Zacks Investment Research upgraded shares of DTE Energy Co. (NYSE:DTE) from a hold rating to a buy rating in a research note published on Wednesday. Zacks Investment Research currently has $106.00 price target on the stock.
According to Zacks, “DTE Energy’s focus on improving its cost structure and making capital investments in renewable generation, utility infrastructure, environmental compliance assets and reliability of its electric utility systems is appreciable. It has plans for billions of dollars worth of capital investment through 2020 to drive growth. Improving economic fundamentals in Michigan are an added stimulus for the company. However, the current macro backdrop, including low natural gas prices and a slowly evolving U.S. economy, may pose challenges for GS&P and P&I to achieve earnings targets.”
Several other equities analysts have also recently weighed in on DTE. Macquarie lifted their target price on DTE Energy from $105.00 to $107.00 and gave the company an outperform rating in a research note on Tuesday. KeyCorp set a $105.00 target price on DTE Energy and gave the company a buy rating in a research note on Monday, September 12th. Barclays PLC reaffirmed a buy rating and set a $108.00 target price on shares of DTE Energy in a research note on Thursday, July 28th. Finally, BMO Capital Markets reaffirmed a hold rating on shares of DTE Energy in a research note on Wednesday, June 22nd. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The company presently has an average rating of Buy and a consensus price target of $103.20.
Shares of DTE Energy (NYSE:DTE) traded down 1.00% during mid-day trading on Wednesday, reaching $93.93. 346,200 shares of the company’s stock traded hands. The company has a market capitalization of $16.85 billion, a P/E ratio of 22.68 and a beta of 0.26. DTE Energy has a 1-year low of $77.35 and a 1-year high of $100.45. The firm has a 50-day moving average price of $94.27 and a 200-day moving average price of $92.94.
DTE Energy (NYSE:DTE) last issued its quarterly 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 had revenue of $2.26 billion for the quarter, compared to analysts’ expectations of $2.36 billion. DTE Energy had a return on equity of 10.00% and a net margin of 7.51%. DTE Energy’s revenue was down .3% on a year-over-year basis. During the same quarter last year, the business posted $0.76 EPS. On average, equities research analysts forecast that DTE Energy will post $5.13 earnings per share for the current fiscal year.
In other news, Chairman Gerard M. Anderson sold 17,500 shares of DTE Energy stock in a transaction dated Monday, August 1st. The stock was sold at an average price of $97.96, for a total transaction of $1,714,300.00. Following the completion of the sale, the chairman now directly owns 77,500 shares in the company, valued at approximately $7,591,900. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.93% of the company’s stock.
Several large investors have recently made changes to their positions in the stock. Bank of Montreal Can purchased a new stake in shares of DTE Energy during the second quarter valued at about $30,302,000. Legal & General Group Plc raised its stake in DTE Energy by 0.7% in the first quarter. Legal & General Group Plc now owns 923,490 shares of the company’s stock valued at $83,723,000 after buying an additional 6,794 shares during the period. Capstone Asset Management Co. raised its stake in DTE Energy by 1.7% in the first quarter. Capstone Asset Management Co. now owns 23,014 shares of the company’s stock valued at $2,086,000 after buying an additional 390 shares during the period. Geode Capital Management LLC raised its stake in DTE Energy by 2.0% in the first quarter. Geode Capital Management LLC now owns 1,472,427 shares of the company’s stock valued at $133,224,000 after buying an additional 28,200 shares during the period. Finally, Adams Diversified Equity Fund Inc. bought a new stake in DTE Energy during the second quarter valued at $12,033,000. Institutional investors and hedge funds own 65.25% of the company’s stock.
DTE Energy Company Profile
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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