DTE Energy increases dividend 7 percent
DETROIT, Nov. 3, 2017 /PRNewswire/ -- The DTE Energy Board of Directors declared a $0.8825 per share dividend on its common stock payable Jan. 15, 2018, to shareholders of record at the close of business Dec. 18, 2017.
This is a $0.0575 per share − or 7 percent − increase from the previous quarterly dividend of $0.825 per share and reflects the Board's confidence in the company's growth plans. The new annualized dividend per share is $3.53, up from $3.30. This continues DTE Energy's consistent dividend history, having issued a cash dividend for more than 100 years.
"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.
"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.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.3 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
SOURCE DTE Energy