DETROIT - DTE Energy (NYSE:DTE), the Detroit-based diversified energy company, has declared a quarterly dividend of $1.09 per share on its common stock, representing a 3.3% yield. The dividend is payable on January 15, 2025, to shareholders of record at the close of business on December 16, 2024. According to InvestingPro data, DTE has maintained dividend payments for an impressive 54 consecutive years.
DTE Energy is known for its involvement in the development and management of energy-related businesses and services nationwide. The company's operating units include an electric utility serving approximately 2.3 million customers in Southeast Michigan and a natural gas utility providing service to 1.3 million customers throughout Michigan. With a market capitalization of $25.5 billion and an overall "Good" financial health score from InvestingPro, DTE has demonstrated stable performance, achieving a 15% total return year-to-date.
In addition to its utility operations, DTE's energy portfolio encompasses a range of businesses, including those specializing in custom energy solutions, renewable energy generation, and energy marketing and trading. The company has been proactive in its efforts to reduce carbon emissions, setting ambitious goals to further lower its environmental impact.
The company's commitment extends beyond environmental initiatives. DTE Energy is actively engaged in community development through volunteerism, educational support, employment opportunities, philanthropy, and fostering economic progress within the regions it serves.
This dividend announcement is a continuation of DTE Energy's practice of returning value to its shareholders and reflects the company's stable financial performance. The information is based on a press release statement from DTE Energy.
Investors and analysts looking to gain further insights into DTE Energy's financial strategies or operations may direct their inquiries to the DTE Energy contacts provided in the press release.
In other recent news, DTE Energy has seen a series of upgrades and positive projections. UBS upgraded the stock from Neutral to Buy, raising the price target to $143 based on Michigan's regulatory environment and expected earnings per share (EPS) growth. Citi also upgraded DTE Energy's price target to $142, citing progress with the company's Vantage project.
DTE Energy's third-quarter results were robust, with an adjusted earnings per share of $2.22, largely due to higher electric rates and favorable weather conditions. The company's operating earnings for the same period stood at $460 million, marking a significant increase in DTE Electric earnings. Despite a slight decline in DTE Gas earnings due to higher operational costs, DTE Energy remains on track to meet its operating EPS guidance for 2024.
The company has also launched the Sauk Solar park, Michigan's largest solar installation, capable of supplying clean energy to approximately 40,000 homes. This demonstrates DTE Energy's commitment to expanding its renewable energy portfolio. Analysts have recognized DTE Energy's robust pipeline of projects and plans to invest over $9 billion in the next five years, focusing mainly on customer affordability and service reliability. These are among the recent developments for DTE Energy.
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