE has been the topic of several research reports. Wolfe Research lowered DTE Energy from an outperform rating to a peer perform rating in a research note on Tuesday, January 16th. Barclays increased their target price on DTE Energy from $112.00 to $115.00 and gave the stock an overweight rating in a research note on Monday, April 15th. Guggenheim lowered DTE Energy from a buy rating to a neutral rating and set a $111.00 price target on the stock. in a research report on Monday, January 22nd. BMO Capital Markets increased their price target on DTE Energy from $111.00 to $113.00 and gave the company a market perform rating in a research report on Wednesday, April 17th. Finally, JPMorgan Chase & Co. increased their price target on DTE Energy from $118.00 to $120.00 and gave the company a neutral rating in a research report on Wednesday, March 13th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of Moderate Buy and an average price target of $115.10.

Insider Activity

In other news, VP Lisa A. Muschong sold 2,775 shares of the stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $108.43, for a total value of $300,893.25. Following the transaction, the vice president now owns 5,469 shares in the company, valued at approximately $593,003.67. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, VP Lisa A. Muschong sold 2,775 shares of the stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $108.43, for a total value of $300,893.25. Following the transaction, the vice president now owns 5,469 shares in the company, valued at approximately $593,003.67. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Robert A. Richard sold 4,800 shares of the stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $107.25, for a total value of $514,800.00. Following the completion of the transaction, the chief operating officer now owns 26,118 shares in the company, valued at approximately $2,801,155.50. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 20,095 shares of company stock worth $2,168,183. 0.61% of the stock is currently owned by insiders.

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.