DTE Energy (DTE) will raise its quarterly dividend by 7.1 percent to $0.945 per share in the fourth quarter of 2018. This will mark the 9th consecutive year of dividend increases by the utility company.
The increased dividend is payable January 15, 2019, to shareholders of record at the close of business December 17, 2018. A new annualized dividend of $3.78 per share yields 3.2% at a stock price of $118.14.
"This increase reflects the company's strong performance and ability to consistently achieve our goals," said Gerry Anderson, DTE Energy Chairman and CEO. "Over the past seven years, DTE Energy has provided average annual dividend increases of more than six percent. The Board's approval of the increase signals confidence in the company's performance and long-term strategic plan."
In addition, DTE is maintaining its targeted seven percent dividend growth through 2020 – higher than the six percent average dividend increase over the past seven years.
"We recognize the value of our long history of dividend growth and the role it plays in delivering above-average shareholder returns. We're confident in our growth plan and our longer-term outlook is strong," 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.