HITE Hedge Asset Management LLC Trims Stake in DTE Energy (NYSE:DTE)

HITE Hedge Asset Management LLC decreased its position in shares of DTE Energy (NYSE:DTE) by 7.9% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 351,332 shares of the utilities provider’s stock after selling 30,187 shares during the quarter. DTE Energy comprises approximately 3.7% of HITE Hedge Asset Management LLC’s investment portfolio, making the stock its 9th largest position. HITE Hedge Asset Management LLC owned approximately 0.17% of DTE Energy worth $39,001,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Capital Research Global Investors boosted its position in shares of DTE Energy by 1.2% during the 1st quarter. Capital Research Global Investors now owns 21,194,653 shares of the utilities provider’s stock valued at $2,376,768,000 after purchasing an additional 261,623 shares in the last quarter. Clearbridge Investments LLC boosted its holdings in shares of DTE Energy by 224.7% during the 1st quarter. Clearbridge Investments LLC now owns 2,538,106 shares of the utilities provider’s stock worth $284,623,000 after buying an additional 1,756,459 shares in the last quarter. Janus Henderson Group PLC grew its position in shares of DTE Energy by 6,964.9% during the 1st quarter. Janus Henderson Group PLC now owns 2,090,350 shares of the utilities provider’s stock worth $234,410,000 after buying an additional 2,060,762 shares during the period. Massachusetts Financial Services Co. MA increased its stake in shares of DTE Energy by 3.7% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 1,667,111 shares of the utilities provider’s stock valued at $185,066,000 after acquiring an additional 59,811 shares in the last quarter. Finally, First Trust Advisors LP increased its stake in shares of DTE Energy by 2.2% in the 4th quarter. First Trust Advisors LP now owns 781,181 shares of the utilities provider’s stock valued at $86,133,000 after acquiring an additional 16,712 shares in the last quarter. Institutional investors and hedge funds own 76.06% of the company’s stock.

DTE Energy Trading Down 0.9 %

Shares of DTE Energy stock opened at $125.29 on Wednesday. The company has a market capitalization of $25.93 billion, a P/E ratio of 20.51, a price-to-earnings-growth ratio of 2.32 and a beta of 0.67. The stock has a fifty day simple moving average of $122.29 and a 200 day simple moving average of $115.22. DTE Energy has a 12-month low of $90.14 and a 12-month high of $127.59. The company has a current ratio of 0.69, a quick ratio of 0.52 and a debt-to-equity ratio of 1.73.

DTE Energy (NYSE:DTE) last posted its earnings results on Thursday, July 25th. The utilities provider reported $1.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.21 by $0.22. DTE Energy had a net margin of 11.18% and a return on equity of 12.18%. The firm had revenue of $2.88 billion during the quarter, compared to analyst estimates of $2.65 billion. During the same quarter in the prior year, the business posted $0.99 EPS. On average, sell-side analysts anticipate that DTE Energy will post 6.7 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several brokerages recently issued reports on DTE. Barclays increased their target price on shares of DTE Energy from $123.00 to $128.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 30th. Bank of America increased their price objective on shares of DTE Energy from $131.00 to $136.00 and gave the stock a “buy” rating in a research report on Thursday, August 29th. BMO Capital Markets boosted their target price on DTE Energy from $126.00 to $135.00 and gave the company a “market perform” rating in a research report on Friday, September 6th. Scotiabank increased their price target on DTE Energy from $120.00 to $137.00 and gave the stock a “sector outperform” rating in a report on Tuesday, August 20th. Finally, LADENBURG THALM/SH SH began coverage on DTE Energy in a research note on Wednesday, August 14th. They issued a “buy” rating and a $131.00 price objective for the company. Five investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $127.58.

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.