Warm Weather Again Pushes DTE's Earnings Guidance Higher
We are reaffirming our $75 per share fair value estimate and stable, narrow moat ratings for DTE Energy after the company reported earning $1.96 per share in the third quarter primarily due to the warmest summer in the past 50 years. Management bumped 2016 earnings guidance to the upper end of its previous guidance range, which they raised just a month ago. Solid performances in its gas, storage, and pipeline and its power and industrial projects and energy trading businesses also drove earnings...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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