345,641 DTE Energy Company $DTE Shares Sold by Pictet Asset Management Holding SA

Key Points

• Pictet Asset Management cut its DTE Energy stake by 62.3% in the third quarter, selling 345,641 shares and ending the period with 208,718 shares valued at about $25.4 million.
• DTE reported quarterly EPS of $2.30, beating the $2.13 consensus, and revenue of $3.73 billion, above estimates. The company raised its quarterly dividend to $1.245 per share, equivalent to a 3.6% yield.
• Analysts’ consensus rating is “Moderate Buy,” with an average price target of $148.58; the stock opened at $139.65 in the reported session.

Pictet Asset Management Holding SA decreased its holdings in shares of DTE Energy Company (NYSE:DTE - Free Report) by 62.3% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 208,718 shares of the utilities provider's stock after selling 345,641 shares during the period. Pictet Asset Management Holding SA owned approximately 0.10% of DTE Energy worth $25,422,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of DTE. BlackRock Inc. acquired a new stake in DTE Energy in the 2nd quarter worth approximately $3,915,284,000. Jupiter Topco LLC purchased a new stake in DTE Energy during the 2nd quarter worth approximately $477,264,000. Janus Henderson Group PLC increased its stake in DTE Energy by 1.3% during the 1st quarter. Janus Henderson Group PLC now owns 3,084,544 shares of the utilities provider's stock valued at $451,022,000 after purchasing an additional 40,346 shares in the last quarter. Bank of America Corp DE acquired a new position in DTE Energy during the 2nd quarter valued at approximately $417,001,000. Finally, Soroban Capital Partners LP increased its stake in DTE Energy by 2.0% during the 1st quarter. Soroban Capital Partners LP now owns 2,038,473 shares of the utilities provider's stock valued at $298,066,000 after purchasing an additional 39,963 shares in the last quarter. Institutional investors and hedge funds own 76.06% of the company's stock.

DTE Energy Price Performance

NYSE:DTE opened at $139.65 on Thursday. DTE Energy Company has a one year low of $119.68 and a one year high of $155.74. The company has a debt-to-equity ratio of 1.97, a quick ratio of 0.40 and a current ratio of 0.62. The firm has a market cap of $29.07 billion, a price-to-earnings ratio of 19.25, a PEG ratio of 2.85 and a beta of 0.35. The firm's fifty day moving average is $130.35 and its two-hundred day moving average is $140.90.

DTE Energy (NYSE:DTE - Get Free Report) last announced its quarterly earnings results on Thursday, November 5th. The utilities provider reported $2.30 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.13 by $0.17. The company had revenue of $3.73 billion during the quarter, compared to the consensus estimate of $3.61 billion. DTE Energy had a return on equity of 12.17% and a net margin of 8.21%. During the same period in the previous year, the company posted $2.01 earnings per share. Research analysts expect that DTE Energy Company will post 7.70 EPS for the current year.

DTE Energy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, January 15th. Investors of record on Monday, December 21st will be given a dividend of $1.2450 per share. This is a boost from DTE Energy's previous quarterly dividend of $1.1650. This represents a $4.98 annualized dividend and a yield of 3.6%. The ex-dividend date is Monday, December 21st. DTE Energy's dividend payout ratio (DPR) is 71.04%.

Insider Buying and Selling

In other DTE Energy news, Vice Chairman Trevor Lauer sold 5,000 shares of DTE Energy stock in a transaction on 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 transaction, the insider owned 73,122 shares of the company's stock, valued at approximately $9,923,386.62. The trade was a 6.40% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.60% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Truist Financial set a $139.00 price target on shares of DTE Energy in a report on Friday, October 16th. Mizuho dropped their price objective on shares of DTE Energy from $152.00 to $136.00 and set an "outperform" rating on the stock in a report on Monday, September 28th. HSBC assumed coverage on DTE Energy in a research report on Thursday, October 22nd. They issued a "hold" rating and a $135.00 target price on the stock. Morgan Stanley reduced their target price on DTE Energy from $141.00 to $139.00 and set an "overweight" rating for the company in a research note on Wednesday, October 21st. Finally, Jefferies Financial Group set a $152.00 target price on DTE Energy in a research note on Friday, October 23rd. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $148.58.

DTE Energy Company Profile

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.

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