DTE Energy (NYSE:DTE) Releases FY24 Earnings Guidance

DTE Energy (NYSE:DTE) issued an update on its FY24 earnings guidance on Tuesday 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 also updated its FY 2024 guidance to 6.540-6.830 EPS.

Analysts Set New Price Targets

Several research firms recently weighed in on DTE. Morgan Stanley increased their price objective on shares of DTE Energy from $108.00 to $109.00 and gave the stock an overweight rating in a research note on Thursday, March 21st. BMO Capital Markets increased their target price on DTE Energy from $111.00 to $113.00 and gave the stock a market perform rating in a research report on Wednesday, April 17th. Scotiabank reduced their price target on shares of DTE Energy from $129.00 to $120.00 and set a sector outperform rating for the company in a report on Monday, April 22nd. KeyCorp increased their price objective on shares of DTE Energy from $117.00 to $125.00 and gave the stock an overweight rating in a report on Monday, May 20th. Finally, Barclays lifted their price objective on shares of DTE Energy from $115.00 to $119.00 and gave the company an overweight rating in a research report on Tuesday, April 30th. One analyst has rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of Hold and a consensus target price of $115.44.

DTE Energy Price Performance

Shares of NYSE:DTE opened at $110.57 on Wednesday. The stock has a market cap of $22.88 billion, a price-to-earnings ratio of 18.10, a PEG ratio of 2.02 and a beta of 0.67. The company has a debt-to-equity ratio of 1.72, a current ratio of 0.75 and a quick ratio of 0.54. DTE Energy has a 12 month low of $90.14 and a 12 month high of $117.44. The stock’s 50 day moving average price is $112.15 and its 200 day moving average price is $109.80.

DTE Energy (NYSE:DTE) last issued its quarterly earnings results on Thursday, April 25th. The utilities provider reported $1.67 earnings per share for the quarter, missing analysts’ consensus estimates of $1.71 by ($0.04). The business had revenue of $3.24 billion during the quarter, compared to analyst estimates of $3.81 billion. DTE Energy had a net margin of 10.36% and a return on equity of 11.53%. Equities research analysts anticipate that DTE Energy will post 6.7 earnings per share for the current fiscal year.

DTE Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Monday, June 17th will be issued a $1.02 dividend. This represents a $4.08 annualized dividend and a dividend yield of 3.69%. The ex-dividend date is Monday, June 17th. DTE Energy’s payout ratio is 66.78%.

Insider Activity at DTE Energy

In other news, VP Lisa A. Muschong sold 1,198 shares of the company’s stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $116.61, for a total value of $139,698.78. Following the transaction, the vice president now directly owns 4,271 shares of the company’s stock, valued at $498,041.31. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, COO Mark W. Stiers sold 10,000 shares of DTE Energy stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $116.00, for a total value of $1,160,000.00. Following the completion of the sale, the chief operating officer now owns 41,921 shares of the company’s stock, valued at approximately $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 company’s stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $116.61, for a total transaction of $139,698.78. Following the completion of the sale, the vice president now owns 4,271 shares of the company’s stock, valued at $498,041.31. The disclosure for this sale can be found here. In the last 90 days, insiders sold 14,698 shares of company stock worth $1,702,444. 0.28% of the stock is owned by corporate insiders.

DTE Energy Company Profile

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.