DTE Energy Co. (DTE:US), the owner of Michigan’s largest utility, rose to its highest ever after greater power demand spurred by hot weather lifted second quarter earnings.
DTE Energy rose (DTE:US) 1.7 percent to $61.15 at the close in New York, the highest price since the stock started trading in 1980, after reporting second-quarter earnings of 85 cents a share that exceeded the average 70 cents of analysts’ estimates compiled by Bloomberg. The Detroit-based company’s stock earlier rose to $62.08.
“Record-setting high temperatures in our service territory provided an increase in demand at our electric utility,” Chairman and Chief Executive Officer Gerard Anderson said in a statement today.
The company expects its earnings for the full year to be above the midpoint of its previously stated range of $3.65 to $3.95 a share, Chief Financial Officer Dave Meador said on a conference call today. DTE Energy also said it planned to sell assets in the Barnett shale for $300 million by the end of the year and that it plans to buy energy service assets from Duke Energy Corp. (DUK:US) for $200 million.
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