Welcome to our dedicated page for DTE Energy Company news (Ticker: DTE), a resource for investors and traders seeking the latest updates and insights on DTE Energy Company stock.
DTE Energy Company (NYSE: DTE) is a Detroit-based diversified energy company committed to the development and management of energy-related businesses and services across the United States. DTE's primary subsidiaries, DTE Electric and DTE Gas, serve over three million customers in Michigan, providing essential electric and gas services. DTE Electric caters to about 2.3 million customers in Southeastern Michigan, including Detroit, while DTE Gas serves around 1.3 million customers statewide.
The company has a workforce of more than 10,400 employees who are dedicated to maintaining and improving the reliability, safety, and affordability of energy services. DTE's operations extend beyond utility services, leveraging its expertise through non-utility businesses including energy marketing and trading, renewable natural gas facilities, and on-site industrial energy projects.
Recently, DTE Energy announced its third quarter earnings for 2023, with reported earnings of $332 million. Despite facing challenges like severe weather conditions, the company continues to focus on strategic investments aimed at enhancing grid reliability and transitioning to cleaner energy. DTE has committed to reducing CO2 emissions by 90% and methane emissions by 80% by 2040, aspiring to achieve net-zero carbon emissions by 2050.
DTE's commitment to sustainability is evident through significant investments in infrastructure improvements. In 2023, the company invested a record $3.8 billion into its electric and natural gas infrastructure. This includes $3.1 billion by DTE Electric for generating cleaner energy and improving reliability, and $750 million by DTE Gas for upgrading main gas lines and other infrastructure enhancements.
Through its partnerships, such as with Motor City Electric, DTE continues to drive economic progress and community engagement. The company spent $2.7 billion with Michigan suppliers in 2023, creating over 12,000 jobs. DTE's dedication to local supplier diversity is reflected in its $988 million spend with diverse suppliers, fostering economic growth and stability in Michigan.
For investors and stakeholders, DTE Energy provides a transparent financial outlook, confirming its 2024 operating EPS guidance of $6.54 - $6.83. The company continues to prioritize investments in modernizing its electric system and meeting aggressive carbon reduction goals, ensuring long-term sustainable growth.
DTE has joined The Valuable 500, a global coalition promoting disability inclusion. This alliance emphasizes DTE's commitment to empowering individuals with disabilities in the workforce. The company plans to enhance its partnerships with programs like Project Search to assist young adults with disabilities in gaining vital skills and employment. DTE aims to be a leader in creating inclusive job opportunities while championing systemic barriers in employment for people with disabilities. Currently, only 4% of companies are actively working on disability inclusion, highlighting DTE's progressive stance.
DTE Energy has declared a cash dividend of $1.085 per share on its common stock, payable on April 15, 2021, to shareholders of record as of March 15, 2021. This dividend marks over 100 years of consistent dividend issuance, emphasizing the company's strong commitment to shareholder returns. DTE Energy serves 2.2 million electric customers and 1.3 million gas customers in Michigan. The company is also pursuing significant carbon reduction goals, aiming to decrease emissions by over 80% by 2040.
DTE Energy has launched the CleanVision Natural Gas Balance program, the first of its kind in the U.S. to combine carbon offsets and renewable natural gas. This initiative aims to help customers offset 25% to 100% of their natural gas emissions by preserving Michigan forests and converting landfill and wastewater by-products into usable gas. The program is part of DTE's commitment to achieving net zero carbon emissions by 2050 and is projected to reduce annual greenhouse gas emissions by over 6 million metric tons. Madcap Coffee is the first customer to join this program.
The DTE Energy Board of Directors has announced the date for its 2021 Annual Meeting of Common Stock Shareholders, set for May 20, 2021. Shareholders of record by March 23, 2021, will be eligible to vote. Interested shareholders must submit proposals or nominations to the corporate secretary by January 7, 2021. DTE Energy is a diversified energy company servicing over 3.5 million customers across Michigan, aiming for an 80% reduction in CO2 and methane emissions by 2040 and net zero emissions by 2050.
Elliott Management Corporation expressed strong support for DTE Energy's plan to spin off its DTE Midstream business. Senior Portfolio Manager Jeff Rosenbaum praised CEO Gerardo Norcia for the decision, emphasizing that it aims to unlock significant shareholder value. The spin-off is expected to highlight DTE Electric and DTE Gas as leading U.S. regulated utilities, while DTE Midstream will focus on attractive natural gas basins, promising best-in-class earnings growth. Elliott believes both entities will achieve superior results as independent companies.
DTE Energy (NYSE: DTE) announced a planned spin-off of its non-utility Midstream business, expected to be completed by mid-2021. This move aims to transform DTE Energy into a pure-play regulated utility, while positioning Midstream as an independent public company. Shareholders will receive a pro-rata dividend of Midstream shares, tax-free for U.S. federal income tax purposes. DTE is increasing its utility capex plan by $2 billion to $17 billion and has raised its 2020 guidance and 2021 dividend by 7%. Both companies are committed to their Michigan communities.
DTE Energy reported strong third-quarter 2020 earnings of $476 million, or $2.46 per diluted share, compared to $319 million, or $1.73 per diluted share in 2019. Operating earnings rose to $504 million, up from $351 million in the previous year. The Board declared a dividend of $1.085 per share, payable January 15, 2021, marking a 7% increase. DTE also filed an updated voluntary renewables plan, committing to additional solar energy projects, and ranked first in customer satisfaction for DTE Gas. The 2020 operating EPS guidance was raised to $6.90 - $7.10.
DTE Energy (NYSE: DTE) will announce its third quarter 2020 earnings on October 27, 2020, before market opening. A conference call will take place at 9 a.m. ET on the same day to discuss the earnings results. Investors and the public can access a live internet broadcast of the call through the DTE Energy website. The company serves 2.2 million electric and 1.3 million natural gas customers in Michigan, with initiatives to reduce carbon emissions significantly.
DTE Energy Foundation has pledged $1 million in grants to support 45 domestic violence shelters in Michigan, funded by the Department of Health and Human Services. This funding aims to alleviate financial strains exacerbated by COVID-19, which has significantly increased demand for shelter services. The grants will be distributed based on bed count, assisting shelters in addressing critical expenses such as cleaning and sanitization. This initiative highlights the foundation's commitment to improving the lives of domestic violence survivors in Michigan.
DTE Energy has announced a commitment of $13 million to assist Michigan customers impacted by the COVID-19 pandemic. This sum includes both donations to human service agencies and direct financial support to those struggling with energy bills, aiming to support nearly 40,000 vulnerable households. DTE CEO Jerry Norcia emphasized the company's dedication to helping customers maintain essential energy services. The initiative includes customized financial assistance plans and ongoing savings opportunities for customers during these challenging times.
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