DTE Energy (DTE) will raise its quarterly dividend by 7.1 percent to $1.0125 per share in 2019. This will mark the 10th consecutive year of dividend increases by the utility company.
The next dividend is payable January 15, 2020, to shareholders of record at the close of business December 16, 2019. A new annual rate of $4.05 per share yields 3.2% at a stock price of $127.
"This dividend increase reflects the company's strong performance and ability to consistently achieve our goals," said Jerry Norcia, DTE Energy President and CEO. "The Board's approval of the increase signals confidence in the company's performance and long-term strategic plan."
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.