Learn more. Michael Weinstein -- Credit Suisse -- Analyst. Jerry Norcia -- President and Chief Executive Officer. View our full suite of financial calendars and market data tables, all for free. And can you comment about the potential for a sale of the utility business, if one were to, if you were to be approached given the new pure-play look? As most of you know, my background includes a substantial amount of time in the gas industry including my involvement in development of our midstream business.
What are you assuming in terms of if anything on COVID impacts and then obviously strong execution on the O&M front this year, should we expect that to sort of continue into 2021 as well? Along with our footprint the business is underpinned by the strength of our contracts and our counterparts, which I'll go over in more detail on the next few slides. Got it. Dividend-paying stocks have become more appealing to income investors because of their competitive yields, the favorite tax treatment that dividends receive and their ability to grow their payouts over time. Information is provided 'as-is' and solely for informational purposes, not for trading purposes or advice, and is delayed. With the favorability that we are experiencing this year, we are also positioning 2021 for a strong year by pulling some O&M work forward. Overall, DTE earned $2.61 per share in the third quarter of 2020, which is $0.70 higher than the third quarter of 2019. Please go ahead. This morning DTE announced that our Board of Directors as authorized management to pursue a plan for the spin off of midstream from BT Energy. Do Not Sell My Information. Compare your portfolio performance to leading indices and get personalized stock ideas based on your portfolio. Next slide, I'll discuss our plans to achieve net zero greenhouse gas emissions to further strengthen our ESG stewardship. Finally, Barclays reiterated an equal weight rating and issued a $128.00 price objective on shares of DTE Energy in a research report on Friday, August 21st. (adsbygoogle = window.adsbygoogle || []).push({}); DTE Energy Company engages in the utility operations. They have no significant maturities before them, and their cash flows are strengthening in the current environment with the fundamental strengthening and dry natural gas. I was going to say Shar, in addition to that, we're not seeing any incremental equity needs as part of the spin. Thanks. Thank you very much and congrats again. Just a quick follow-up on the tax implications of the spin. It's probably too early to say. Our next question comes from Durgesh Chopra from Evercore ISI. Now, I will wrap things up before we take your questions. Okay, congratulations and thanks for taking my question. Sure. Our other platforms like Bluestone, Millennium, Vector, and gas storage are in a more advanced development phase, but still provide a stable and high quality stream of cash flows. Opinions of the stock are interesting as 14 analysts out of 19 who provided ratings for DTE Energy Company declared the stock was a “buy,” while 0 rated the stock as “overweight,” 5 rated it as “hold,” and 0 as “sell.”. Bob Skaggs is Executive Chairman elect of the new midstream company and will continue to serve on DTEs Board.
The company's Electric segment generates, purchases, distributes, and sells electricity to approximately 2.2 million residential, commercial, and industrial customers in southeastern Michigan.
Stephen Byrd -- Morgan Stanley -- Analyst. And then just last one from me, I know you briefly touched upon this, but the energy trading business, what would you say is kind of the strategic rationale as keeping energy trading business as a part of the ongoing kind of DTE entity. A couple of questions here. Thanks, Bob, and good morning everyone. Our company will continue a solid track record of providing safe and reliable energy and excellent customer service. We are building a flawless grid of the future for our customers. We don't think it will have, we don't think this will have much of a material impact though. The total capital return value is set at 6.13, while invested capital returns managed to touch 4.66. Hey, good morning team. The 2021 operating EPS early outlook midpoint $7.07 per share provide 7% growth from 2020 original guidance. All of these factors have led us to increase 2020 operating EPS guidance. This decrease is due to lower steel related sales, partially offset by new RNG and on-site energy projects. Total debt to assets is 42.05, with long-term debt to equity ratio resting at 137.61. With the position of our assets and the strength of our counter parties and contracts, the company has highly visible cash flows and a solid long-term growth outlook. This decision to separate the two companies follows a thorough review with our Board to identify opportunities to optimize our portfolio and maximize shareholder value. Sure. Good morning. But, as I kind of step back, and I know we've shared this in the past with some of our bigger customers on the gathering side of our business, would be cut names like Southwestern, Cabot, obviously Indigo, Antero. So, you had kind of growth targets out there together for the midstream business, I think it was like 9.5% net income growth, type of thing. Sure thing Jerry. Yeah, that's helpful. Your updated filings look like nearly that amount by 2025. Got it. So, that's a good proxy for your question. All of the organic opportunities that we are pursuing continue to play out. So, I am confident that you'll continue to see DTE's pattern that you've seen in the past.
So, we are at 5% to 7%, yes. Well there are no tax consequences.
As many of you know, that the midstream business is comprised of three platforms; regulated pipelines, regulated storage and gathering. And my last question about the midstream spin-off. So, we're going to work through those details and look forward to spending time with you down the road when we get closer to spin date and share all that. And on that dividend issue, just to follow up on Shar's question, how would equity needs remain unchanged at DTE Energy after you've lost the cash flow from this business. Good to talk to you and, yeah, that's a good question, and what we've disclosed previously is we have about 10% in our storage business, about 40% gathering and 50% in the pipeline segment, and those percentages are income percentages. If anything, the fundamentals in the basins I described earlier, are just strengthening right now. Our next question comes from Michael Weinstein from Credit Suisse. The companies in this slideshow have all raised their dividend every year for the last ten years.
Our GSP team placed leap in the service in the quarter ahead of schedule and under budget. Returns as of 10/31/2020. We will continue our strong record of providing clean, safe, reliable and affordable energy to our customers, and being a force for growth in the communities where we live and serve. Earlier this year, DTE Electric received approval on a rate plan that would delay the effective date of our next rate case until 2022, which would keep rates steady during this challenging economic time for our customers. The liquidity ratio also appears to be rather interesting for investors as it stands at 0.77.
Volatility was left at 2.24%, however, over the last 30 days, the volatility rate increased by 2.50%, as shares surge +11.16% for the moving average over the last 20 days. Yesterday, DTE Electric also filed an innovative one-time plan with the MPSC to refund our non-weather-related sales increases. I only stressed it because the earlier questions had been fixated on the discrepancy between your utility and your consolidated growth.
What was, excuse what second half of that question? Okay, great. Okay.
So what are we waiting forward with that incremental spending?
So, I am I feel really good about our position in 2021. And as I look at 2021, it's looking really strong and we're also starting to work on 2022 and that's looking really good. And, so we're continuing to see activity and really nice returns there, but it will be a very small part of our portfolio going forward.
We are also progressing on our Voluntary Renewables Program. Is that a good assumption? We've accomplished that and more. Yeah.
Is there, sort of, any value to having that segment now that majority of the non-reg is slated for spin. Sure great question. GSP will continue growth across its pipeline and gathering platforms and continued RNG and cogeneration project development will drive growth at P&I. And as we, learn more and develop more market, we will continue to update you.
We created and very effectively executed an economic response plan, and our team has consistently achieved against that plan. 326 E 8th St #105, Sioux Falls, SD 57103 | [email protected] | (844) 978-6257 Please go ahead. We have one that's in late stages right now in the RNG front that we're feeling really good about.
I'll start by saying that when we looked at all our alternatives to unlock shareholder value and create incremental value for our shareholders, the biggest mover that we saw was to really create to spin for GSP. And then just to kind of you had a sense of the kind of thought on the new company financials. DTE Energy ranks in the top 10 of energy companies with energy efficiency programs, and I'm proud to say both utilities are in the top quartile for residential customer satisfaction with DTE Gas recently earning the top ranking in the Midwest by JD Power. And finally, Dave Ruud Senior Vice President and CFO, will provide an update on the quarter, our increased 2020 earnings guidance and our 2021 early outlook. Can you give us a sense from that EBITDA perspective, what percentage of the 2020 EBITDA is associated with gathering assets which begin to trade at meaningfully lower EBITDA multiple. Thanks.
So, I just to make sure there wasn't something else that you hinting at. After this action, Chavez JoAnn now owns 5,300 shares of DTE Energy Company, valued at $40,772 using the latest closing price.
Finally, the long-term debt to capital ratio is 54.85. And, then also how long would DTE Midstream needs to remain a public company to avoid triggering a taxable event for current DTE shareholders. The company’s stock price... Cardinal Health Inc. (NYSE:CAH) went down by -0.76% from its latest closing price compared to the recent 1-year high of $60.69. Understood. That's great to hear. Yeah, our plan is to roll think forward sometime in the beginning of 2021 as when we'll give some more detail on how this will all play out, but it will be before, on a pro forma level before the spin. So, that's why I'm fixed in it and you could potentially move beyond that big item there. Okay, well. And, fundamentally there is a lot of fundamental support and growth in those areas. Sure. Please go ahead. And, then back on the post REF P&I, I know you pretty much just mentioned that you're still shooting for, I guess the $50 million or so a year, but could you guys maybe comment on what you kind of broadly see as the opportunities that's there for RNG and cogeneration. Sure. Our plan, DTE will be use the users proceed to pay down our parent debt in the same amount. Andrew, my sense is that you'll continue to see the DTE pattern of under-promising and over-delivering.
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