Insider Buying: DT Midstream, Inc. (NYSE:DTM) Director Buys 1,000 Shares of Stock

DT Midstream, Inc. (NYSE:DTM) Director Robert C. Skaggs, Jr. acquired 1,000 shares of the company’s stock in a transaction on Monday, March 10th. The shares were bought at an average cost of $86.92 per share, with a total value of $86,920.00. Following the acquisition, the director now directly owns 38,653 shares in the company, valued at approximately $3,359,718.76. The trade was a 2.66 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website.

DT Midstream Trading Up 4.1 %

NYSE DTM traded up $3.69 on Wednesday, hitting $93.59. 1,520,398 shares of the stock were exchanged, compared to its average volume of 758,928. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.95 and a current ratio of 0.95. DT Midstream, Inc. has a 52-week low of $57.16 and a 52-week high of $114.50. The firm has a market capitalization of $9.49 billion, a P/E ratio of 22.77 and a beta of 0.80. The stock has a fifty day moving average price of $101.22 and a two-hundred day moving average price of $94.14.

DT Midstream Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 17th will be paid a dividend of $0.82 per share. The ex-dividend date of this dividend is Monday, March 17th. This is a boost from DT Midstream’s previous quarterly dividend of $0.74. This represents a $3.28 dividend on an annualized basis and a dividend yield of 3.50%. DT Midstream’s payout ratio is currently 91.11%.

Analyst Upgrades and Downgrades

DTM has been the topic of a number of research analyst reports. Stifel Nicolaus decreased their target price on DT Midstream from $106.00 to $102.00 and set a “buy” rating on the stock in a research report on Thursday, February 27th. The Goldman Sachs Group upped their price objective on DT Midstream from $74.00 to $94.00 and gave the stock a “sell” rating in a report on Thursday, December 19th. Wells Fargo & Company lowered their target price on DT Midstream from $118.00 to $108.00 and set an “overweight” rating for the company in a research report on Friday, February 28th. Barclays started coverage on shares of DT Midstream in a research report on Friday, January 10th. They issued an “equal weight” rating and a $112.00 price target on the stock. Finally, Raymond James increased their price objective on shares of DT Midstream from $110.00 to $115.00 and gave the company an “outperform” rating in a research report on Tuesday, January 28th. Two analysts have rated the stock with a sell rating, four have given a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $102.00.

Hedge Funds Weigh In On DT Midstream

Several hedge funds have recently added to or reduced their stakes in the company. Wellington Management Group LLP boosted its position in shares of DT Midstream by 225.4% during the third quarter. Wellington Management Group LLP now owns 145,556 shares of the company’s stock valued at $11,449,000 after buying an additional 100,825 shares during the period. Friedenthal Financial bought a new stake in shares of DT Midstream during the 4th quarter worth approximately $764,000. Truist Financial Corp purchased a new position in DT Midstream during the 4th quarter valued at $771,000. Atria Investments Inc bought a new position in DT Midstream in the 3rd quarter valued at $666,000. Finally, Bridgewater Associates LP increased its stake in DT Midstream by 57.6% in the third quarter. Bridgewater Associates LP now owns 185,306 shares of the company’s stock worth $14,576,000 after purchasing an additional 67,725 shares during the period. 81.53% of the stock is currently owned by institutional investors.

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.