Exchange Traded Concepts LLC Decreases Stock Holdings in DT Midstream, Inc. (NYSE:DTM)

Exchange Traded Concepts LLC reduced its stake in DT Midstream, Inc. (NYSE:DTM) by 5.2% in the 1st quarter, HoldingsChannel.com reports. The firm owned 111,499 shares of the company’s stock after selling 6,119 shares during the period. Exchange Traded Concepts LLC’s holdings in DT Midstream were worth $10,757,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of DTM. Blackstone Inc. raised its position in shares of DT Midstream by 2,783.1% in the 4th quarter. Blackstone Inc. now owns 1,631,285 shares of the company’s stock valued at $162,199,000 after purchasing an additional 1,574,705 shares during the last quarter. Norges Bank acquired a new position in DT Midstream in the 4th quarter worth approximately $119,520,000. Zimmer Partners LP acquired a new position in DT Midstream in the 4th quarter worth approximately $74,572,000. Westwood Holdings Group Inc. increased its holdings in DT Midstream by 108.8% in the 4th quarter. Westwood Holdings Group Inc. now owns 1,084,018 shares of the company’s stock worth $107,784,000 after buying an additional 564,899 shares during the period. Finally, Bank of Montreal Can increased its holdings in DT Midstream by 733.3% in the 4th quarter. Bank of Montreal Can now owns 458,789 shares of the company’s stock worth $45,617,000 after buying an additional 403,730 shares during the period. 81.53% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on DTM shares. US Capital Advisors downgraded shares of DT Midstream from a “moderate buy” rating to a “hold” rating in a report on Monday, April 28th. Morgan Stanley set a $115.00 price target on shares of DT Midstream and gave the stock an “underweight” rating in a report on Tuesday, June 3rd. Stifel Nicolaus cut their price target on shares of DT Midstream from $106.00 to $102.00 and set a “buy” rating on the stock in a report on Thursday, February 27th. Bank of America initiated coverage on shares of DT Midstream in a report on Monday, March 24th. They issued a “buy” rating and a $110.00 price target on the stock. Finally, Barclays raised their price objective on shares of DT Midstream from $102.00 to $103.00 and gave the stock an “equal weight” rating in a research note on Tuesday, May 20th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, DT Midstream currently has an average rating of “Hold” and a consensus price target of $109.27.

DT Midstream Price Performance

DT Midstream stock opened at $106.23 on Monday. The company’s fifty day moving average price is $100.71 and its 200 day moving average price is $100.23. DT Midstream, Inc. has a 1 year low of $66.98 and a 1 year high of $114.50. The stock has a market capitalization of $10.79 billion, a P/E ratio of 25.85 and a beta of 0.78. 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 (NYSE:DTM) last released its quarterly earnings results on Wednesday, April 30th. The company reported $1.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.01). DT Midstream had a net margin of 41.19% and a return on equity of 9.31%. The company had revenue of $288.81 million during the quarter, compared to analyst estimates of $285.48 million. During the same period in the prior year, the business posted $0.99 EPS. As a group, equities research analysts anticipate that DT Midstream, Inc. will post 3.8 earnings per share for the current fiscal year.

DT Midstream Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 16th will be paid a $0.82 dividend. The ex-dividend date of this dividend is Monday, June 16th. This represents a $3.28 dividend on an annualized basis and a yield of 3.09%. DT Midstream’s dividend payout ratio is currently 89.37%.

DT Midstream Profile

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.