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 to $6.83 for the period, compared to the consensus estimate of $6.69.

DTE Energy Price Performance

Shares of DTE opened at $111.55 on Thursday. The business’s 50-day moving average is $109.05 and its two-hundred day moving average is $106.02. The company has a market capitalization of $23.08 billion, a P/E ratio of 16.50, 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 has a fifty-two week low of $90.14 and a fifty-two week high of $116.73.

DTE Energy (NYSE:DTE) last announced its quarterly earnings results on Thursday, February 8th. The utilities provider reported $1.97 earnings per share 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 company had revenue of $3.39 billion for the quarter, compared to the consensus estimate of $4.97 billion. During the same period last year, the firm earned $1.31 EPS. Research analysts predict that DTE Energy will post 6.71 earnings per share for the current year.

DTE Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Monday, March 18th were given a dividend of $1.02 per share. This represents a $4.08 dividend on an annualized basis and a dividend yield of 3.66%. The ex-dividend date was Friday, March 15th. DTE Energy’s dividend payout ratio (DPR) is presently 60.36%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on DTE shares. Morgan Stanley raised their target price on DTE Energy from $108.00 to $109.00 and gave the company an overweight rating in a research report on Thursday, March 21st. Scotiabank dropped their target price on DTE Energy from $129.00 to $120.00 and set a sector outperform rating on the stock in a research report on Monday. Guggenheim cut DTE Energy from a buy rating to a neutral rating and set a $111.00 target price on the stock. in a research report on Monday, January 22nd. TheStreet raised shares of DTE Energy from a c+ rating to a b- rating in a research note on Friday, March 15th. Finally, JPMorgan Chase & Co. raised their price target on shares of DTE Energy from $118.00 to $120.00 and gave the company a neutral rating in a research note on Wednesday, March 13th. One investment 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’s stock. According to MarketBeat.com, DTE Energy currently has a consensus rating of Moderate Buy and an average target price of $115.10.

Insiders Place Their Bets

In other DTE Energy news, SVP Joann Chavez sold 6,070 shares of the firm’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $109.19, for a total value of $662,783.30. Following the transaction, the senior vice president now directly owns 16,667 shares of the company’s stock, valued at approximately $1,819,869.73. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, SVP Joann Chavez sold 6,070 shares of the firm’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $109.19, for a total transaction of $662,783.30. Following the completion of the sale, the senior vice president now owns 16,667 shares in the company, valued at approximately $1,819,869.73. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Lisa A. Muschong sold 2,775 shares of the firm’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 transaction of $300,893.25. Following the sale, the vice president now owns 5,469 shares of the company’s stock, valued at approximately $593,003.67. The disclosure for this sale can be found here. Insiders have sold 20,095 shares of company stock valued at $2,168,183 in the last ninety days. 0.61% of the stock is currently owned by corporate 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.