Parallel Advisors LLC Raises Stock Holdings in DT Midstream, Inc. (NYSE:DTM)

Parallel Advisors LLC lifted its holdings in shares of DT Midstream, Inc. (NYSE:DTM) by 137.0% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,609 shares of the company’s stock after acquiring an additional 2,664 shares during the period. Parallel Advisors LLC’s holdings in DT Midstream were worth $327,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. First Trust Advisors LP boosted its stake in DT Midstream by 284.6% during the 4th quarter. First Trust Advisors LP now owns 1,524,401 shares of the company’s stock worth $83,537,000 after purchasing an additional 1,128,056 shares during the period. Norges Bank acquired a new stake in shares of DT Midstream during the fourth quarter worth about $61,638,000. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of DT Midstream by 14.1% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 809,126 shares of the company’s stock worth $49,438,000 after buying an additional 99,755 shares during the last quarter. Los Angeles Capital Management LLC acquired a new position in DT Midstream in the 2nd quarter valued at about $6,309,000. Finally, Tortoise Capital Advisors L.L.C. raised its stake in DT Midstream by 6.3% during the 2nd quarter. Tortoise Capital Advisors L.L.C. now owns 1,024,036 shares of the company’s stock valued at $72,737,000 after acquiring an additional 60,370 shares during the last quarter. 81.53% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Stifel Nicolaus lifted their target price on DT Midstream from $70.00 to $78.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. JPMorgan Chase & Co. lifted their price objective on shares of DT Midstream from $75.00 to $78.00 and gave the company a “neutral” rating in a research report on Friday, August 2nd. Citigroup upped their price objective on shares of DT Midstream from $62.00 to $76.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 4th. Wells Fargo & Company lifted their target price on shares of DT Midstream from $77.00 to $87.00 and gave the company an “overweight” rating in a report on Wednesday, July 31st. Finally, Barclays increased their price target on shares of DT Midstream from $66.00 to $72.00 and gave the stock an “overweight” rating in a report on Wednesday, July 17th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $70.75.

DT Midstream Stock Performance

Shares of DTM opened at $77.34 on Thursday. DT Midstream, Inc. has a 12-month low of $50.88 and a 12-month high of $78.83. The stock has a market cap of $7.51 billion, a P/E ratio of 18.86 and a beta of 0.74. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.71. The company has a 50-day moving average of $74.61 and a two-hundred day moving average of $68.07.

DT Midstream (NYSE:DTM) last issued its quarterly earnings data on Tuesday, July 30th. The company reported $0.98 earnings per share for the quarter, topping analysts’ consensus estimates of $0.92 by $0.06. DT Midstream had a net margin of 42.10% and a return on equity of 9.45%. The business had revenue of $244.00 million during the quarter, compared to analysts’ expectations of $236.83 million. During the same period last year, the company posted $0.93 EPS. As a group, research analysts predict that DT Midstream, Inc. will post 3.96 EPS for the current fiscal year.

DT Midstream Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 16th will be paid a dividend of $0.735 per share. This represents a $2.94 dividend on an annualized basis and a dividend yield of 3.80%. The ex-dividend date of this dividend is Monday, September 16th. DT Midstream’s payout ratio is currently 71.71%.

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.