Summit Global Investments Purchases New Shares in DTE Energy Company $DTE

Summit Global Investments purchased a new position in DTE Energy Company (NYSE:DTE) in the second quarter, HoldingsChannel.com reports. The institutional investor purchased 29,060 shares of the utilities provider’s stock, valued at approximately $4,428,000.

Several other institutional investors and hedge funds also recently bought and sold shares of DTE. Laurel Wealth Advisors LLC bought a new position in DTE Energy during the fourth quarter valued at $25,000. Quest 10 Wealth Builders Inc. lifted its holdings in shares of DTE Energy by 754.2% in the 4th quarter. Quest 10 Wealth Builders Inc. now owns 205 shares of the utilities provider’s stock worth $26,000 after acquiring an additional 181 shares during the last quarter. Torren Management LLC purchased a new position in shares of DTE Energy during the 4th quarter worth about $26,000. Elyxium Wealth LLC purchased a new position in shares of DTE Energy during the 4th quarter worth about $29,000. Finally, Key Financial Inc bought a new position in DTE Energy during the 1st quarter valued at about $29,000. 76.06% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on DTE shares. Jefferies Financial Group set a $172.00 target price on DTE Energy in a research report on Thursday, July 9th. Wells Fargo & Company reiterated an “overweight” rating and issued a $165.00 price target on shares of DTE Energy in a report on Monday, June 15th. Weiss Ratings raised DTE Energy from a “buy (b-)” rating to a “buy (b)” rating in a research note on Tuesday, July 28th. BMO Capital Markets boosted their price objective on DTE Energy from $148.00 to $150.00 and gave the company a “market perform” rating in a report on Wednesday, July 29th. Finally, Bank of America reaffirmed a “buy” rating on shares of DTE Energy in a research report on Wednesday, April 22nd. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $158.62.

DTE Energy Trading Up 0.9%

Shares of DTE opened at $140.84 on Friday. The firm has a market capitalization of $29.31 billion, a price-to-earnings ratio of 22.29, a PEG ratio of 3.05 and a beta of 0.38. The company has a debt-to-equity ratio of 2.13, a current ratio of 0.80 and a quick ratio of 0.53. DTE Energy Company has a 1-year low of $126.23 and a 1-year high of $155.74. The company has a 50-day moving average of $146.83 and a 200 day moving average of $145.14.

DTE Energy (NYSE:DTE) last issued its earnings results on Tuesday, July 28th. The utilities provider reported $1.32 EPS for the quarter, topping analysts’ consensus estimates of $1.14 by $0.18. The business had revenue of $6.74 billion for the quarter, compared to the consensus estimate 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 firm earned $1.36 EPS. On average, research analysts expect that DTE Energy Company will post 7.71 EPS for the current year.

DTE Energy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Investors 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 dividend on an annualized basis and a dividend yield of 3.3%. DTE Energy’s payout ratio is presently 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.