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

Shares of DT Midstream, Inc. (NYSE:DTM) reached a new 52-week high during trading 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 traded. The stock had previously closed at $89.30.

The newly announced dividend which will be paid on Wednesday, January 15th. Investors of record on Monday, December 16th will be issued a dividend of $0.735 per share. The ex-dividend date is Monday, December 16th. This represents a $2.94 annualized dividend and a yield of 3.26%. DT Midstream’s dividend payout ratio (DPR) is currently 71.53%.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on DTM shares. Wells Fargo & Company boosted their price target on shares of DT Midstream from $87.00 to $100.00 and gave the company an “overweight” rating in a research report on Thursday. JPMorgan Chase & Co. boosted their target price on shares of DT Midstream from $78.00 to $83.00 and gave the company a “neutral” rating in a research report on Friday, October 4th. Citigroup boosted their price target on shares of DT Midstream from $62.00 to $76.00 and gave the stock 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 stock an “underweight” rating in a research note on Friday, October 25th. Finally, Barclays increased their price target on shares of DT Midstream from $76.00 to $85.00 and gave the company an “overweight” rating in a research report on Thursday, October 3rd. One research analyst has rated the stock with a sell rating, six have issued a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, DT Midstream presently has a consensus rating of “Hold” and a consensus target price of $80.38.

DT Midstream Stock Performance

The firm has a market capitalization of $8.76 billion, a price-to-earnings ratio of 21.94 and a beta of 0.74. The company has a 50-day moving average price of $81.11 and a 200-day moving average price of $73.19. 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 quarterly earnings data on Tuesday, October 29th. The company reported $0.90 EPS for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.05). The business had revenue of $248.00 million for the quarter, compared to analyst estimates of $242.64 million. DT Midstream had a return on equity of 9.45% and a net margin of 42.10%. During the same quarter in the previous year, the business posted $0.94 earnings per share. As a group, equities research analysts forecast that DT Midstream, Inc. will post 3.99 earnings per share for the current year.

Hedge Funds Weigh In On DT Midstream

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. UMB Bank n.a. lifted its holdings in DT Midstream by 324.3% in the third quarter. UMB Bank n.a. now owns 314 shares of the company’s stock valued at $25,000 after buying an additional 240 shares during the period. V Square Quantitative Management LLC acquired a new stake in shares of DT Midstream in the 3rd quarter valued at about $29,000. Family Firm Inc. bought a new stake in shares of DT Midstream in the second quarter worth $26,000. First Command Advisory Services Inc. acquired a new stake in shares of DT Midstream in the 2nd quarter valued at approximately $31,000. Finally, American National Bank lifted its position in shares of DT Midstream by 100.0% in the second quarter. American National Bank now owns 468 shares of the company’s stock valued at $33,000 after buying an additional 234 shares during the last quarter. 81.53% of the stock is currently owned by institutional investors and hedge funds.

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.