DTE Energy Co. (DTE)

DTE Energy Co. Stock (DTE) dropped by 3.00% from $97.11 to $94.20 in the trading on Thursday October 05, 2023. The reason why DTE stock down today is due to lower-than-expected rate hike proposal. DTE Energy faced a sell-off following a disappointing rate hike proposal from the Michigan Public Service Commission. The commission approved an additional $290 million in revenue for DTE, significantly lower than both the staff recommendation of $379 million and the company's requested $580 million. While analysts see the decision as neutral and in line with historical precedent, the potential for a final order deviating from the proposal offers some hope for investors. The Michigan PSC's final decision will likely be closely monitored by DTE investors as it could significantly impact the company's financial outlook.