DTE Energy Climbs to 6th on WSB Rankings Despite Recent Stock Dip
1min read DTE Energy has seen a remarkable movement in the latest WSB rankings, climbing 16 positions to secure the 6th spot. Despite this positive trend in visibility, DTE Energy's stock dipped by 0.93% recently.
On September 6, BMO Capital maintained their rating for DTE Energy at “Market Perform,” setting the latest target price at $135.00. Earlier, on July 25, DTE Energy had released its mid-year report for 2024. As of June 30, the company reported revenues of $6.115 billion, reflecting a year-over-year decrease of 5.38%. Net income stood at $635 million, with basic earnings per share of $3.07.
Founded in Michigan, DTE Energy primarily operates through its utility segments, DTE Electric and DTE Gas, while also engaging in various other energy-related businesses through two additional divisions.
Despite the recent dip in stock price, DTE Energy showed a year-to-date increase of 12.15%, and a notable 22.57% rise over the past 52 weeks. However, on September 5, the stock fell by 2.11%, closing at $123.66 per share, bringing its five-day performance to a decrease of 0.75% and a month-to-date drop of 1.09%.
DTE Energy's foundation in Michigan supports its substantial influence in the utility sector. The company serves approximately 2.3 million customers in Southeastern Michigan through DTE Electric and around 1.3 million customers statewide via DTE Gas. Beyond its regulated utility services, DTE also invests in non-utility businesses, including energy marketing and trading, renewable natural gas facilities, and on-site industrial energy projects.
Mizuho Bank recently adjusted their rating for DTE Energy from "Outperform" to "Market Perform", with a target price adjustment from $121.00 to $133.00. As the company continues to navigate market fluctuations, the data reflects DTE Energy's robust operational reach and dynamic involvement in multiple energy sectors.