DTE Energy (DTE) Lifted to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of DTE Energy (NYSE:DTE) from a hold rating to a buy rating in a research report sent to investors on Monday. Zacks Investment Research currently has $116.00 price target on the utilities provider’s stock.
According to Zacks, “In last one year DTE Energy’s share price outperformed the broader industry’s rally. The company's focus on improving its cost structure and making capital investments in renewable generation, utility infrastructure and environmental compliance assets is impressive. Currently, DTE Energy plans to invest $6.5 billion over the next 10 years for maintaining and upgrading the reliability of its electric utility systems. Apart from its utility operation, it also continues to make progress on its non-utility business, which provides diversity to its earnings stream. However, increasingly stringent government regulations for curbing emissions and operational risks remain major concerns. “
Several other equities analysts have also recently issued reports on the company. Wells Fargo & Co upgraded DTE Energy from a market perform rating to an outperform rating in a report on Friday. Guggenheim reiterated a buy rating and issued a $121.00 price target on shares of DTE Energy in a report on Wednesday, January 3rd. KeyCorp reiterated a buy rating and issued a $118.50 price target on shares of DTE Energy in a report on Friday, December 15th. Credit Suisse Group decreased their price target on DTE Energy from $113.00 to $112.00 and set a neutral rating on the stock in a report on Thursday, October 26th. Finally, Bank of America assumed coverage on DTE Energy in a report on Tuesday, October 24th. They issued an underperform rating and a $112.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and seven have assigned a buy rating to the stock. DTE Energy presently has an average rating of Buy and a consensus price target of $114.39.
DTE Energy (NYSE:DTE) last posted its quarterly earnings results on Wednesday, October 25th. The utilities provider reported $1.48 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.53 by ($0.05). The firm had revenue of $3.25 billion during the quarter, compared to the consensus estimate of $2.80 billion. DTE Energy had a net margin of 8.01% and a return on equity of 9.56%. DTE Energy’s revenue was up 10.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.96 EPS. analysts predict that DTE Energy will post 5.54 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Monday, January 15th. Shareholders of record on Monday, December 18th were issued a dividend of $0.8825 per share. The ex-dividend date was Friday, December 15th. This represents a $3.53 dividend on an annualized basis and a yield of 3.39%. This is a boost from DTE Energy’s previous quarterly dividend of $0.83. DTE Energy’s dividend payout ratio (DPR) is 64.65%.
In other DTE Energy news, Chairman Gerard M. Anderson sold 12,389 shares of the firm’s stock in a transaction dated Friday, November 17th. The stock was sold at an average price of $112.93, for a total transaction of $1,399,089.77. Following the transaction, the chairman now owns 83,000 shares in the company, valued at $9,373,190. The sale was disclosed in a document filed with the SEC, which is available through this link. 0.53% of the stock is currently owned by company insiders.
A number of institutional investors and hedge funds have recently modified their holdings of DTE. Pacad Investment Ltd. bought a new position in DTE Energy during the second quarter worth about $106,000. Spectrum Management Group Inc. bought a new position in DTE Energy during the third quarter worth about $111,000. Sun Life Financial INC boosted its holdings in DTE Energy by 13,030.0% during the second quarter. Sun Life Financial INC now owns 1,313 shares of the utilities provider’s stock worth $139,000 after buying an additional 1,303 shares during the last quarter. D.A. Davidson & CO. boosted its holdings in DTE Energy by 36.1% during the second quarter. D.A. Davidson & CO. now owns 1,497 shares of the utilities provider’s stock worth $158,000 after buying an additional 397 shares during the last quarter. Finally, Pinebridge Investments L.P. bought a new position in DTE Energy during the second quarter worth about $161,000. Hedge funds and other institutional investors own 68.34% of the company’s stock.
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About DTE Energy
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