DTE Energy (NYSE:DTE) Updates FY 2024 Earnings Guidance

DTE Energy (NYSE:DTE) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of 6.540-6.830 for the period, compared to the consensus estimate of 6.680. The company issued revenue guidance of -. DTE Energy also updated its FY24 guidance to $6.54-6.83 EPS.

DTE Energy Stock Performance

DTE Energy stock opened at $110.57 on Wednesday. DTE Energy has a 12-month low of $90.14 and a 12-month high of $117.44. The company has a market capitalization of $22.88 billion, a price-to-earnings ratio of 18.10, a price-to-earnings-growth 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. The firm’s fifty day moving average price is $112.15 and its 200 day moving average price is $109.80.

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

DTE Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Monday, June 17th will be given a dividend of $1.02 per share. This represents a $4.08 dividend on an annualized basis and a dividend yield of 3.69%. The ex-dividend date is Monday, June 17th. DTE Energy’s dividend payout ratio is presently 66.78%.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on DTE shares. JPMorgan Chase & Co. boosted their target price 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. Barclays boosted their target price on shares of DTE Energy from $115.00 to $119.00 and gave the company an overweight rating in a research note on Tuesday, April 30th. TheStreet raised shares of DTE Energy from a c+ rating to a b- rating in a research note on Friday, March 15th. KeyCorp boosted their target price on shares of DTE Energy from $117.00 to $125.00 and gave the company an overweight rating in a research note on Monday, May 20th. Finally, BMO Capital Markets boosted their target price on shares of DTE Energy from $111.00 to $113.00 and gave the company a market perform rating in a research note on Wednesday, April 17th. One equities research 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 data from MarketBeat.com, the stock has an average rating of Hold and a consensus target price of $115.44.

Insider Activity

In other DTE Energy news, Vice Chairman Trevor F. Lauer sold 3,500 shares of the company’s stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $115.07, for a total value of $402,745.00. Following the transaction, the insider now owns 59,475 shares in the company, valued at approximately $6,843,788.25. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other DTE Energy news, COO Mark W. Stiers sold 10,000 shares of the business’s stock in a transaction that occurred 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 directly owns 41,921 shares of the company’s stock, valued at $4,862,836. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Vice Chairman Trevor F. Lauer sold 3,500 shares of the business’s stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $115.07, for a total transaction of $402,745.00. Following the completion of the sale, the insider now directly owns 59,475 shares of the company’s stock, valued at $6,843,788.25. The disclosure for this sale can be found here. Insiders have sold 14,698 shares of company stock worth $1,702,444 over the last 90 days. 0.28% of the stock is owned by company 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.