BerganKDV Wealth Management LLC Boosts Position in DTE Energy (NYSE:DTE)

Posted by Defense World Staff on Jul 17th, 2023

BerganKDV Wealth Management LLC grew its stake in shares of DTE Energy (NYSE:DTE – Free Report) by 462.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 281 shares of the utilities provider’s stock after buying an additional 231 shares during the period. BerganKDV Wealth Management LLC’s holdings in DTE Energy were worth $31,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Simplicity Solutions LLC purchased a new position in DTE Energy during the first quarter worth about $1,344,000. Leisure Capital Management grew its holdings in shares of DTE Energy by 1.3% during the first quarter. Leisure Capital Management now owns 9,268 shares of the utilities provider’s stock worth $1,015,000 after purchasing an additional 123 shares in the last quarter. Arizona State Retirement System increased its position in shares of DTE Energy by 2.7% in the first quarter. Arizona State Retirement System now owns 56,326 shares of the utilities provider’s stock worth $6,170,000 after purchasing an additional 1,488 shares during the last quarter. Oak Thistle LLC purchased a new stake in DTE Energy in the first quarter valued at approximately $772,000. Finally, Strs Ohio lifted its position in DTE Energy by 50.8% during the first quarter. Strs Ohio now owns 109,532 shares of the utilities provider’s stock valued at $11,998,000 after purchasing an additional 36,908 shares during the last quarter. 74.33% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other DTE Energy news, SVP Joann Chavez sold 4,000 shares of the business’s stock in a transaction on Friday, May 5th. The shares were sold at an average price of $113.09, for a total transaction of $452,360.00. Following the transaction, the senior vice president now directly owns 14,607 shares of the company’s stock, valued at approximately $1,651,905.63. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, SVP Joann Chavez sold 4,000 shares of the company’s stock in a transaction on Friday, May 5th. The stock was sold at an average price of $113.09, for a total value of $452,360.00. Following the sale, the senior vice president now directly owns 14,607 shares of the company’s stock, valued at $1,651,905.63. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Lisa A. Muschong sold 700 shares of the stock in a transaction on Wednesday, June 7th. The stock was sold at an average price of $110.41, for a total value of $77,287.00. Following the completion of the transaction, the vice president now owns 5,455 shares of the company’s stock, valued at approximately $602,286.55. The disclosure for this sale can be found here. 0.23% of the stock is currently owned by insiders.

DTE Energy Trading Down 0.4 %

Shares of DTE opened at $112.95 on Monday. The stock has a market capitalization of $23.28 billion, a P/E ratio of 19.99, a PEG ratio of 3.04 and a beta of 0.60. DTE Energy has a twelve month low of $100.64 and a twelve month high of $136.77. The company has a quick ratio of 0.68, a current ratio of 0.88 and a debt-to-equity ratio of 1.66. The firm has a fifty day simple moving average of $98.07 and a two-hundred day simple moving average of $77.83.

DTE Energy (NYSE:DTE – Get Free Report) last posted its earnings results on Thursday, April 27th. The utilities provider reported $1.33 earnings per share for the quarter, missing analysts’ consensus estimates of $1.38 by ($0.05). DTE Energy had a return on equity of 10.59% and a net margin of 6.15%. The firm had revenue of $3.78 billion for the quarter, compared to analysts’ expectations of $4.79 billion. During the same quarter in the prior year, the company posted $2.31 earnings per share. On average, research analysts anticipate that DTE Energy will post 6.19 EPS for the current year.

DTE Energy Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Sunday, October 15th. Investors of record on Monday, September 18th will be issued a dividend of $0.952 per share. The ex-dividend date is Friday, September 15th. This represents a $3.81 dividend on an annualized basis and a dividend yield of 3.37%. DTE Energy’s dividend payout ratio is presently 67.43%.

Analysts Set New Price Targets

DTE has been the topic of a number of research analyst reports. BMO Capital Markets increased their price target on shares of DTE Energy from $121.00 to $122.00 in a report on Thursday. Morgan Stanley raised their price target on DTE Energy from $120.00 to $126.00 and gave the company an “overweight” rating in a research report on Thursday, April 20th. UBS Group upgraded DTE Energy from a “neutral” rating to a “buy” rating and cut their price objective for the stock from $129.00 to $124.00 in a report on Tuesday, June 6th. 58.com reissued a “maintains” rating on shares of DTE Energy in a report on Thursday, June 29th. Finally, 888 reaffirmed a “maintains” rating on shares of DTE Energy in a research note on Thursday, June 29th. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, DTE Energy currently has a consensus rating of “Moderate Buy” and a consensus target price of $82.01.

About DTE Energy

(Free Report)

DTE Energy Company engages in the utility operations. The company's Electric segment generates, purchases, distributes, and sells electricity to approximately 2.3 million residential, commercial, and industrial customers in southeastern Michigan. It generates electricity through fossil-fuel, hydroelectric pumped storage, and nuclear plants, as well as wind and solar assets.