# DTE Energy Company (DTE)

> Source: Nexqual · https://nexqual.com/DTE · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, DTE Energy Company (DTE), nexqual.com/DTE" · informational, not investment advice.

**Price:** USD 133.06 (+2.63% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 129.65 · day 130.01–133.12 · 52w 119.68–155.75 · market cap $27.7B · NYQ

## Key facts
- Valuation: P/E 21.0x (avg 17.5x at the last 3 fiscal year-ends), EV/EBITDA 13.0x, net debt $25.9B.
- Earnings quality: non-operating income -$870M vs operating income $2.19B over the last four quarters; P/E excluding non-operating income ≈12.7x (estimate: non-operating income taxed at the company's 0.5% effective rate).
- 1 of 80 tracked superinvestors hold DTE (13F, Q2 2026): 0 new, 0 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 2 Form 4 filings, $822K; 2 not under a Rule 10b5-1 plan ($822K); 1 by opportunistic insiders (1 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.39 on a 1–5 scale) (18 analysts), mean target USD 148.57 (range 135–168).
- Total return with dividends: 1Y -2.8% vs S&P 500 +14.9%; 5Y +35.4% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD 2.16, revenue estimate $3.42B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Operating income | $1.50B | $1.75B | $2.24B | $2.09B | $2.37B | $2.19B |
| Net income | $907M | $1.08B | $1.40B | $1.40B | $1.46B | $1.32B |
| EPS (diluted) | $4.67 | $5.52 | $6.76 | $6.77 | $7.03 | — |
| Cash + short-term investments | $28.0M | $33.0M | $26.0M | $24.0M | $208M | — |
| Total debt | $18.3B | $19.3B | $21.0B | $23.2B | $26.2B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 21.0x · P/E ex non-operating (est.) ≈12.7x · EV/EBITDA 13.0x · P/B 2.3x · Earnings yield 4.76% · Dividend yield (paid, TTM) 3.26% · Net debt $25.9B · EV $53.5B
P/E at fiscal year-ends: Dec 2025 18.3x, Dec 2024 17.8x, Dec 2023 16.3x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold DTE. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Sarah Ketterer | Causeway Capital Management | 0.53% | $48.8M | Reduced -0.5% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 2 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-01 | Lauer Trevor F | Vice Chairman & Group Pres. | 5,000 | $679K | 6.1% | No | Too little history (no open-market trades in 2023 or 2025) |
| 2026-05-14 | Muschong Lisa A. | VP, Corp Sec & Chief of Staff | 1,000 | $144K | 13.3% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.39 on a 1–5 scale), 18 analysts; mean target USD 148.57 (low 135, high 168).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-22 | HSBC | Initiated | Hold | $135 |
| 2026-10-21 | Morgan Stanley | Target lowered | Overweight | $141 → $139 |
| 2026-10-16 | Barclays | Target lowered | Equal-Weight | $154 → $135 |
| 2026-10-16 | BMO Capital | Target raised | Market Perform | $134 → $139 |
| 2026-10-16 | Truist Securities | Target lowered | Buy | $160 → $150 |
| 2026-10-05 | BMO Capital | Target raised | Market Perform | $132 → $134 |
| 2026-09-29 | BMO Capital | Target lowered | Market Perform | $143 → $132 |
| 2026-09-28 | Mizuho | Target lowered | Outperform | $152 → $136 |
| 2026-09-18 | Morgan Stanley | Target lowered | Overweight | $148 → $141 |
| 2026-08-28 | BMO Capital | Target lowered | Market Perform | $150 → $143 |
| 2026-08-27 | Mizuho | Target lowered | Outperform | $164 → $152 |
| 2026-08-21 | Morgan Stanley | Target lowered | Overweight | $153 → $148 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -2.8% | +35.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -2.8% | +6.2% |
| Volatility (annualized) | 17.8% | 18.5% |
| Max drawdown | -21.0% (Jun 2026→Sep 2026) | -27.3% (Apr 2022→Oct 2023) |

## Peers (Utilities - Regulated Electric)
CNP (CenterPoint Energy, Inc (Holdin) USD 41.2 +2.18% · FE (FirstEnergy Corp.) USD 46.49 +2.15% · PPL (PPL Corporation) USD 35.35 +2.23% · FTS (Fortis Inc.) USD 57.88 +3.41% · ES (Eversource Energy (D/B/A)) USD 67.84 +3.41% · AEE (Ameren Corporation) USD 108.94 +2.31%

## More
Full page: https://nexqual.com/DTE · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Company outlook (8-K filed 2026-07-31)

- "Financial results for this interim period are not necessarily indicative of results that may be expected for any other interim period or for the fiscal year ending December 31, 2026."
- "The amendments remove all references to a sequential software development method (referred to as "project stages") throughout ASC 350-40 and clarifies the threshold entities apply to begin capitalizing eligible costs."
- "A final MPSC order in this case is expected in September 2026."
- "The Company has fixed-priced contracts for portions of its expected natural gas supply requirements through March 2029."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $2.16 | $2.47 | -12.8% | $3.42B | 11 |
| Next quarter (ends 2026-12-31) | $2.29 | $2.10 | +9.3% | $3.99B | 9 |
| Current fiscal year (ends 2026-12-31) | $7.70 | $7.71 | -0.1% | $16.03B | 17 |
| Next fiscal year (ends 2027-12-31) | $8.32 | $8.36 | -0.6% | $16.65B | 17 |