Zacks Investment Research Lowers DTE Energy (DTE) to Hold
Zacks Investment Research lowered shares of DTE Energy (NYSE:DTE) from a buy rating to a hold rating in a research report released on Wednesday.
According to Zacks, “In last one year shares of DTE Energy have gained against its industry's decline. DTE Energy is investing steadily to enhance its renewable generation assets. DTE Energy plans to build natural gas turbine plants to provide approximately 1,100 megawatts of energy from the beginning of 2022. Apart from natural gas, the company plans to continue investing in wind and solar to improve its renewables portfolio. Currently, management is targeting an annual dividend increase of about 7% through 2019. The company’s effort to maximize shareholder value is expected to attract investors. However, DTE Energy faces increasingly stringent government regulations for curbing emissions and operational risks, that remains a major concern.Also, DTE Energy is subject to interest rate risk in connection with the issuance of debt.”
DTE has been the subject of a number of other research reports. Wells Fargo & Co lifted their target price on shares of DTE Energy from $103.00 to $113.00 and gave the stock a market perform rating in a research report on Tuesday, August 14th. Barclays assumed coverage on shares of DTE Energy in a research report on Wednesday, August 15th. They set an equal weight rating and a $116.00 price objective for the company. ValuEngine raised shares of DTE Energy from a sell rating to a hold rating in a research report on Tuesday, June 26th. Howard Weil assumed coverage on shares of DTE Energy in a research report on Tuesday, July 24th. They set a sector outperform rating and a $115.00 price objective for the company. Finally, Scotiabank assumed coverage on shares of DTE Energy in a research report on Tuesday, July 24th. They set a buy rating and a $115.00 price objective for the company. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have given a buy rating to the company’s stock. The stock has an average rating of Hold and a consensus target price of $113.73.
DTE Energy (NYSE:DTE) last posted its earnings results on Wednesday, July 25th. The utilities provider reported $1.36 EPS for the quarter, topping analysts’ consensus estimates of $1.13 by $0.23. DTE Energy had a net margin of 8.58% and a return on equity of 10.63%. The business had revenue of $3.16 billion during the quarter, compared to the consensus estimate of $2.57 billion. During the same quarter in the previous year, the firm posted $1.07 EPS. Sell-side analysts expect that DTE Energy will post 6.16 earnings per share for the current fiscal year.
In related news, insider Trevor F. Lauer sold 3,800 shares of DTE Energy stock in a transaction on Friday, August 3rd. The shares were sold at an average price of $110.02, for a total transaction of $418,076.00. Following the transaction, the insider now owns 11,989 shares in the company, valued at approximately $1,319,029.78. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Chairman Gerard M. Anderson sold 10,000 shares of DTE Energy stock in a transaction on Tuesday, August 7th. The shares were sold at an average price of $110.18, for a total transaction of $1,101,800.00. Following the transaction, the chairman now owns 84,858 shares in the company, valued at approximately $9,349,654.44. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 15,226 shares of company stock worth $1,674,057. 0.59% of the stock is owned by corporate insiders.
Several institutional investors and hedge funds have recently added to or reduced their stakes in DTE. Bank of Montreal Can raised its position in shares of DTE Energy by 41.3% during the 3rd quarter. Bank of Montreal Can now owns 301,926 shares of the utilities provider’s stock valued at $32,950,000 after buying an additional 88,258 shares in the last quarter. Montecito Bank & Trust raised its position in shares of DTE Energy by 36.1% during the 3rd quarter. Montecito Bank & Trust now owns 4,750 shares of the utilities provider’s stock valued at $518,000 after buying an additional 1,260 shares in the last quarter. Clinton Group Inc. purchased a new stake in shares of DTE Energy during the 3rd quarter valued at about $1,981,000. Hexavest Inc. raised its position in shares of DTE Energy by 13.9% during the 3rd quarter. Hexavest Inc. now owns 228,537 shares of the utilities provider’s stock valued at $24,940,000 after buying an additional 27,942 shares in the last quarter. Finally, DNB Asset Management AS raised its position in shares of DTE Energy by 109.7% during the 3rd quarter. DNB Asset Management AS now owns 21,600 shares of the utilities provider’s stock valued at $2,357,000 after buying an additional 11,300 shares in the last quarter. Institutional investors own 70.93% of the company’s stock.
DTE Energy Company Profile
DTE Energy Company engages in the utility operations. The company's Electric segment generates, purchases, distributes, and sells electricity to approximately 2.2 million residential, commercial, and industrial customers in southeastern Michigan. It generates electricity through fossil-fuel, hydroelectric pumped storage, and nuclear plants, as well as wind and other renewable assets.
Further Reading: Cash Flow Analysis in Stock Selection
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for DTE Energy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for DTE Energy and related companies with MarketBeat.com's FREE daily email newsletter.