Commerce Bank Invests $3.42 Million in DTE Energy Company $DTE

Key Points

• Commerce Bank initiated a $3.42 million position in DTE Energy during the second quarter, purchasing 22,414 shares. Institutional investors and hedge funds collectively own 76.06% of the utility company.
• Analyst sentiment remains positive overall, with a consensus rating of “Moderate Buy” and an average price target of $158.46, despite several recent price-target reductions and one downgrade to “Sell.”
• DTE Energy exceeded quarterly earnings expectations, reporting EPS of $1.32 versus the $1.14 consensus estimate, and declared a quarterly dividend of $1.165 per share, representing a 3.4% annualized yield.

Commerce Bank bought a new position in shares of DTE Energy Company (NYSE:DTE - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 22,414 shares of the utilities provider's stock, valued at approximately $3,415,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of DTE. BlackRock Inc. acquired a new stake in shares of DTE Energy in the second quarter worth $3,915,284,000. Millennium Management LLC raised its stake in shares of DTE Energy by 227.4% in the 4th quarter. Millennium Management LLC now owns 2,729,226 shares of the utilities provider's stock valued at $352,016,000 after acquiring an additional 1,895,631 shares during the period. Bank of New York Mellon Corp acquired a new position in shares of DTE Energy during the 2nd quarter valued at $170,977,000. Balyasny Asset Management L.P. acquired a new position in shares of DTE Energy during the 4th quarter valued at $139,423,000. Finally, Cohen & Steers Inc. purchased a new stake in DTE Energy during the 4th quarter worth $125,604,000. 76.06% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

DTE has been the subject of several recent research reports. Jefferies Financial Group set a $172.00 price target on DTE Energy in a report on Thursday, July 9th. Morgan Stanley reduced their price objective on DTE Energy from $153.00 to $148.00 and set an "overweight" rating on the stock in a research note on Friday. Wall Street Zen lowered DTE Energy from a "hold" rating to a "sell" rating in a research note on Saturday, August 15th. Truist Financial reduced their price target on DTE Energy from $166.00 to $160.00 and set a "buy" rating on the stock in a research report on Tuesday, August 4th. Finally, Wells Fargo & Company restated an "overweight" rating and issued a $165.00 price target on shares of DTE Energy in a report on Monday, June 15th. One 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 stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $158.46.

DTE Energy Stock Performance

NYSE:DTE opened at $135.71 on Tuesday. The firm has a 50-day moving average of $145.89 and a two-hundred day moving average of $145.34. The company has a debt-to-equity ratio of 2.13, a current ratio of 0.80 and a quick ratio of 0.53. The stock has a market cap of $28.24 billion, a P/E ratio of 21.47, a PEG ratio of 2.94 and a beta of 0.38. DTE Energy Company has a 1-year low of $126.23 and a 1-year high of $155.74.

DTE Energy (NYSE:DTE - Get Free Report) last announced its earnings results 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 business had revenue of $6.74 billion for the quarter, compared to analyst estimates of $3.36 billion. During the same period in the previous year, the company earned $1.36 earnings per share. On average, research analysts expect that DTE Energy Company will post 7.71 earnings per share for the current fiscal year.

DTE Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Monday, September 21st will be issued a dividend of $1.165 per share. 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 currently 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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