DTE Energy (DTE) will raise its quarterly dividend by 7.0 percent to $0.8825 per share. The increased dividend will be paid on January 15, 2018 to shareholders of record on December 18, 2017. The new dividend yield for DTE is 3.2%.
"Over the past six years, DTE Energy has consistently provided an average annual dividend increase of approximately 6 percent," said Gerry Anderson, DTE Energy Chairman and CEO. "This increase reflects the company's strong performance and ability to consistently achieve our goals. The Board's approval of the increase signals confidence in the company's long-term strategic plan."
In addition, DTE is targeting an annual dividend increase of approximately 7 percent through 2020 – higher than the 6 percent average dividend increase over the past six years. DTE Energy has issued a cash dividend for more than 100 years.
"We recognize the value of our long history of dividend growth and the role it plays in delivering above-average shareholder returns. The decision to increase our dividend reflects DTE Energy's continued commitment to deliver shareholder value," Anderson added.
DTE Energy is a Detroit-based energy company. Its operating units include an electric utility serving customers in Southeastern Michigan and a natural gas utility serving customers in Michigan. The company's non-utility energy businesses are focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. The company has issued a cash dividend for more than 100 years.