BlackRock Inc. Invests $3.92 Billion in DTE Energy Company $DTE

BlackRock Inc. acquired a new position 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 25,695,899 shares of the utilities provider's stock, valued at approximately $3,915,284,000. BlackRock Inc. owned about 12.35% of DTE Energy at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Empowered Funds LLC boosted its stake in shares of DTE Energy by 200.7% during the 1st quarter. Empowered Funds LLC now owns 9,909 shares of the utilities provider's stock worth $1,370,000 after purchasing an additional 6,614 shares during the period. Woodline Partners LP raised its holdings in shares of DTE Energy by 40.8% in the first quarter. Woodline Partners LP now owns 17,509 shares of the utilities provider's stock valued at $2,421,000 after acquiring an additional 5,072 shares in the last quarter. Intech Investment Management LLC raised its holdings in shares of DTE Energy by 6.5% in the 1st quarter. Intech Investment Management LLC now owns 12,687 shares of the utilities provider's stock valued at $1,754,000 after purchasing an additional 773 shares in the last quarter. Sivia Capital Partners LLC bought a new position in DTE Energy in the second quarter worth approximately $203,000. Finally, Jump Financial LLC lifted its stake in shares of DTE Energy by 154.5% during the 2nd quarter. Jump Financial LLC now owns 12,677 shares of the utilities provider's stock worth $1,679,000 after purchasing an additional 7,696 shares during the last quarter. 76.06% of the stock is currently owned by hedge funds and other institutional investors.

DTE Energy Trading Down 0.5%

Shares of DTE Energy stock opened at $140.42 on Wednesday. The firm has a market capitalization of $29.22 billion, a price-to-earnings ratio of 22.22, a PEG ratio of 3.08 and a beta of 0.38. The company has a debt-to-equity ratio of 2.13, a quick ratio of 0.53 and a current ratio of 0.80. DTE Energy Company has a fifty-two week low of $126.23 and a fifty-two week high of $155.74. The stock has a 50 day moving average of $146.68 and a 200 day moving average of $145.26.

DTE Energy (NYSE:DTE - Get Free Report) last issued 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 return on equity of 12.19% and a net margin of 8.00%.The firm had revenue of $6.74 billion during the quarter, compared to the consensus estimate of $3.36 billion. During the same period last year, the company earned $1.36 EPS. As a group, research analysts predict 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 paid a $1.165 dividend. The ex-dividend date of this dividend is Monday, September 21st. This represents a $4.66 dividend on an annualized basis and a dividend yield of 3.3%. DTE Energy's payout ratio is presently 73.73%.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the stock. Wells Fargo & Company reissued an "overweight" rating and set a $165.00 target price on shares of DTE Energy in a research report on Monday, June 15th. Jefferies Financial Group set a $172.00 target price on DTE Energy in a research report on Thursday, July 9th. Mizuho reduced their price objective on DTE Energy from $165.00 to $164.00 and set an "outperform" rating for the company in a research note on Wednesday, July 29th. 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 report on Monday, May 4th. Finally, Wall Street Zen cut DTE Energy from a "hold" rating to a "sell" rating in a report on Saturday. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $158.62.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source