DT Midstream (NYSE:DTM) Announces Quarterly Earnings Results

Key Points

• DT Midstream beat Q1 estimates with $1.27 EPS (consensus $1.12) and $308M Adjusted EBITDA, set FY2026 guidance of $4.420–$4.820 EPS, and maintained its quarterly dividend at $0.88 ($3.52 annualized, ~2.4% yield).
• The company approved major pipeline investments — Vector mainline expansion (~400 MMcf/d, in service Q4 2028) and Millennium R2R (70 MMcf/d, Q1 2027) — and oversubscribed open seasons indicate strong customer demand that supports LNG and power‑generation volume growth.
• Management cautioned Q2 results will be lower than Q1 because Q1 benefited from an unusually cold winter, seasonality, a Guardian rate step‑down, and planned maintenance, so the quarter’s performance is not expected to repeat.

DT Midstream (NYSE:DTM - Get Free Report) announced its quarterly earnings data on Thursday. The company reported $1.27 earnings per share for the quarter, beating the consensus estimate of $1.12 by $0.15, Zacks reports. DT Midstream had a return on equity of 9.13% and a net margin of 35.48%.During the same quarter last year, the business earned $1.06 earnings per share. DT Midstream updated its FY 2026 guidance to 4.420-4.820 EPS.

Here are the key takeaways from DT Midstream's conference call:

• DTM approved investment in two pipeline projects: a Vector Pipeline mainline expansion (~400 MMcf/d) under 20‑year utility contracts expected in service Q4 2028, and Millennium R2R (70 MMcf/d) expected in service Q1 2027.
• Non‑binding open seasons were oversubscribed — Midwestern Gas Transmission for up to 1.5 Bcf/d (north/south) and Vector’s 2030 westbound expansion (300–500 MMcf/d) — signaling strong customer demand as DTM advances commercialization.
• Q1 Adjusted EBITDA was $308 million (up $15M QoQ); management reaffirmed 2026 guidance, raised committed growth capital to ~ $400M (2026) and ~$440M (2027), and kept the quarterly dividend at $0.88 per share.
• Management warned Q2 will be lower than Q1 because the quarter benefited from an unusually cold winter and included seasonality, a Guardian rate step‑down, and planned maintenance, so Q1 performance is not expected to repeat.
• Haynesville and LEAP are running at/near capacity (LEAP at 2.1 Bcf/d with expandability toward 4 Bcf/d), positioning DTM to capture rising U.S. LNG export and incremental power‑generation demand in the Midwest/Northeast.

DT Midstream Price Performance

NYSE:DTM traded up $9.17 during trading hours on Thursday, hitting $147.96. 2,048,217 shares of the company's stock traded hands, compared to its average volume of 745,609. The firm has a market cap of $15.09 billion, a P/E ratio of 34.33, a P/E/G ratio of 2.88 and a beta of 0.75. DT Midstream has a 52 week low of $96.42 and a 52 week high of $149.52. The business's fifty day simple moving average is $136.36 and its two-hundred day simple moving average is $124.86. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.68.

DT Midstream Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Monday, June 15th will be paid a dividend of $0.88 per share. The ex-dividend date of this dividend is Monday, June 15th. This represents a $3.52 annualized dividend and a yield of 2.4%. DT Midstream's dividend payout ratio (DPR) is currently 81.67%.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on DTM shares. Stifel Nicolaus set a $137.00 price objective on DT Midstream and gave the company a "hold" rating in a report on Monday, February 23rd. Wells Fargo & Company raised their price target on DT Midstream from $150.00 to $165.00 and gave the stock an "overweight" rating in a report on Friday, March 13th. Citigroup raised their price target on DT Midstream from $130.00 to $156.00 and gave the stock a "buy" rating in a report on Tuesday, February 24th. Mizuho raised their price target on DT Midstream from $108.00 to $129.00 and gave the stock a "neutral" rating in a report on Tuesday, February 17th. Finally, Jefferies Financial Group set a $148.00 price target on DT Midstream and gave the stock a "buy" rating in a report on Friday, February 20th. Seven analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, DT Midstream has a consensus rating of "Hold" and a consensus target price of $146.00.

Key DT Midstream News

Here are the key news stories impacting DT Midstream this week:

• Positive Sentiment: Quarterly earnings beat — DTM reported net income of $130M, or $1.27 EPS, topping the $1.12 consensus. Adjusted EBITDA was $308M and margins/ROE remain healthy, which supports near-term earnings credibility. DT Midstream Reports Strong First Quarter 2026 Results
• Positive Sentiment: Dividend boost — the board declared a quarterly dividend of $0.88/share (record June 15; payable July 15), implying a ~2.4% yield. This supports the stock’s income appeal for yield-focused investors and signals management confidence in cash flow.
• Neutral Sentiment: Guidance provided — DTM set FY2026 EPS guidance of $4.420–$4.820. The range gives investors a framework for the year but is wide enough to leave some uncertainty about quarterly cadence. MarketBeat DTM Summary
• Neutral Sentiment: Supporting disclosures — the company posted a press release, slide deck and conference call recording/transcript; review the slides and call for details on drivers (volumes, contracts, capital allocation) that will determine whether beat is sustainable. Q1 Slide Deck / Press Materials
• Negative Sentiment: Guidance midpoint slightly below street — the midpoint (~$4.62) is modestly under the $4.68 consensus, which could cap near-term upside if investors focus on FY outlook rather than the quarter beat. Keep an eye on management commentary about 2H volumes and contractual pricing. DT Midstream: Q1 Earnings Snapshot

Insider Transactions at DT Midstream

In other DT Midstream news, CFO Jeffrey A. Jewell acquired 185 shares of the company's stock in a transaction that occurred on Wednesday, February 25th. The stock was bought at an average price of $136.33 per share, with a total value of $25,221.05. Following the completion of the purchase, the chief financial officer owned 89,583 shares of the company's stock, valued at approximately $12,212,850.39. This represents a 0.21% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 0.54% of the company's stock.

Institutional Investors Weigh In On DT Midstream

Several large investors have recently added to or reduced their stakes in DTM. Merewether Investment Management LP boosted its stake in DT Midstream by 192.4% during the third quarter. Merewether Investment Management LP now owns 1,000,600 shares of the company's stock valued at $113,128,000 after buying an additional 658,400 shares during the period. Clark Capital Management Group Inc. boosted its stake in DT Midstream by 414.2% during the fourth quarter. Clark Capital Management Group Inc. now owns 367,901 shares of the company's stock valued at $44,030,000 after buying an additional 296,348 shares during the period. Tortoise Capital Advisors L.L.C. boosted its stake in DT Midstream by 10.6% during the fourth quarter. Tortoise Capital Advisors L.L.C. now owns 2,980,945 shares of the company's stock valued at $356,759,000 after buying an additional 285,770 shares during the period. Millennium Management LLC boosted its stake in DT Midstream by 838.1% during the third quarter. Millennium Management LLC now owns 280,370 shares of the company's stock valued at $31,699,000 after buying an additional 250,483 shares during the period. Finally, Bank of America Corp DE boosted its stake in DT Midstream by 41.7% during the second quarter. Bank of America Corp DE now owns 754,518 shares of the company's stock valued at $82,929,000 after buying an additional 222,047 shares during the period. Institutional investors own 81.53% of the company's stock.

About DT Midstream

DT Midstream Inc NYSE: DTM is a midstream energy company that owns and operates infrastructure for gathering, processing and treating hydrocarbons and produced water. Its core business activities encompass natural gas gathering, cryogenic processing, natural gas liquids (NGL) fractionation, and produced-water handling services. These integrated operations enable the company to capture and transport multiple hydrocarbon streams from wellhead to market and to provide essential water management solutions.

The company’s asset footprint is concentrated in the Delaware Basin in West Texas and southeastern New Mexico, where it serves a diverse range of exploration and production customers.

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