Adage Capital Partners GP L.L.C. Purchases New Position in DT Midstream, Inc. $DTM

Key Points

• Adage Capital Partners GP L.L.C. has made a new investment of approximately $9.65 million in DT Midstream, acquiring 100,000 shares during the first quarter.
• DT Midstream's stock is currently trading at $105.17, with a market cap of $10.68 billion and a price-to-earnings ratio of 28.20.
• The company has announced a quarterly dividend of $0.82 per share, representing an annualized yield of 3.1%, to be paid on October 15th.

Adage Capital Partners GP L.L.C. bought a new position in shares of DT Midstream, Inc. (NYSE:DTM - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 100,000 shares of the company's stock, valued at approximately $9,648,000. Adage Capital Partners GP L.L.C. owned about 0.10% of DT Midstream as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently modified their holdings of the stock. Royal Bank of Canada lifted its stake in shares of DT Midstream by 21.6% during the 1st quarter. Royal Bank of Canada now owns 90,286 shares of the company's stock worth $8,711,000 after buying an additional 16,043 shares during the last quarter. Energy Income Partners LLC lifted its stake in shares of DT Midstream by 1.6% during the 1st quarter. Energy Income Partners LLC now owns 776,587 shares of the company's stock worth $74,925,000 after buying an additional 11,960 shares during the last quarter. Twin Tree Management LP acquired a new stake in shares of DT Midstream during the 1st quarter worth about $29,000. Vident Advisory LLC lifted its stake in shares of DT Midstream by 20.7% during the 1st quarter. Vident Advisory LLC now owns 26,641 shares of the company's stock worth $2,570,000 after buying an additional 4,570 shares during the last quarter. Finally, Magnetar Financial LLC acquired a new stake in shares of DT Midstream during the 1st quarter worth about $255,000. Institutional investors and hedge funds own 81.53% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on DTM. Mizuho raised their target price on shares of DT Midstream from $105.00 to $108.00 and gave the stock a "neutral" rating in a research note on Friday, August 29th. Morgan Stanley raised their price target 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. Stifel Nicolaus raised their price target on shares of DT Midstream from $102.00 to $108.00 and gave the stock a "buy" rating in a research report on Friday, August 1st. Barclays raised their price target on shares of DT Midstream from $102.00 to $103.00 and gave the stock an "equal weight" rating in a research report on Tuesday, May 20th. Finally, Wells Fargo & Company raised their price target on shares of DT Midstream from $108.00 to $117.00 and gave the stock an "overweight" rating in a research report on Friday, August 1st. Six investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $110.67.

DT Midstream Price Performance

DTM stock traded down $0.07 during mid-day trading on Friday, hitting $107.27. The stock had a trading volume of 474,326 shares, compared to its average volume of 650,006. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.69. DT Midstream, Inc. has a 52 week low of $75.56 and a 52 week high of $114.50. The firm has a market capitalization of $10.90 billion, a P/E ratio of 28.76, a P/E/G ratio of 2.35 and a beta of 0.77. The firm has a fifty day simple moving average of $103.25 and a 200 day simple moving average of $100.92.

DT Midstream (NYSE:DTM - Get Free Report) last released its earnings results on Thursday, July 31st. The company reported $1.04 EPS for the quarter, beating the consensus estimate of $0.98 by $0.06. DT Midstream had a net margin of 33.90% and a return on equity of 8.48%. The firm had revenue of $299.00 million for the quarter, compared to analyst estimates of $295.70 million. During the same period last year, the firm earned $0.98 EPS. DT Midstream has set its FY 2025 guidance at 4.050-4.450 EPS. As a group, research analysts forecast that DT Midstream, Inc. will post 3.8 EPS for the current year.

DT Midstream Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Monday, September 15th will be issued a $0.82 dividend. This represents a $3.28 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend is Monday, September 15th. DT Midstream's dividend payout ratio (DPR) is currently 87.94%.

Insider Buying and Selling

In related news, VP Melissa Cox sold 4,755 shares of DT Midstream stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $104.47, for a total transaction of $496,754.85. Following the sale, the vice president directly owned 5,171 shares of the company's stock, valued at approximately $540,214.37. The trade was a 47.90% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.34% of the stock is currently owned by corporate insiders.

DT Midstream Company 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.