DETROIT, MI - Trevor F. Lauer, Vice Chairman & Group President of DTE Energy Co (NYSE:DTE), has sold 3,500 shares of company stock on June 5, 2024, for a total value of approximately $402,738. The shares were sold at a weighted average price of $115.068, with individual transactions ranging from $114.86 to $115.27 per share, as disclosed in a recent filing with the Securities and Exchange Commission.
In addition to the sale, the filing revealed gifts of shares by Lauer. A total of 600 shares were gifted, which did not involve any payment of consideration by the recipients. Moreover, Lauer's sons, Andrew and Nicholas, each indirectly acquired 300 shares of DTE Energy stock, also as gifts. These transactions did not impact the total dollar value of the reported sales but did adjust the total shares held by Lauer and associated parties.
Following the sale, Lauer still owns a significant number of DTE Energy shares. The filing indicates that post-transaction, Lauer directly holds 59,475 shares. Additionally, the report includes a footnote stating that shares owned under the DTE Energy Company (NYSE:DTE) Savings and Stock Ownership Plan, as of the latest statement dated June 5, 2024, total 2,824.47 shares.
The transactions were executed in accordance with applicable securities laws, and the details are available for review by the Commission staff, DTE Energy Company, or any security holder of the company upon request.
Investors and stakeholders of DTE Energy Co often monitor the buying and selling activities of company insiders as an indicator of management's perspective on the company's current valuation and future prospects.
In other recent news, DTE Energy has been the subject of several analyst adjustments following its recent earnings report. The company reported an adjusted earnings per share (EPS) of $1.67, marking a significant 69% year-over-year increase. KeyBanc raised its price target for DTE Energy to $125 from a previous target of $117, citing strong earnings performance. BofA Securities also increased their price target from $116 to $121 while reiterating a Buy rating. BMO Capital Markets made two adjustments, first lifting the price target to $113, then to $120, maintaining a Market Perform rating in both instances.
In addition to these developments, DTE Energy's Board of Directors declared a dividend of $1.02 per share, payable in July. The company also confirmed its earnings guidance for the year, projecting a range between $6.54 and $6.83, suggesting a 7% growth over the midpoint of the guidance provided for 2023. DTE Energy anticipates that improvements in grid reliability and the generation of clean energy will be key drivers of earnings in the coming year, with long-term growth expected to be supported by projects such as Vantage and opportunities arising from electric utility developments related to Michigan data center opportunities.
InvestingPro Insights
As DTE Energy Co (NYSE:DTE) insiders execute significant stock transactions, investors are keen to understand the context surrounding the company's financial health and market position. According to InvestingPro data, DTE Energy Co is currently trading near its 52-week high, with a price percentage of 97.02% of this peak. This indicates a strong market confidence in the company, which may have influenced Vice Chairman & Group President Trevor F. Lauer's decision to sell shares at this time.
The company's market capitalization stands at $23.58 billion, reflecting its substantial size and influence within its sector. Despite a challenging environment indicated by a revenue decline of 33.77% over the last twelve months as of Q1 2024, DTE Energy has maintained a robust gross profit margin of 34.66%. This suggests that while top-line revenue has faced pressures, the company has effectively managed its cost of goods sold to maintain profitability.
An InvestingPro Tip highlights that the company operates with a significant debt burden and that its short-term obligations exceed its liquid assets. This financial leverage is a critical factor for investors to consider, especially when evaluating the company's ability to meet its financial commitments. Furthermore, DTE Energy has shown a commitment to shareholder returns, having maintained dividend payments for an impressive 54 consecutive years, with a current dividend yield of 3.56%.
For investors seeking a deeper analysis, there are additional InvestingPro Tips available, including insights on earnings revisions and P/E ratio evaluations. Subscribers can unlock these valuable tips and more by visiting InvestingPro and using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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