DETROIT, Nov. 9, 2018 /PRNewswire/ -- The DTE Energy Board of Directors declared a $0.945 per share dividend on its common stock payable Jan. 15, 2019, to shareholders of record at the close of business Dec. 17, 2018.
This is a $0.0625 per share − or seven percent − increase from the previous quarterly dividend of $0.8825 per share and reflects the Board's confidence in the company's growth plans. The new annualized dividend per share is $3.78, up from $3.53. This continues DTE Energy's consistent dividend history, having issued a cash dividend for more than 100 years.
"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.
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