DTE Energy Company (DTE), headquartered in Detroit, Michigan, develops and manages energy-related businesses and services worldwide. Valued at $23.74 billion by market cap, the company’s operating units include an electric company that serves 2.3 million customers in Southeast Michigan and a natural gas company that serves 1.3 million customers in Michigan. The diversified energy company is expected to announce its fiscal second-quarter earnings for 2024 before the market opens on Thursday, Jul. 25.
Ahead of the event, analysts expect DTE to report a profit of $1.21 per share on a diluted basis, up 22.2% from $0.99 per share in the year-ago quarter. The company beat or matched the consensus estimates in two of the last four quarters while missing the forecast on the other occasions. During the first quarter, DTE reported investing over $1 billion to improve its electric and natural gas infrastructure.
For fiscal 2024, analysts expect DTE to report EPS of $6.69, up 16.8% from $5.73 in fiscal 2023.
DTE stock has underperformed the S&P 500’s ($SPX) 17.5% gains on a YTD basis, with shares up 6.9% during this period. Similarly, it underperformed the S&P 500 Utilities Sector SPDR’s (XLU) 11.9% gains over the same time frame.
On Apr. 25, DTE reported its Q1 results. Its adjusted EPS was $1.67, falling short of the consensus estimates of $1.71. The company expects its operating EPS to be between $6.54 and $6.83, a 7% growth from the 2023 original guidance midpoint. It expects a long-term operating EPS growth rate target of 6% to 8% through 2028. DTE shares closed down marginally on the day the results were released but have been on an uptrend since then.
Analysts’ consensus opinion on DTE stock is bullish, with a “Moderate Buy” rating overall. Out of 16 analysts covering the stock, nine advise a “Strong Buy” rating, one has a “Moderate Buy” rating, and six recommend a “Hold.” The average analyst price target for DTE is $118.85, indicating a 3.6% potential upside from the current levels.
On the date of publication, Dipanjan Banchur did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
