NewEdge Wealth LLC Takes $863,000 Position in DTE Energy Company $DTE

NewEdge Wealth LLC purchased a new position in DTE Energy Company (NYSE:DTE) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 5,666 shares of the utilities provider’s stock, valued at approximately $863,000.

Several other hedge funds have also recently made changes to their positions in DTE. Louisiana State Employees Retirement System purchased a new position in shares of DTE Energy in the 1st quarter worth $1,550,000. Convergence Investment Partners LLC bought a new stake in shares of DTE Energy in the first quarter worth $3,142,000. Capital Innovations LLC purchased a new stake in DTE Energy during the fourth quarter valued at $1,014,000. Vanguard Group Inc. increased its position in DTE Energy by 3.0% during the fourth quarter. Vanguard Group Inc. now owns 26,305,533 shares of the utilities provider’s stock valued at $3,392,888,000 after acquiring an additional 766,499 shares during the last quarter. Finally, Oxbow Advisors LLC bought a new position in DTE Energy in the fourth quarter valued at about $3,145,000. 76.06% of the stock is owned by hedge funds and other institutional investors.

DTE Energy Stock Performance

NYSE:DTE opened at $135.28 on Friday. The stock has a 50-day simple moving average of $146.13 and a two-hundred day simple moving average of $145.26. DTE Energy Company has a 52-week low of $126.23 and a 52-week high of $155.74. The company has a debt-to-equity ratio of 2.13, a quick ratio of 0.53 and a current ratio of 0.80. The firm has a market capitalization of $28.15 billion, a PE ratio of 21.41, a P/E/G ratio of 3.00 and a beta of 0.38.

DTE Energy (NYSE:DTE) last issued its quarterly earnings results on Tuesday, July 28th. The utilities provider reported $1.32 EPS for the quarter, topping analysts’ consensus estimates of $1.14 by $0.18. DTE Energy had a return on equity of 12.19% and a net margin of 8.00%.The business had revenue of $6.74 billion during the quarter, compared to analysts’ expectations of $3.36 billion. During the same quarter in the prior year, the business posted $1.36 earnings per share. Analysts forecast that DTE Energy Company will post 7.71 EPS for the current year.

DTE Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Monday, September 21st will be issued a $1.165 dividend. This represents a $4.66 annualized dividend and a yield of 3.4%. The ex-dividend date of this dividend is Monday, September 21st. DTE Energy’s dividend payout ratio is currently 73.73%.

Analyst Ratings Changes

Several brokerages have issued reports on DTE. Barclays dropped their target price on DTE Energy from $156.00 to $154.00 and set an “equal weight” rating on the stock in a research report on Monday, May 4th. Mizuho lowered their price objective on shares of DTE Energy from $165.00 to $164.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 29th. Wells Fargo & Company reissued an “overweight” rating and issued a $165.00 price objective on shares of DTE Energy in a report on Monday, June 15th. Truist Financial cut their target price on shares of DTE Energy from $166.00 to $160.00 and set a “buy” rating for the company in a research report on Tuesday, August 4th. Finally, Weiss Ratings raised shares of DTE Energy from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday, July 28th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat, DTE Energy has a consensus rating of “Moderate Buy” and a consensus price target of $158.46.

DTE Energy Profile

DTE Energy is an integrated energy company headquartered in Detroit, Michigan, that combines regulated utility operations with non-utility energy businesses. Its regulated subsidiaries operate electric and natural gas utility services that deliver generation, transmission and distribution to residential, commercial and industrial customers. The company’s utility segment focuses on maintaining and upgrading energy delivery infrastructure, ensuring reliable service and meeting regulatory requirements in its service territory.

Beyond its regulated utilities, DTE Energy operates non-utility businesses that develop, own and operate power generation and energy-related projects.