DTE Energy's 150-mile gathering system now delivering to Gulf Coast » 09:0607/2907/29/20
DTE Midstream announced…
DTE Midstream announced that test gas is now flowing through its Louisiana Energy Access Project gathering system, which will be fully in service on Aug. 1, 2020. The 150-mile, 36-inch gathering pipeline connects Louisiana's Haynesville Basin to the growing Gulf Coast region where demand for natural gas is rapidly increasing in the power, industrial and liquified natural gas export sectors. The LEAP gathering system was part of DTE's fourth quarter 2019 acquisition of Momentum Midstream's Louisiana assets. LEAP is fully contracted under long-term, demand charge agreements. Current capacity is 1.0 Bcf/d with significant economic expansion capabilities.
DTE Energy says confident in achieving 2020 earnings guidance » 07:1107/2807/28/20
"The solid financial…
"The solid financial results achieved during the first half of the year give us confidence in achieving our 2020 earnings guidance with a strong second quarter offsetting a challenging first quarter," said David Ruud, DTE Energy senior vice president and CFO. "The results in the second quarter are driven by strong performance across all of our businesses, cost reductions and warmer than normal weather. This provides a solid foundation for delivering on our financial and operational goals for this year."
DTE Energy reports Q2 operating EPS $1.53, concensus $1.28 » 07:1007/2807/28/20
"During the first…
"During the first half of the year DTE responded swiftly to ensure our employees and customers were safe during the early months of the COVID-19 pandemic," said Jerry Norcia, DTE Energy president and CEO. "I couldn't be prouder of our employees' efforts to meet the needs of our customers while at the same time focusing on keeping our company on track. As a result, we're entering the second half of the year in great shape."
|Over a week ago|
KeyBanc upgrades Sempra Energy to Overweight with $141 target » 06:5607/2107/21/20
KeyBanc analyst Sophie…
KeyBanc analyst Sophie Karp upgraded Sempra Energy (SRE) to Overweight from Sector Weight with a $141 price target. With DTE Energy (DTE) outperforming Sempra since March 1, the analyst now prefers taking cyclical exposure via the latter. Sempra appears to be "more marginal from a valuation standpoint and more supported by recent comps and from a fundamental standpoint," Karp tells investors in a research note. In addition, Sempra's multiyear rate plan in California should prove more resilient from the earnings standpoint versus DTE's rate structure in Michigan, Karp tells investors in a research note.
KeyBanc downgrades DTE Energy, prefers Sempra for cyclical exposure » 06:5307/2107/21/20
KeyBanc analyst Sophie…
KeyBanc analyst Sophie Karp downgraded DTE Energy (DTE) to Sector Weight from Overweight without a price target. With DTE outperforming Sempra Energy (SRE) since March 1, the analyst now prefers taking cyclical exposure via the latter. Sempra appears to be "more marginal from a valuation standpoint and more supported by recent comps and from a fundamental standpoint," Karp tells investors in a research note.
DTE Energy downgraded to Sector Weight from Overweight at KeyBanc » 05:3907/2107/21/20
KeyBanc analyst Sophie…
KeyBanc analyst Sophie Karp downgraded DTE Energy to Sector Weight from Overweight.
DTE Electric says MPSC approves plans to keep stable electric rates until 2022 » 15:4407/0907/09/20
DTE Electric received…
DTE Electric received approval from the Michigan Public Service Commission for an innovative plan to keep electric rates unchanged from today until 2022. The company's Renewable Energy Plan was also approved by the Commission. Following a 12-week moratorium on service interruptions in response to the COVID-19 pandemic, and $30-40 million bill reduction for electric customers in June and July, the regulatory plan maintains current electric rates to help customers as they recover from the pandemic. The plan also allows continued investments in infrastructure and tree trimming programs plus the accelerated retirement of the River Rouge power plant, now only 10-months away. The plant was previously scheduled to retire in 2022. "Today's decision will allow DTE to continue to prioritize affordability for our customers as the communities we serve recover from the public health impacts and economic fallouts related to the pandemic," said Trevor Lauer, president of the electric company at DTE Energy. "These approved plans will enable DTE to meet our commitment to clean, affordable renewable energy while, at the same time, keeping rates stable for our customers. By bringing new renewable energy projects online, our clean energy efforts will benefit the environment and aid in Michigan's economic recovery."
DTE Energy initiated with an Outperform at BMO Capital » 04:5407/0907/09/20
BMO Capital analyst James…
BMO Capital analyst James Thalacker initiated coverage of DTE Energy with an Outperform rating and $116 price target. The analyst forecasts above-average growth at both the company's electric and gas utilities and sees renewable investment upside. DTE's growth outlook is supported by annual 7% regulated rate base growth, a "supportive" regulatory environment, lean cost discipline, and the integration of acquisitions, Thalacker tells investors in a research note.
|Over a month ago|
DTE Gas announces 2050 net zero goal » 08:2106/2406/24/20
DTE Energy another major…
DTE Energy another major step in building a cleaner energy future for Michigan. Last September, the company announced a goal to achieve net zero carbon emissions by 2050 in its electric company. Today it expanded its net zero goal to include DTE Gas. In a commitment unique to the industry, DTE Gas will reduce its greenhouse gas emissions to net zero by 2050 -- from procurement through delivery. In addition, DTE Gas will be amplifying this net zero commitment by partnering with customers to address up to 100% of their own natural gas carbon footprint with programs that encourage energy efficiency and participation in the company's voluntary emissions offset program. DTE Gas is an industry leader in reducing greenhouse gas emissions with a roadmap that includes suppliers and customers, as well as its own operations. This innovative plan sets a first-of-its-kind goal among gas delivery companies and significantly expands DTE Gas's 2018 commitment to reduce methane emissions by 80%. The company's net zero commitment, combined with customer participation in sustainability programs offered by DTE, would reduce annual greenhouse gas emissions by more than 6 million metric tons by 2050. This reduction is the equivalent of offsetting the natural gas emissions of 1 million homes or taking 1.3 million cars off the road annually.The three-fold approach includes: Working with suppliers: DTE Gas will require its suppliers to operate at net zero greenhouse gas emissions by 2050. This action by DTE Gas will help drive an industry-wide movement toward cleaner natural gas production, resulting in significant reductions in methane and CO2 emissions. DTE Gas operations: DTE Gas will reduce its greenhouse gas emissions to net zero by 2050 through new operational improvements and carbon offsets, while continuing to provide its customers with safe, reliable and affordable energy. DTE Gas's current main renewal program and infrastructure modernization efforts will reduce both methane and combustion-related emissions from the company's operations. In addition, the company will invest in a combination of renewable natural gas and carbon offsets, such as biosequestration, the process of capturing and storing carbon in living organisms such as trees. Partnering with customers: The company will encourage customers to reduce their own emissions through energy efficiency programs. In addition, the company is enhancing its voluntary emissions offset program to allow customers to reduce up to 100% of their usage emissions through renewable natural gas and carbon offsets. Over time, DTE Gas will also leverage advanced technologies, such as hydrogen and carbon capture.
DTE Energy upgraded to Buy from Neutral at BofA » 07:0106/0506/05/20
BofA analyst Julien…
BofA analyst Julien Dumoulin-Smith upgraded DTE Energy to Buy from Neutral with a $119 price target. The analyst identifies DTE Energy as among the few companies he covers that he expects to achieve better than the midpoint on its original 2020 EPS guide "and execute from there too," Dumoulin-Smith tells investors. While valuation has begun moving up, he still views shares as attractively valued given the further uncertainty in the wider utilities sector, the analyst added.