Magellan Asset Management Ltd Makes New $34.39 Million Investment in DTE Energy Company $DTE

Magellan Asset Management Ltd acquired a new stake in shares of DTE Energy Company (NYSE:DTE) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 225,684 shares of the utilities provider’s stock, valued at approximately $34,387,000. Magellan Asset Management Ltd owned approximately 0.11% of DTE Energy at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of DTE. BlackRock Inc. purchased a new position in shares of DTE Energy in the second quarter worth $3,915,284,000. Millennium Management LLC increased its position 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 purchased a new position in DTE Energy in the 2nd quarter worth $170,977,000. Balyasny Asset Management L.P. purchased a new position in DTE Energy in the 4th quarter worth $139,423,000. Finally, Cohen & Steers Inc. acquired a new stake in DTE Energy during the 4th quarter worth about $125,604,000. 76.06% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Weiss Ratings raised shares of DTE Energy from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday, July 28th. BMO Capital Markets boosted their target price on shares of DTE Energy from $148.00 to $150.00 and gave the company a “market perform” rating in a research report on Wednesday, July 29th. TD Cowen initiated coverage on shares of DTE Energy in a report on Tuesday, July 7th. They issued a “hold” rating and a $166.00 price target on the stock. Jefferies Financial Group set a $172.00 price target on DTE Energy in a research report on Thursday, July 9th. Finally, JPMorgan Chase & Co. lifted their price objective on DTE Energy from $155.00 to $162.00 and gave the company a “neutral” rating in a research note on Thursday, July 16th. 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 company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $158.46.

DTE Energy Stock Performance

DTE opened at $135.28 on Monday. The company has a market cap of $28.15 billion, a price-to-earnings ratio of 21.41, a PEG ratio of 2.94 and a beta of 0.38. The firm’s fifty day simple moving average is $146.13 and its two-hundred day simple moving average is $145.34. The company has a quick ratio of 0.53, a current ratio of 0.80 and a debt-to-equity ratio of 2.13. DTE Energy Company has a 52-week low of $126.23 and a 52-week high of $155.74.

DTE Energy (NYSE:DTE) last issued its quarterly earnings results on Tuesday, July 28th. The utilities provider reported $1.32 earnings per share for the quarter, beating analysts’ consensus estimates of $1.14 by $0.18. DTE Energy had a net margin of 8.00% and a return on equity of 12.19%. The firm had revenue of $6.74 billion for the quarter, compared to analyst estimates of $3.36 billion. During the same period last year, the company posted $1.36 EPS. Equities analysts anticipate that DTE Energy Company will post 7.71 earnings per share for the current fiscal year.

DTE Energy Dividend Announcement

The company 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 $1.165 dividend. The ex-dividend date is Monday, September 21st. This represents a $4.66 dividend on an annualized basis and a yield of 3.4%. DTE Energy’s dividend payout ratio (DPR) is presently 73.73%.

DTE Energy 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.