DTE Raises Long-Term Outlook for Nonutility Businesses; Increasing FVE to $97
We are increasing our fair value estimate to $97 from $94 per share after DTE Energy increased its long-term earnings targets for its nonutility segments. DTE increased its 2022 earnings target range for the gas storage and pipelines segment by $35 million and pushed the power and industrial projects segment up by $5 million. Our stable and narrow moat ratings for DTE are unchanged.The increase in the earnings targets gives us additional confidence that earnings growth from nonutility businesse...
DTE Energy is a holding company. The company is engaged in the generation, purchase, distribution and sale of electricity to customers in southeastern Michigan through its DTE Electric Company subsidiary, as well as in the purchase, storage, transportation, distribution and sale of natural gas throughout Michigan and the sale of storage and transportation capacity through its DTE Gas Company subsidiary. The company's non-utility operations are: gas storage and pipelines, which consists of natural gas pipeline, gathering, transportation, and storage businesses; power and industrial projects; and energy trading, which consists of energy marketing and trading operations.
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