DT Midstream (NYSE:DTM) Sets New 52-Week High at $59.97

DT Midstream, Inc. (NYSE:DTM) shares hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $59.97 and last traded at $59.77, with a volume of 6606 shares trading hands. The stock had previously closed at $59.61.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on DTM. Wolfe Research upgraded DT Midstream from an “underperform” rating to a “peer perform” rating in a research note on Tuesday, February 20th. JPMorgan Chase & Co. downgraded DT Midstream from an “overweight” rating to a “neutral” rating in a research report on Friday, December 1st. Mizuho reissued a “neutral” rating and issued a $57.00 price target (down previously from $58.00) on shares of DT Midstream in a research note on Friday, January 5th. Finally, Barclays increased their price target on DT Midstream from $57.00 to $59.00 and gave the stock an “overweight” rating in a report on Wednesday, January 17th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $57.57.

DT Midstream Trading Up 1.5 %

The company has a debt-to-equity ratio of 0.72, a current ratio of 0.63 and a quick ratio of 0.63. The business’s 50-day moving average is $55.83 and its two-hundred day moving average is $55.06. The firm has a market cap of $5.87 billion, a P/E ratio of 15.13 and a beta of 0.72.

DT Midstream (NYSE:DTM) last announced its quarterly earnings data on Friday, February 16th. The company reported $1.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.92 by $0.32. DT Midstream had a return on equity of 9.11% and a net margin of 41.65%. The company had revenue of $244.00 million for the quarter, compared to analysts’ expectations of $235.19 million. During the same quarter in the prior year, the business posted $0.93 EPS. As a group, analysts predict that DT Midstream, Inc. will post 3.85 earnings per share for the current fiscal year.

DT Midstream Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 15th. Shareholders of record on Monday, March 18th will be paid a $0.735 dividend. This is a positive change from DT Midstream’s previous quarterly dividend of $0.69. The ex-dividend date is Friday, March 15th. This represents a $2.94 annualized dividend and a yield of 4.86%. DT Midstream’s dividend payout ratio is currently 74.43%.

Insider Transactions at DT Midstream

In other DT Midstream news, Director Robert C. Skaggs, Jr. purchased 1,000 shares of the business’s stock in a transaction on Monday, February 26th. The stock was acquired at an average price of $56.87 per share, with a total value of $56,870.00. Following the acquisition, the director now directly owns 37,289 shares of the company’s stock, valued at approximately $2,120,625.43. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.04% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On DT Midstream

A number of institutional investors have recently made changes to their positions in the company. JPMorgan Chase & Co. boosted its stake in DT Midstream by 400.4% in the 1st quarter. JPMorgan Chase & Co. now owns 1,785,503 shares of the company’s stock valued at $88,150,000 after purchasing an additional 1,428,679 shares during the period. First Trust Advisors LP grew its stake in shares of DT Midstream by 284.6% in the fourth quarter. First Trust Advisors LP now owns 1,524,401 shares of the company’s stock valued at $83,537,000 after acquiring an additional 1,128,056 shares in the last quarter. Norges Bank acquired a new stake in DT Midstream in the 4th quarter worth about $61,638,000. Alliancebernstein L.P. boosted its holdings in DT Midstream by 681.9% in the 3rd quarter. Alliancebernstein L.P. now owns 1,157,862 shares of the company’s stock valued at $60,081,000 after purchasing an additional 1,009,786 shares during the period. Finally, HITE Hedge Asset Management LLC acquired a new position in shares of DT Midstream during the 4th quarter worth approximately $47,462,000. Institutional investors own 81.53% of the company’s stock.

About DT Midstream

DT Midstream, Inc, together with its subsidiaries, provides integrated natural gas services in the United States. The company operates through two segments, Pipeline and Gathering. The Pipeline segment owns and operates interstate and intrastate natural gas pipelines, storage systems, and natural gas gathering lateral pipelines.