Moore Capital Management LP Buys New Position in DTE Energy (NYSE:DTE)

Posted by Defense World Staff on Mar 10th, 2023

Moore Capital Management LP purchased a new position in shares of DTE Energy (NYSE:DTE – Get Rating) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 29,585 shares of the utilities provider’s stock, valued at approximately $3,404,000.

Several other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in DTE Energy by 6.6% during the first quarter. Vanguard Group Inc. now owns 23,028,699 shares of the utilities provider’s stock worth $3,044,624,000 after buying an additional 1,420,586 shares during the last quarter. Natixis grew its holdings in DTE Energy by 1,312.9% during the 2nd quarter. Natixis now owns 1,242,579 shares of the utilities provider’s stock worth $156,675,000 after acquiring an additional 1,154,632 shares during the period. ExodusPoint Capital Management LP raised its position in shares of DTE Energy by 454.1% in the 2nd quarter. ExodusPoint Capital Management LP now owns 685,208 shares of the utilities provider’s stock worth $86,850,000 after acquiring an additional 561,549 shares in the last quarter. Invesco Ltd. lifted its stake in shares of DTE Energy by 14.6% in the 1st quarter. Invesco Ltd. now owns 2,206,947 shares of the utilities provider’s stock valued at $291,781,000 after purchasing an additional 281,718 shares during the period. Finally, State Street Corp boosted its position in shares of DTE Energy by 2.6% during the 1st quarter. State Street Corp now owns 9,707,687 shares of the utilities provider’s stock valued at $1,291,854,000 after purchasing an additional 245,923 shares in the last quarter. Institutional investors own 74.55% of the company’s stock.

DTE Energy Price Performance

DTE stock opened at $106.73 on Friday. The company has a market capitalization of $21.95 billion, a P/E ratio of 19.34, a price-to-earnings-growth ratio of 2.85 and a beta of 0.58. DTE Energy has a 52-week low of $100.64 and a 52-week high of $140.23. The business has a 50-day simple moving average of $114.05 and a two-hundred day simple moving average of $117.09. The company has a debt-to-equity ratio of 1.62, a quick ratio of 0.63 and a current ratio of 0.81.

DTE Energy (NYSE:DTE – Get Rating) last announced its earnings results on Thursday, February 23rd. The utilities provider reported $1.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.24 by $0.07. The company had revenue of $4.48 billion for the quarter, compared to analysts’ expectations of $4.07 billion. DTE Energy had a return on equity of 12.99% and a net margin of 5.63%. During the same quarter in the previous year, the firm earned $1.05 earnings per share. Research analysts expect that DTE Energy will post 6.21 EPS for the current fiscal year.

DTE Energy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Saturday, April 15th. Investors of record on Monday, March 20th will be given a dividend of $0.9525 per share. This is a positive change from DTE Energy’s previous quarterly dividend of $0.95. This represents a $3.81 dividend on an annualized basis and a dividend yield of 3.57%. The ex-dividend date of this dividend is Friday, March 17th. DTE Energy’s dividend payout ratio (DPR) is presently 69.02%.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on DTE. Wolfe Research raised DTE Energy from a “peer perform” rating to an “outperform” rating and set a $125.00 price target on the stock in a research note on Thursday, December 8th. Morgan Stanley dropped their target price on shares of DTE Energy from $130.00 to $126.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 22nd. TheStreet upgraded shares of DTE Energy from a “c+” rating to a “b-” rating in a report on Friday, January 13th. Wells Fargo & Company dropped their price objective on shares of DTE Energy from $138.00 to $133.00 and set an “overweight” rating on the stock in a report on Wednesday, February 1st. Finally, Mizuho increased their price objective on shares of DTE Energy from $115.00 to $122.00 and gave the stock a “buy” rating in a research report on Monday, November 21st. Four equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $129.82.

DTE Energy Company Profile

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DTE Energy Co operates as a diversified energy company, which engages in the development and management of energy-related businesses and services. It operates through the following segments: Electric, Gas, DTE Vantage, Energy Trading, and Corporate and Other. The Electric segment consists of generation, purchase, distribution, and sale of electricity to residential, commercial, and industrial customers in southeastern Michigan.