Bank of New York Mellon Corp Invests $170.98 Million in DTE Energy Company $DTE

Key Points

• Bank of New York Mellon acquired 1.12 million DTE Energy shares worth approximately $171 million, giving it a 0.54% stake. Institutional investors and hedge funds collectively own 76.06% of the company.
• Analyst sentiment remains positive overall, with DTE carrying a “Moderate Buy” consensus rating and an average price target of $158.46, despite some recent target reductions and one sell downgrade.
• DTE shares opened at $135.28 after declining 2.1%. The company exceeded quarterly EPS expectations, reporting $1.32 versus the $1.14 consensus, and declared a quarterly dividend of $1.165 per share, representing a 3.4% yield.

Bank of New York Mellon Corp purchased a new position in shares of DTE Energy Company (NYSE:DTE - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,122,119 shares of the utilities provider's stock, valued at approximately $170,977,000. Bank of New York Mellon Corp owned approximately 0.54% of DTE Energy at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Convergence Investment Partners LLC acquired a new position in shares of DTE Energy during the first quarter worth $3,142,000. Louisiana State Employees Retirement System acquired a new position in shares of DTE Energy in the first quarter worth approximately $1,550,000. Capital Innovations LLC bought a new stake in shares of DTE Energy in the 4th quarter valued at $1,014,000. Vanguard Group Inc. grew its holdings in DTE Energy by 3.0% during the 4th quarter. Vanguard Group Inc. now owns 26,305,533 shares of the utilities provider's stock worth $3,392,888,000 after acquiring an additional 766,499 shares during the period. Finally, Oxbow Advisors LLC bought a new stake in DTE Energy in the fourth quarter worth approximately $3,145,000. 76.06% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on DTE. Wall Street Zen cut shares of DTE Energy from a "hold" rating to a "sell" rating in a report on Saturday, August 15th. Mizuho reduced their price target on shares of DTE Energy from $165.00 to $164.00 and set an "outperform" rating for the company in a research report on Wednesday, July 29th. Truist Financial decreased their target price on DTE Energy from $166.00 to $160.00 and set a "buy" rating for the company in a research report on Tuesday, August 4th. Wells Fargo & Company reiterated an "overweight" rating and issued a $165.00 price objective on shares of DTE Energy in a research note on Monday, June 15th. Finally, TD Cowen started coverage on shares of DTE Energy in a report on Tuesday, July 7th. They issued a "hold" rating and a $166.00 price target on the stock. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat, DTE Energy currently has an average rating of "Moderate Buy" and an average price target of $158.46.

DTE Energy Trading Down 2.1%

Shares of DTE stock opened at $135.28 on Friday. The company has a current ratio of 0.80, a quick ratio of 0.53 and a debt-to-equity ratio of 2.13. DTE Energy Company has a 12-month low of $126.23 and a 12-month high of $155.74. The stock has a market capitalization of $28.15 billion, a P/E ratio of 21.41, a P/E/G ratio of 2.94 and a beta of 0.38. The firm's 50 day moving average is $146.13 and its 200 day moving average is $145.26.

DTE Energy (NYSE:DTE - Get Free Report) last posted its quarterly earnings data on Tuesday, July 28th. The utilities provider reported $1.32 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.14 by $0.18. DTE Energy had a net margin of 8.00% and a return on equity of 12.19%. The company had revenue of $6.74 billion for the quarter, compared to the consensus estimate of $3.36 billion. During the same quarter last year, the firm posted $1.36 earnings per share. Research analysts expect that DTE Energy Company will post 7.71 earnings per share for the current year.

DTE Energy Announces Dividend

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

DTE Energy Company 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.

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