Zacks Investment Research Downgrades DTE Energy (DTE) to Hold
Zacks Investment Research lowered shares of DTE Energy (NYSE:DTE) from a buy rating to a hold rating in a research report sent to investors on Tuesday morning.
According to Zacks, “Shares of DTE Energy have outperformed its industry in tha last one year. DTE Energy is investing steadily to enhance its renewable generation assets. Currently, management is targeting an annual dividend increase of about 7% through 2019. The company’s effort to maximize shareholder value is expected to attract investors. However, DTE Energy faces increasingly stringent government regulations for curbing emissions and operational risks, that remains a major concern. Environmental compliance requires more investments in the installation of low-emission systems at its generation facilities, which have an adverse impact on its margins. To comply with these requirements, DTE Electric spent approximately $2.4 billion through 2017.”
A number of other equities analysts have also weighed in on DTE. Scotiabank began coverage on shares of DTE Energy in a research report on Tuesday, July 24th. They set a buy rating and a $115.00 price target on the stock. Guggenheim restated a buy rating and set a $114.00 price target on shares of DTE Energy in a research report on Monday, July 23rd. Barclays began coverage on shares of DTE Energy in a research report on Wednesday, August 15th. They set an equal weight rating and a $116.00 price target on the stock. ValuEngine upgraded shares of DTE Energy from a sell rating to a hold rating in a research report on Tuesday, June 26th. Finally, Citigroup boosted their price target on shares of DTE Energy from $103.00 to $110.00 and gave the stock a hold rating in a research report on Monday, September 10th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and four have assigned a buy rating to the stock. The company currently has a consensus rating of Hold and a consensus price target of $113.36.
DTE Energy (NYSE:DTE) last announced its earnings results on Wednesday, July 25th. The utilities provider reported $1.36 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.13 by $0.23. DTE Energy had a net margin of 8.58% and a return on equity of 10.63%. The business had revenue of $3.16 billion for the quarter, compared to analyst estimates of $2.57 billion. During the same quarter last year, the business earned $1.07 earnings per share. research analysts predict that DTE Energy will post 6.16 earnings per share for the current fiscal year.
In other news, insider Peter B. Oleksiak sold 1,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 31st. The shares were sold at an average price of $108.39, for a total value of $108,390.00. Following the sale, the insider now directly owns 28,555 shares of the company’s stock, valued at approximately $3,095,076.45. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Trevor F. Lauer sold 3,800 shares of the company’s stock in a transaction that occurred on Friday, August 3rd. The stock was sold at an average price of $110.02, for a total transaction of $418,076.00. Following the sale, the insider now directly owns 11,989 shares in the company, valued at $1,319,029.78. The disclosure for this sale can be found here. Insiders sold a total of 15,226 shares of company stock worth $1,674,057 over the last three months. Insiders own 0.59% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Northern Trust Corp increased its stake in DTE Energy by 4.2% during the 2nd quarter. Northern Trust Corp now owns 2,205,903 shares of the utilities provider’s stock worth $228,598,000 after buying an additional 88,227 shares during the period. Victory Capital Management Inc. increased its stake in DTE Energy by 3.6% during the 2nd quarter. Victory Capital Management Inc. now owns 1,762,912 shares of the utilities provider’s stock worth $182,690,000 after buying an additional 61,449 shares during the period. Legal & General Group Plc increased its stake in DTE Energy by 8.7% during the 2nd quarter. Legal & General Group Plc now owns 1,744,677 shares of the utilities provider’s stock worth $180,833,000 after buying an additional 139,879 shares during the period. Boston Partners increased its stake in DTE Energy by 2.6% during the 2nd quarter. Boston Partners now owns 1,645,851 shares of the utilities provider’s stock worth $170,560,000 after buying an additional 42,027 shares during the period. Finally, Millennium Management LLC increased its stake in DTE Energy by 210.7% during the 1st quarter. Millennium Management LLC now owns 1,548,620 shares of the utilities provider’s stock worth $161,676,000 after buying an additional 1,050,142 shares during the period. 70.89% of the stock is currently owned by hedge funds and other institutional investors.
DTE Energy Company Profile
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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