Valued at a market cap of $26.5 billion, DTE Energy Company (DTE) is a utility company that develops and manages regulated and unregulated energy businesses. The Detroit, Michigan-based company is the largest electric utility in Michigan. It is expected to announce its fiscal Q3 earnings results before the market opens on Thursday, Oct. 24.
Ahead of this event, analysts project the electric services company to report a profit of $1.80 per share, up 25% from $1.44 per share in the year-ago quarter. The company has met or beaten Wall Street's earnings estimates in two of the last four quarters while missing on other two occasions.
Its adjusted earnings of $1.43 per share in the last quarter outpaced the consensus estimates by 19.2% and increased 44.4% from a year ago. The outperformance was primarily driven by a significant growth in the DTE Electric segment’s earnings.
For fiscal 2024, analysts expect DTE to report an EPS of $6.70, up 16.9% from $5.73 in fiscal 2023. Moreover, EPS is expected to increase 7.3% year-over-year to $7.19 in fiscal 2025.
Shares of DTE have gained 16.3% on a YTD basis, underperforming both the S&P 500 Index's ($SPX) 22.7% rise and the Utilities Select Sector SPDR Fund’s (XLU) 28.4% return over the same period.
On Oct. 4, DTE released its 2023 CleanVision Sustainability Report, which highlights the company’s progress made over the year toward its priority of generating cleaner, more reliable, and affordable energy for the people and community it serves.
On Jul. 24, shares of DTE closed up marginally following its Q2 earnings release as, along with surpassing adjusted EPS forecasts, the company’s revenue of $2.9 billion increased 7.1% from a year ago, and its net income grew 60.2% year-over-year to $322 million.
Analysts' consensus view on DTE Energy’s stock is moderately optimistic, with a "Moderate Buy" rating overall. Among 17 analysts covering the stock, 10 recommend a "Strong Buy," one suggests a "Moderate Buy," and six indicate a “Hold.”
The average analyst price target for DTE is $132.96, indicating a 3.7% potential upside from the current levels.
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