DTE Energy is a Detroit-based company with regulated utilities that include DTE Electric, which serves 2.3 million customers in Southeastern Michigan, and DTE Gas, which serves 1.3 million customers in Michigan. DTE Vantage has ownership interests in and operates 22 renewable gas recovery sites in eight states, owns four renewable projects with a capacity of 139 MW and is involved in industrial energy services such as on-site energy and steel and petroleum coke.
The company has a top quartile track record for meeting or exceeding initial earnings guidance. In 9 of the last 10 years DTE has met or exceeded initial EPS guidance.
DTE trades at a +10% premium to the peer group of regulated activities. Based on our $6.20 2023 EPS estimate, DTE also trades at a premium. When looking at EPS figures, then its P/E is just below the top in the group.