July 27 (Bloomberg) -- DTE Energy Co., the owner of Michigan’s largest utility, rose to its highest ever after greater power demand spurred by hot weather lifted second quarter earnings.
DTE Energy rose 1.7 percent to $61.15 at the close in New York, the highest price since the stock started trading in 1980, after reporting second-quarter earnings of 85 cents a share that exceeded the average 70 cents of analysts’ estimates compiled by Bloomberg. The Detroit-based company’s stock earlier rose to $62.08.
“Record-setting high temperatures in our service territory provided an increase in demand at our electric utility,” Chairman and Chief Executive Officer Gerard Anderson said in a statement today.
The company expects its earnings for the full year to be above the midpoint of its previously stated range of $3.65 to $3.95 a share, Chief Financial Officer Dave Meador said on a conference call today. DTE Energy also said it planned to sell assets in the Barnett shale for $300 million by the end of the year and that it plans to buy energy service assets from Duke Energy Corp. for $200 million.
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