DT Midstream, Inc. $DTM Shares Acquired by Edgestream Partners L.P.

Key Points

• Edgestream Partners L.P. increased its DT Midstream stake by 1,501.5% during the first quarter, purchasing 97,209 additional shares to own 103,683 shares valued at approximately $14.0 million.
• Institutional ownership remains high at 81.53%, with Norges Bank, Merewether Investment Management, Clark Capital, Tortoise Capital Advisors, and Millennium Management among other investors increasing their positions.
• DT Midstream reported quarterly EPS of $1.27, beating estimates by $0.16, while revenue of $336 million exceeded expectations. Analysts have a consensus “Moderate Buy” rating and an average price target of $155.69.

Edgestream Partners L.P. grew its position in shares of DT Midstream, Inc. (NYSE:DTM - Free Report) by 1,501.5% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 103,683 shares of the company's stock after purchasing an additional 97,209 shares during the quarter. DT Midstream makes up about 0.5% of Edgestream Partners L.P.'s portfolio, making the stock its 12th biggest holding. Edgestream Partners L.P. owned 0.10% of DT Midstream worth $13,963,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in DTM. Norges Bank acquired a new stake in DT Midstream during the fourth quarter valued at $115,715,000. Merewether Investment Management LP increased its holdings in DT Midstream by 192.4% in 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 in the last quarter. Clark Capital Management Group Inc. raised its position in shares of DT Midstream by 414.2% in the fourth quarter. Clark Capital Management Group Inc. now owns 367,901 shares of the company's stock worth $44,030,000 after acquiring an additional 296,348 shares during the period. Tortoise Capital Advisors L.L.C. raised its position in shares of DT Midstream by 10.6% in the fourth quarter. Tortoise Capital Advisors L.L.C. now owns 2,980,945 shares of the company's stock worth $356,759,000 after acquiring an additional 285,770 shares during the period. Finally, Millennium Management LLC boosted its stake in shares of DT Midstream by 838.1% during the 3rd quarter. Millennium Management LLC now owns 280,370 shares of the company's stock worth $31,699,000 after acquiring an additional 250,483 shares in the last quarter. 81.53% of the stock is currently owned by institutional investors and hedge funds.

DT Midstream Stock Down 1.7%

Shares of NYSE DTM opened at $135.79 on Thursday. The firm has a market cap of $13.85 billion, a price-to-earnings ratio of 30.04, a price-to-earnings-growth ratio of 3.00 and a beta of 0.71. The company's 50-day simple moving average is $144.30 and its 200-day simple moving average is $137.67. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 0.68. DT Midstream, Inc. has a 52-week low of $99.81 and a 52-week high of $152.88.

DT Midstream (NYSE:DTM - Get Free Report) last released its quarterly earnings results on Thursday, April 30th. The company reported $1.27 earnings per share for the quarter, topping the consensus estimate of $1.11 by $0.16. The firm had revenue of $336.00 million during the quarter, compared to the consensus estimate of $313.65 million. DT Midstream had a net margin of 36.28% and a return on equity of 9.53%. During the same quarter in the prior year, the firm earned $1.06 EPS. Equities analysts predict that DT Midstream, Inc. will post 4.77 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on DTM shares. JPMorgan Chase & Co. raised their target price on DT Midstream from $146.00 to $154.00 and gave the company a "neutral" rating in a research report on Wednesday, July 8th. Weiss Ratings upgraded DT Midstream from a "buy (a-)" rating to a "buy (a)" rating in a research report on Friday, July 24th. Citigroup raised their price objective on DT Midstream from $156.00 to $169.00 and gave the company a "buy" rating in a report on Monday, May 4th. Wall Street Zen upgraded DT Midstream from a "sell" rating to a "hold" rating in a research report on Saturday, May 2nd. Finally, Scotiabank assumed coverage on DT Midstream in a research note on Tuesday, May 26th. They set an "outperform" rating and a $176.00 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $155.69.

DT Midstream Company Profile

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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