DTE Energy Company $DTE Stock: Pictet Asset Management Holding SA Lowers Position

Pictet Asset Management Holding SA reduced its holdings in DTE Energy Company (NYSE:DTE) by 62.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 208,718 shares of the utilities provider’s stock after selling 345,641 shares during the period. Pictet Asset Management Holding SA’s holdings in DTE Energy were worth $25,422,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. First Bancorp Inc ME purchased a new stake in shares of DTE Energy in the second quarter valued at approximately $29,000. Community Bank N.A. purchased a new position in shares of DTE Energy during the 2nd quarter valued at approximately $31,000. Elevation Wealth Partners LLC grew its stake in DTE Energy by 682.4% in the 3rd quarter. Elevation Wealth Partners LLC now owns 266 shares of the utilities provider’s stock valued at $32,000 after acquiring an additional 232 shares during the period. N.E.W. Advisory Services LLC acquired a new stake in DTE Energy in the 2nd quarter valued at $35,000. Finally, Provenance Wealth Advisors LLC grew its stake in DTE Energy by 1,681.2% in the 3rd quarter. Provenance Wealth Advisors LLC now owns 285 shares of the utilities provider’s stock valued at $35,000 after acquiring an additional 269 shares during the period. 76.06% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

DTE has been the subject of several recent analyst reports. HSBC assumed coverage on shares of DTE Energy in a report on Thursday, October 22nd. They issued a “hold” rating and a $135.00 price target for the company. BMO Capital Markets increased their price objective on shares of DTE Energy from $134.00 to $139.00 and gave the company a “market perform” rating in a report on Friday, October 16th. Weiss Ratings lowered shares of DTE Energy from a “buy (b)” rating to a “buy (b-)” rating in a research report on Friday, September 25th. Ladenburg Thalmann & Co. Inc. boosted their target price on shares of DTE Energy from $135.50 to $144.50 and gave the stock a “buy” rating in a research note on Friday, November 6th. Finally, Morgan Stanley reduced their price target on shares of DTE Energy from $141.00 to $139.00 and set an “overweight” rating for the company in a research report on Wednesday, October 21st. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $148.58.

Insider Activity at DTE Energy

In other news, Vice Chairman Trevor Lauer sold 5,000 shares of the stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $135.71, for a total value of $678,550.00. Following the completion of the sale, the insider directly owned 73,122 shares in the company, valued at $9,923,386.62. This represents a 6.40% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.60% of the stock is owned by company insiders.

DTE Energy Stock Performance

NYSE DTE opened at $139.65 on Thursday. The company has a market cap of $29.07 billion, a PE ratio of 19.25, a price-to-earnings-growth ratio of 2.85 and a beta of 0.35. The stock’s 50 day simple moving average is $130.35 and its 200-day simple moving average is $140.90. DTE Energy Company has a 1-year low of $119.68 and a 1-year high of $155.74. The company has a debt-to-equity ratio of 1.97, a current ratio of 0.62 and a quick ratio of 0.40.

DTE Energy (NYSE:DTE) last issued its quarterly earnings results on Thursday, November 5th. The utilities provider reported $2.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.13 by $0.17. DTE Energy had a return on equity of 12.17% and a net margin of 8.21%. The firm had revenue of $3.73 billion for the quarter, compared to analyst estimates of $3.61 billion. During the same period in the previous year, the company posted $2.01 earnings per share. As a group, equities research analysts anticipate that DTE Energy Company will post 7.70 EPS for the current fiscal year.

DTE Energy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 15th. Stockholders of record on Monday, December 21st will be issued a dividend of $1.2450 per share. The ex-dividend date of this dividend is Monday, December 21st. This is a positive change from DTE Energy’s previous quarterly dividend of $1.1650. This represents a $4.98 dividend on an annualized basis and a dividend yield of 3.6%. DTE Energy’s payout ratio is currently 71.04%.

About DTE Energy

DTE Energy is a Detroit-based energy company whose core businesses are regulated electric and natural gas utilities in Michigan. Through DTE Electric, it generates, transmits and distributes electricity, while DTE Gas provides natural gas service to customers across the state. The company also operates non-utility businesses, including energy marketing and trading and industrial energy services. These businesses develop energy solutions such as recovering energy from industrial processes and waste, alongside the company’s investments in renewable energy generation.