DTE Energy (DTE) Upgraded 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 note published on Tuesday. The brokerage currently has $126.00 target price on the utilities provider’s stock.

According to Zacks, “Shares of DTE Energy have outperformed its industry in the last one year. 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.”

Several other research firms have also recently issued reports on DTE. Citigroup raised their price target on shares of DTE Energy from $103.00 to $110.00 and gave the stock a hold rating in a research note on Monday, September 10th. KeyCorp raised their price target on shares of DTE Energy from $115.00 to $118.00 and gave the stock an overweight rating in a research note on Friday, July 27th. Guggenheim reaffirmed a buy rating and set a $114.00 price target on shares of DTE Energy in a research note on Monday, July 23rd. Howard Weil began coverage on shares of DTE Energy in a research note on Tuesday, July 24th. They set a sector outperform rating and a $115.00 price target on the stock. Finally, Scotiabank began coverage on shares of DTE Energy in a research note on Tuesday, July 24th. They set a buy rating and a $115.00 price target on the stock. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the company. The stock has a consensus rating of Hold and an average price target of $113.73.

Shares of NYSE DTE opened at $110.14 on Tuesday. The stock has a market capitalization of $19.84 billion, a P/E ratio of 19.70, a price-to-earnings-growth ratio of 3.32 and a beta of 0.11. DTE Energy has a 52 week low of $94.25 and a 52 week high of $116.74. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.89 and a current ratio of 1.16.

DTE Energy (NYSE:DTE) last issued its quarterly earnings data on Wednesday, July 25th. The utilities provider reported $1.36 EPS for the quarter, beating the Zacks’ consensus estimate of $1.13 by $0.23. The firm had revenue of $3.16 billion for the quarter, compared to analysts’ expectations of $2.57 billion. DTE Energy had a net margin of 8.58% and a return on equity of 10.63%. During the same period in the prior year, the company earned $1.07 EPS. As a group, equities research analysts expect that DTE Energy will post 6.16 earnings per share for the current year.

In other news, VP Lisa A. Muschong sold 426 shares of the stock in a transaction dated Monday, July 30th. The shares were sold at an average price of $107.49, for a total transaction of $45,790.74. Following the transaction, the vice president now directly owns 2,250 shares in the company, valued at approximately $241,852.50. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Chairman Gerard M. Anderson sold 10,000 shares of the stock in a transaction dated Tuesday, August 7th. The stock was 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 $9,349,654.44. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 15,226 shares of company stock worth $1,674,057. Insiders own 0.59% of the company’s stock.

Several hedge funds have recently made changes to their positions in the company. ELM Advisors LLC purchased a new position in DTE Energy in the third quarter valued at approximately $120,000. Valeo Financial Advisors LLC raised its holdings in DTE Energy by 89.3% in the second quarter. Valeo Financial Advisors LLC now owns 1,550 shares of the utilities provider’s stock valued at $172,000 after buying an additional 731 shares during the period. McKinley Carter Wealth Services Inc. purchased a new position in DTE Energy in the first quarter valued at approximately $179,000. Truvestments Capital LLC purchased a new position in DTE Energy in the second quarter valued at approximately $207,000. Finally, Piedmont Investment Advisors LLC purchased a new position in DTE Energy in the second quarter valued at approximately $220,000. Institutional investors and hedge funds own 70.93% of the company’s stock.

About DTE Energy

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.

See Also: Initial Public Offering (IPO)

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