DTE Energy (NYSE:DTE) Updates FY24 Earnings Guidance

DTE Energy (NYSE:DTE) updated its FY24 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $6.54-6.83 for the period, compared to the consensus estimate of $6.71.

DTE Energy Price Performance

Shares of DTE Energy stock traded down $0.25 during trading on Thursday, hitting $129.74. 1,575,114 shares of the stock traded hands, compared to its average volume of 1,074,969. The stock has a market cap of $26.85 billion, a price-to-earnings ratio of 21.24, a PEG ratio of 2.29 and a beta of 0.67. The company has a quick ratio of 0.52, a current ratio of 0.69 and a debt-to-equity ratio of 1.73. DTE Energy has a 52 week low of $92.58 and a 52 week high of $131.66. The firm’s fifty day moving average is $125.52 and its 200-day moving average is $117.67.

DTE Energy (NYSE:DTE) last issued its quarterly earnings results on Thursday, July 25th. The utilities provider reported $1.43 EPS for the quarter, beating analysts’ consensus estimates of $1.21 by $0.22. DTE Energy had a net margin of 11.18% and a return on equity of 12.18%. The business had revenue of $2.88 billion for the quarter, compared to analysts’ expectations of $2.65 billion. During the same period last year, the business earned $0.99 earnings per share. Research analysts expect that DTE Energy will post 6.7 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the stock. Mizuho boosted their price target on shares of DTE Energy from $121.00 to $133.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 10th. BMO Capital Markets boosted their price objective on DTE Energy from $135.00 to $140.00 and gave the company a “market perform” rating in a research report on Friday, October 18th. Jefferies Financial Group started coverage on shares of DTE Energy in a report on Monday. They issued a “hold” rating and a $137.00 target price on the stock. Morgan Stanley lifted their target price on shares of DTE Energy from $121.00 to $128.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 25th. Finally, StockNews.com raised shares of DTE Energy from a “sell” rating to a “hold” rating in a research report on Sunday, August 11th. Six research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, DTE Energy presently has an average rating of “Moderate Buy” and a consensus price target of $130.54.

About DTE Energy

DTE Energy Company engages in the utility operations. The company's Electric segment generates, purchases, distributes, and sells electricity to various residential, commercial, and industrial customers in southeastern Michigan. It generates electricity through coal-fired plants, hydroelectric pumped storage, and nuclear plants, as well as wind and solar assets.