DTE Energy Co. (DTE) Sees Unusually-High Trading Volume After Analyst Upgrade
DTE Energy Co. (NYSE:DTE) shares saw strong trading volume on Tuesday after Macquarie raised their price target on the stock from $105.00 to $107.00. Macquarie currently has an outperform rating on the stock. 1,812,464 shares were traded during mid-day trading, an increase of 72% from the previous session’s volume of 1,053,451 shares.The stock last traded at $95.07 and had previously closed at $96.63.
The analysts wrote, “We see these assets as attractive strategically given their location, contracts, diversified list of customers, potential for expansion and interconnection with DTE’s existing systems,” analyst Andrew Weisel wrote in a note.”We estimate these deals will add US$0.04/sh (+0.8 percent) in ’17 and US$0.15/sh (+2.3 percent) by ’20, ahead of DTE guidance of US$0.10. We assume a 50/50 debt/equity mix, 12 percent IRR and 10 percent annual growth,”
A number of other research firms also recently commented on DTE. Zacks Investment Research downgraded DTE Energy from a “buy” rating to a “hold” rating in a research note on Monday, July 25th. KeyCorp restated an “outperform” rating and issued a $102.50 target price (up from $97.00) on shares of DTE Energy in a research note on Saturday, July 2nd. Barclays PLC restated a “buy” rating and issued a $108.00 target price on shares of DTE Energy in a research note on Thursday, July 28th. Finally, BMO Capital Markets restated a “hold” rating on shares of DTE Energy in a research note on Wednesday, June 22nd. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. DTE Energy currently has a consensus rating of “Buy” and a consensus target price of $103.20.
In other DTE Energy news, Chairman Gerard M. Anderson sold 17,500 shares of DTE Energy stock in a transaction that occurred on Monday, August 1st. The stock was sold at an average price of $97.96, for a total value of $1,714,300.00. Following the completion of the transaction, the chairman now directly owns 77,500 shares in the company, valued at $7,591,900. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.93% of the stock is owned by company insiders.
Several institutional investors have recently modified their holdings of DTE. NEXT Financial Group Inc increased its position in shares of DTE Energy by 1,352.3% in the second quarter. NEXT Financial Group Inc now owns 1,278 shares of the company’s stock valued at $126,000 after buying an additional 1,190 shares in the last quarter. TCI Wealth Advisors Inc. increased its position in shares of DTE Energy by 2.6% in the second quarter. TCI Wealth Advisors Inc. now owns 1,486 shares of the company’s stock valued at $147,000 after buying an additional 37 shares in the last quarter. Gradient Investments LLC increased its position in shares of DTE Energy by 13.8% in the second quarter. Gradient Investments LLC now owns 1,695 shares of the company’s stock valued at $168,000 after buying an additional 205 shares in the last quarter. Tredje AP fonden acquired a new position in shares of DTE Energy during the second quarter valued at about $171,000. Finally, Global X Management Co. LLC increased its position in shares of DTE Energy by 138.3% in the second quarter. Global X Management Co. LLC now owns 1,835 shares of the company’s stock valued at $182,000 after buying an additional 1,065 shares in the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.
The stock has a 50-day moving average of $94.28 and a 200 day moving average of $92.93. The firm has a market capitalization of $17.06 billion, a price-to-earnings ratio of 22.96 and a beta of 0.26.
DTE Energy (NYSE:DTE) last released its earnings results on Tuesday, July 26th. The company reported $0.98 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.89 by $0.09. The firm earned $2.26 billion during the quarter, compared to analyst estimates of $2.36 billion. DTE Energy had a net margin of 7.51% and a return on equity of 10.00%. The business’s revenue was down .3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.76 EPS. Analysts anticipate that DTE Energy Co. will post $5.07 EPS for the current year.
About DTE Energy
DTE Energy Company (DTE Energy) is a diversified energy company. DTE Energy’s utility operations consist primarily of DTE Electric Company (DTE Electric) and DTE Gas Company (DTE Gas). The Company’s segments include Electric, Gas, Gas Storage and Pipelines, Power and Industrial Projects, Energy Trading, and Corporate and Other.
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