DT Midstream (NYSE:DTM) Reaches New 12-Month High Following Dividend Announcement

DT Midstream, Inc. (NYSE:DTM) shares hit a new 52-week high on Wednesday following a dividend announcement from the company. The company traded as high as $90.75 and last traded at $89.97, with a volume of 82533 shares. The stock had previously closed at $89.30.

The newly announced dividend which will be paid on Wednesday, January 15th. Stockholders of record on Monday, December 16th will be issued a dividend of $0.735 per share. This represents a $2.94 dividend on an annualized basis and a dividend yield of 3.28%. The ex-dividend date is Monday, December 16th. DT Midstream’s payout ratio is currently 71.53%.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Stifel Nicolaus cut shares of DT Midstream from a “buy” rating to a “hold” rating and lifted their price target for the company from $78.00 to $89.00 in a research report on Wednesday. Wells Fargo & Company upped their price target on DT Midstream from $77.00 to $87.00 and gave the stock an “overweight” rating in a report on Wednesday, July 31st. Citigroup lifted their price objective on shares of DT Midstream from $62.00 to $76.00 and gave the company a “neutral” rating in a research note on Wednesday, September 4th. Morgan Stanley raised their price target on shares of DT Midstream from $82.00 to $92.00 and gave the company an “underweight” rating in a report on Friday, October 25th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of DT Midstream from $78.00 to $83.00 and gave the stock a “neutral” rating in a report on Friday, October 4th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, DT Midstream has an average rating of “Hold” and a consensus price target of $78.75.

DT Midstream Stock Up 0.4 %

The firm has a market cap of $8.71 billion, a P/E ratio of 21.89 and a beta of 0.74. The firm’s 50-day moving average price is $80.52 and its 200 day moving average price is $72.95. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.71.

DT Midstream (NYSE:DTM) last announced its earnings results on Tuesday, October 29th. The company reported $0.90 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.05). DT Midstream had a return on equity of 9.45% and a net margin of 42.10%. The company had revenue of $248.00 million for the quarter, compared to analyst estimates of $242.64 million. During the same period last year, the firm earned $0.94 earnings per share. As a group, research analysts expect that DT Midstream, Inc. will post 3.99 earnings per share for the current year.

Institutional Investors Weigh In On DT Midstream

A number of hedge funds and other institutional investors have recently made changes to their positions in DTM. Allspring Global Investments Holdings LLC increased its position in DT Midstream by 76.9% during the first quarter. Allspring Global Investments Holdings LLC now owns 759 shares of the company’s stock worth $46,000 after buying an additional 330 shares during the last quarter. State of Michigan Retirement System boosted its holdings in shares of DT Midstream by 2.6% during the 1st quarter. State of Michigan Retirement System now owns 23,855 shares of the company’s stock worth $1,458,000 after buying an additional 600 shares during the period. Maryland State Retirement & Pension System raised its holdings in DT Midstream by 1.5% in the 1st quarter. Maryland State Retirement & Pension System now owns 90,197 shares of the company’s stock worth $5,592,000 after acquiring an additional 1,369 shares during the period. Sequoia Financial Advisors LLC grew its position in shares of DT Midstream by 8.9% in the first quarter. Sequoia Financial Advisors LLC now owns 6,596 shares of the company’s stock valued at $403,000 after purchasing an additional 537 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its holdings in DT Midstream by 14.1% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 809,126 shares of the company’s stock valued at $49,438,000 after buying an additional 99,755 shares during the last quarter. 81.53% of the stock is owned by hedge funds and other 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.