322,755 Shares in DT Midstream, Inc. $DTM Acquired by HITE Hedge Asset Management LLC

HITE Hedge Asset Management LLC bought a new position in DT Midstream, Inc. (NYSE:DTM) during the 1st quarter, Holdings Channel reports. The institutional investor bought 322,755 shares of the company’s stock, valued at approximately $31,139,000. DT Midstream accounts for approximately 1.9% of HITE Hedge Asset Management LLC’s investment portfolio, making the stock its 17th biggest position.

Other large investors have also recently bought and sold shares of the company. CWM LLC raised its position in shares of DT Midstream by 18.9% in the first quarter. CWM LLC now owns 4,201 shares of the company’s stock worth $405,000 after buying an additional 669 shares in the last quarter. OneDigital Investment Advisors LLC bought a new position in DT Midstream in the 1st quarter worth about $274,000. Bessemer Group Inc. raised its holdings in shares of DT Midstream by 44.0% in the 1st quarter. Bessemer Group Inc. now owns 442 shares of the company’s stock valued at $43,000 after acquiring an additional 135 shares in the last quarter. True Link Financial Advisors LLC bought a new stake in shares of DT Midstream during the 1st quarter valued at about $238,000. Finally, Catalyst Capital Advisors LLC boosted its position in shares of DT Midstream by 10.1% during the 1st quarter. Catalyst Capital Advisors LLC now owns 144,025 shares of the company’s stock valued at $13,896,000 after acquiring an additional 13,243 shares during the last quarter. 81.53% of the stock is owned by institutional investors.

Insider Activity

In other news, VP Melissa Cox sold 4,755 shares of the company’s stock in a transaction dated Monday, August 11th. The shares were sold at an average price of $104.47, for a total transaction of $496,754.85. Following the completion of the transaction, the vice president directly owned 5,171 shares of the company’s stock, valued at approximately $540,214.37. This represents a 47.90% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.34% of the company’s stock.

Analyst Upgrades and Downgrades

DTM has been the topic of several research analyst reports. Morgan Stanley upped their price objective on shares of DT Midstream from $113.00 to $118.00 and gave the stock an “underweight” rating in a research report on Wednesday, August 6th. US Capital Advisors cut DT Midstream from a “moderate buy” rating to a “hold” rating in a report on Monday, April 28th. Barclays raised their price objective on DT Midstream from $102.00 to $103.00 and gave the company an “equal weight” rating in a report on Tuesday, May 20th. Wells Fargo & Company upped their target price on DT Midstream from $108.00 to $117.00 and gave the stock an “overweight” rating in a research note on Friday, August 1st. Finally, Stifel Nicolaus increased their price target on shares of DT Midstream from $102.00 to $108.00 and gave the company a “buy” rating in a research report on Friday, August 1st. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $110.91.

DT Midstream Price Performance

DTM opened at $103.33 on Monday. The company has a debt-to-equity ratio of 0.69, a current ratio of 0.88 and a quick ratio of 0.88. The stock’s 50 day simple moving average is $104.22 and its 200 day simple moving average is $100.44. The firm has a market cap of $10.50 billion, a price-to-earnings ratio of 27.70, a PEG ratio of 1.87 and a beta of 0.77. DT Midstream, Inc. has a 1 year low of $73.52 and a 1 year high of $114.50.

DT Midstream (NYSE:DTM) last released its quarterly earnings data on Thursday, July 31st. The company reported $1.04 earnings per share for the quarter, beating analysts’ consensus estimates of $0.98 by $0.06. DT Midstream had a return on equity of 8.48% and a net margin of 33.90%. The firm had revenue of $299.00 million during the quarter, compared to analyst estimates of $295.70 million. During the same quarter in the prior year, the firm posted $0.98 earnings per share. As a group, analysts predict that DT Midstream, Inc. will post 3.8 earnings per share for the current year.

DT Midstream Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Monday, September 15th will be given a $0.82 dividend. The ex-dividend date is Monday, September 15th. This represents a $3.28 dividend on an annualized basis and a dividend yield of 3.2%. DT Midstream’s payout ratio is presently 87.94%.

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.