DT Midstream (NYSE:DTM) Hits New 12-Month High After Insider Buying Activity

DT Midstream, Inc. (NYSE:DTM)’s share price hit a new 52-week high during trading on Wednesday following insider buying activity. The company traded as high as $64.70 and last traded at $64.54, with a volume of 160808 shares traded. The stock had previously closed at $64.06.

Specifically, Director Robert C. Skaggs, Jr. bought 1,000 shares of the firm’s stock in a transaction dated Monday, February 26th. The stock was purchased at an average price of $56.87 per share, with a total value of $56,870.00. Following the transaction, the director now owns 37,289 shares of the company’s stock, valued at $2,120,625.43. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, Director Robert C. Skaggs, Jr. bought 1,000 shares of the firm’s stock in a transaction dated Monday, February 26th. The stock was purchased at an average price of $56.87 per share, with a total value of $56,870.00. Following the transaction, the director now owns 37,289 shares of the company’s stock, valued at $2,120,625.43. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Jeffrey A. Jewell bought 400 shares of the business’s stock in a transaction dated Friday, May 3rd. The stock was bought at an average cost of $62.80 per share, for a total transaction of $25,120.00. Following the completion of the purchase, the chief financial officer now owns 44,285 shares of the company’s stock, valued at approximately $2,781,098. The disclosure for this purchase can be found here. Corporate insiders own 0.21% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on DTM shares. US Capital Advisors cut DT Midstream from an “overweight” rating to a “hold” rating in a research note on Monday, April 29th. Stifel Nicolaus raised their target price on DT Midstream from $62.00 to $70.00 and gave the stock a “buy” rating in a research report on Wednesday, May 1st. Wolfe Research raised DT Midstream from an “underperform” rating to a “peer perform” rating in a research report on Tuesday, February 20th. Barclays raised their target price on DT Midstream from $59.00 to $66.00 and gave the stock an “overweight” rating in a research report on Friday, April 5th. Finally, Mizuho raised their target price on DT Midstream from $57.00 to $65.00 and gave the stock a “neutral” rating in a research report on Monday, April 29th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $61.50.

DT Midstream Price Performance

The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.71 and a current ratio of 0.71. The company has a market cap of $6.23 billion, a P/E ratio of 15.64 and a beta of 0.72. The firm’s fifty day moving average is $60.97 and its two-hundred day moving average is $56.96.

DT Midstream (NYSE:DTM) last released its quarterly earnings data on Tuesday, April 30th. The company reported $0.99 earnings per share for the quarter, topping analysts’ consensus estimates of $0.95 by $0.04. The firm had revenue of $240.00 million during the quarter, compared to analyst estimates of $242.62 million. DT Midstream had a return on equity of 9.41% and a net margin of 42.46%. During the same quarter in the prior year, the company posted $0.84 earnings per share. As a group, analysts anticipate that DT Midstream, Inc. will post 3.93 earnings per share for the current fiscal year.

DT Midstream Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Monday, June 17th will be issued a dividend of $0.735 per share. This represents a $2.94 dividend on an annualized basis and a yield of 4.59%. The ex-dividend date of this dividend is Friday, June 14th. DT Midstream’s dividend payout ratio (DPR) is currently 71.71%.

Hedge Funds Weigh In On DT Midstream

A number of hedge funds and other institutional investors have recently modified their holdings of DTM. First Trust Advisors LP increased its holdings in DT Midstream by 284.6% in the 4th 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 during the last quarter. Norges Bank purchased a new stake in shares of DT Midstream during the 4th quarter worth approximately $61,638,000. HITE Hedge Asset Management LLC bought a new position in shares of DT Midstream during the 4th quarter valued at approximately $47,462,000. Deutsche Bank AG grew its holdings in shares of DT Midstream by 1,176.7% in the third quarter. Deutsche Bank AG now owns 867,145 shares of the company’s stock valued at $45,889,000 after purchasing an additional 799,224 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in shares of DT Midstream by 8.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,401,572 shares of the company’s stock valued at $186,407,000 after purchasing an additional 266,433 shares in the last quarter. 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.