Bank of Nova Scotia Acquires New Position in DTE Energy Company $DTE

Key Points

• Bank of Nova Scotia acquired 341,268 DTE Energy shares worth approximately $52 million, giving it a 0.16% stake. Institutional investors collectively own 76.06% of the utility.
• Analysts maintain a generally positive outlook, with DTE receiving a consensus “Moderate Buy” rating and an average price target of $158.46, despite several recent target-price reductions.
• DTE shares opened at $135.28, while the company reported quarterly EPS of $1.32, exceeding estimates, and declared a quarterly dividend of $1.165, representing a 3.4% annualized yield.

Bank of Nova Scotia acquired a new stake in DTE Energy Company (NYSE:DTE - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 341,268 shares of the utilities provider's stock, valued at approximately $51,999,000. Bank of Nova Scotia owned approximately 0.16% of DTE Energy at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Louisiana State Employees Retirement System acquired a new position in shares of DTE Energy during the 1st quarter worth $1,550,000. Convergence Investment Partners LLC purchased a new stake in shares of DTE Energy in the 1st quarter worth about $3,142,000. Capital Innovations LLC acquired a new stake in DTE Energy in the 4th quarter valued at about $1,014,000. Vanguard Group Inc. grew its stake in DTE Energy by 3.0% in the 4th 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 acquired a new stake in DTE Energy in the 4th quarter valued at about $3,145,000. Institutional investors and hedge funds own 76.06% of the company's stock.

Wall Street Analyst Weigh In

DTE has been the subject of a number of research reports. Barclays cut their target price on shares of DTE Energy from $156.00 to $154.00 and set an "equal weight" rating for the company in a research report on Monday, May 4th. TD Cowen began coverage on shares of DTE Energy in a research report on Tuesday, July 7th. They issued a "hold" rating and a $166.00 price target on the stock. JPMorgan Chase & Co. raised their price objective on shares of DTE Energy from $155.00 to $162.00 and gave the stock a "neutral" rating in a research note on Thursday, July 16th. Mizuho cut their price objective on DTE Energy from $165.00 to $164.00 and set an "outperform" rating for the company in a research report on Wednesday, July 29th. Finally, Morgan Stanley reduced their target price on DTE Energy from $153.00 to $148.00 and set an "overweight" rating on the stock in a research note on Friday. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, DTE Energy has a consensus rating of "Moderate Buy" and an average price target of $158.46.

DTE Energy Trading Down 2.1%

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

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

DTE Energy Announces Dividend

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

About DTE Energy

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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