Engineers Gate Manager LP Lowers Holdings in DTE Energy Company $DTE

Key Points

• Engineers Gate Manager LP cut its DTE Energy position by 81.8% in the second quarter, selling 20,203 shares and retaining 4,495 shares valued at approximately $685,000. Hedge funds and institutional investors collectively own 76.06% of DTE’s stock.
• DTE Energy shares opened at $126.05, near their 52-week low of $125.76 and down from recent moving averages. The company nevertheless beat quarterly earnings estimates, reporting $1.32 in EPS versus the $1.14 consensus estimate.
• Analyst sentiment remains positive but tempered, with DTE carrying a consensus “Moderate Buy” rating and an average price target of $156.46. Recent firms lowered their targets, while insider Vice Chairman Trevor Lauer sold 5,000 shares for about $678,550.

Engineers Gate Manager LP trimmed its position in DTE Energy Company (NYSE:DTE - Free Report) by 81.8% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,495 shares of the utilities provider's stock after selling 20,203 shares during the period. Engineers Gate Manager LP's holdings in DTE Energy were worth $685,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in DTE. First Bancorp Inc ME bought a new stake in DTE Energy during the second quarter valued at $29,000. Key Financial Inc purchased a new position in DTE Energy during the first quarter worth about $29,000. Community Bank N.A. bought a new position in DTE Energy in the 2nd quarter worth about $31,000. N.E.W. Advisory Services LLC bought a new position in DTE Energy in the 2nd quarter worth about $35,000. Finally, Optiver Holding B.V. purchased a new stake in shares of DTE Energy in the 1st quarter valued at about $36,000. 76.06% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at DTE Energy

In other news, Vice Chairman Trevor Lauer sold 5,000 shares of the stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $135.71, for a total transaction of $678,550.00. Following the completion of the sale, the insider directly owned 73,122 shares in the company, valued at approximately $9,923,386.62. This represents a 6.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.60% of the company's stock.

DTE Energy Stock Down 1.9%

Shares of DTE Energy stock opened at $126.05 on Tuesday. 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 52-week low of $125.76 and a 52-week high of $155.74. The company's 50 day moving average price is $139.10 and its 200-day moving average price is $144.10. The stock has a market capitalization of $26.23 billion, a price-to-earnings ratio of 19.94, a P/E/G ratio of 2.79 and a beta of 0.37.

DTE Energy (NYSE:DTE - Get Free Report) last posted its quarterly earnings results 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 company had revenue of $6.74 billion during the quarter, compared to analyst estimates of $3.36 billion. DTE Energy had a net margin of 8.00% and a return on equity of 12.19%. During the same period in the prior year, the business posted $1.36 EPS. Equities research analysts forecast that DTE Energy Company will post 7.71 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on DTE. Truist Financial dropped their price target 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. Mizuho dropped their target price on shares of DTE Energy from $164.00 to $152.00 and set an "outperform" rating for the company in a research report on Thursday, August 27th. TD Cowen began coverage on shares of DTE Energy in a research note on Tuesday, July 7th. They issued a "hold" rating and a $166.00 price target for the company. BMO Capital Markets decreased their price target on shares of DTE Energy from $150.00 to $143.00 and set a "market perform" rating on the stock in a report on Friday, August 28th. Finally, Jefferies Financial Group set a $172.00 price objective on shares of DTE Energy in a report on Thursday, July 9th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat, DTE Energy currently has a consensus rating of "Moderate Buy" and a consensus price target of $156.46.

DTE Energy Company Profile

DTE Energy Company is a diversified energy holding company headquartered in Detroit, Michigan. Its principal businesses are DTE Electric, which generates, transmits and distributes electricity, and DTE Gas, which stores, transports and distributes natural gas. Through these utilities, the company serves residential, commercial and industrial customers primarily throughout southeastern Michigan.

DTE Energy also operates businesses involved in energy marketing and trading, renewable and conventional power generation, and other energy-related services.

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