Company Reports

A decade-long transformation of Michigan's utility regulation and DTE Energy's business mix sets up the company for a long runway of growth investment opportunities. The clean energy transition is the cornerstone of this growth.

We are reaffirming our $119 per share fair value estimate for DTE Energy after the company reported $1.67 per share of operating earnings during the first quarter, up from $1.33 during the first quarter of 2023. We are reaffirming our narrow moat rating.

We are reaffirming our $119 per share fair value estimate for DTE Energy after the company reported $5.73 per share of operating earnings in 2023, slightly below our estimate but in line with management's guidance range that it lowered in November. We are reaffirming our narrow moat rating.

We are raising our fair value estimate for DTE Energy to $119 from $117 after management added $2 billion, or about 11%, to their five-year capital investment plan. The $25 billion plan for 2024-28 is slightly higher than we had forecast. We are reaffirming our narrow moat rating.

A decade-long transformation of Michigan's utility regulation and DTE Energy's business mix sets up the company for a long runway of growth investment opportunities. The clean energy transition is the cornerstone of this growth.

We are reaffirming our $117 fair value estimate and narrow moat rating for DTE Energy after Michigan utilities regulators approved a $368 million rate increase for DTE's electric utility, in line with our estimate.

With the U.N. Climate Change Conference, otherwise known as COP28, starting this week, we are reasserting our view that the market underappreciates utilities' critical role in limiting global warming.

We are reaffirming our $117 fair value estimate and narrow moat rating for DTE Energy after meeting with management to discuss DTE's pending electric rate review and new clean energy legislation in Michigan.

A decade-long transformation of Michigan's utility regulation and DTE Energy's business mix sets up the company for a long runway of growth investment opportunities. The clean energy transition is the cornerstone of this growth.

We are reaffirming our $116 fair value estimate for DTE Energy after the company reported $1.44 per share of earnings from continuing operations during the third quarter of 2023, down from $1.60 during the same quarter in 2022. Mild weather and unusual storm activity were the primary negative year-over-year effects, partially offset by operating cost-savings. We are reaffirming our narrow moat rating.

We are reaffirming our fair value estimates and economic moat ratings for all U.S. utilities after the sector fell nearly 5% on Monday. We think the sector's 11% drop since last week offers a rare opportunity for investors to buy high-quality utilities at very attractive prices.

We are reaffirming our $116 fair value estimate for DTE Energy after the company presented to Michigan regulators a five-year, $9 billion electric distribution investment plan. We are reaffirming our narrow moat rating.

A decade-long transformation of Michigan's utility regulation and DTE Energy's business mix sets up the company for a long runway of growth investment opportunities. The clean energy transition is the cornerstone of this growth.

We are reaffirming our $116 fair value estimate for DTE Energy after reviewing the company's 20-year integrated resource plan settlement that Michigan regulators recently approved and DTE's second-quarter earnings. We also are reaffirming our narrow moat rating.

A decade-long transformation of Michigan's utility regulation and DTE Energy's business mix sets up the company for a long runway of growth investment opportunities.

We are reaffirming our $116 fair value estimate for DTE Energy after the company reported earnings per share of $1.33 from continuing operations during the first quarter of 2023, down from $2.31 during the same quarter in 2022. The drop was primarily due to unfavorable warm winter weather and large storms, as we expected. We are reaffirming our narrow moat and stable moat trend ratings.

We are reaffirming our $116 fair value estimate for DTE Energy after the company reported earnings per share of $6.10 from continuing operations in 2022, up from $5.99 in 2021. Earnings were slightly higher than our estimate and at the high end of management's revised guidance range but did not have a material impact on our fair value estimate. We are reaffirming our narrow moat and stable moat trend ratings.

We are reaffirming our outlook for DTE Energy after incorporating several recent updates. We are reaffirming our narrow moat and stable moat trend ratings. Our fair value estimate is $116 per share, near DTE's current stock price as of Dec. 12.

A decade-long transformation of Michigan's utility regulation and DTE Energy's business strategy sets up the company for a long runway of infrastructure growth opportunities.

We are reaffirming our $115 per share fair value estimate for DTE Energy after management reported $1.60 per share of operating earnings in the third quarter of 2022, down from $1.72 in the third quarter of 2021. However, results are on track to meet our full-year and long-term growth outlook after adjusting for the large swings in earnings at DTE's legacy non-utility business. We are reaffirming our narrow moat and stable moat trend ratings.