Burkehill Global Management LP Sells 50,000 Shares of DT Midstream, Inc. (NYSE:DTM)

Key Points

• Burkehill Global Management LP reduced its stake in DT Midstream, Inc. by 40.0%, selling 50,000 shares during the first quarter, now owning 75,000 shares valued at approximately $7.24 million.
• A variety of institutional investors increased their positions in DT Midstream, with Vanguard Group boosting its stake by 5.9% to over $1 billion worth of shares.
• DT Midstream recently announced a quarterly dividend of $0.82 per share, reflecting a 3.1% dividend yield and a payout ratio of 87.94%.

Burkehill Global Management LP reduced its position in shares of DT Midstream, Inc. (NYSE:DTM - Free Report) by 40.0% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 75,000 shares of the company's stock after selling 50,000 shares during the quarter. Burkehill Global Management LP owned about 0.07% of DT Midstream worth $7,236,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in DTM. Wells Fargo & Company MN raised its holdings in DT Midstream by 9.9% during the 4th quarter. Wells Fargo & Company MN now owns 53,756 shares of the company's stock worth $5,345,000 after purchasing an additional 4,841 shares during the last quarter. Envestnet Asset Management Inc. increased its stake in shares of DT Midstream by 2.2% in the 4th quarter. Envestnet Asset Management Inc. now owns 215,826 shares of the company's stock valued at $21,460,000 after acquiring an additional 4,628 shares during the last quarter. Cerity Partners LLC increased its stake in shares of DT Midstream by 18.3% in the 4th quarter. Cerity Partners LLC now owns 16,562 shares of the company's stock valued at $1,566,000 after acquiring an additional 2,566 shares during the last quarter. Invesco Ltd. increased its stake in shares of DT Midstream by 24.7% in the 4th quarter. Invesco Ltd. now owns 1,487,901 shares of the company's stock valued at $147,942,000 after acquiring an additional 294,583 shares during the last quarter. Finally, Advisory Services Network LLC increased its stake in shares of DT Midstream by 11.8% in the 4th quarter. Advisory Services Network LLC now owns 14,168 shares of the company's stock valued at $1,409,000 after acquiring an additional 1,494 shares during the last quarter. 81.53% of the stock is owned by institutional investors.

DT Midstream Trading Down 0.3%

DTM traded down $0.33 during trading on Wednesday, hitting $103.04. The company's stock had a trading volume of 60,127 shares, compared to its average volume of 1,009,959. DT Midstream, Inc. has a twelve month low of $72.69 and a twelve month high of $114.50. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.69. The stock's fifty day moving average price is $104.47 and its 200-day moving average price is $100.36. The firm has a market capitalization of $10.47 billion, a P/E ratio of 27.63, a PEG ratio of 1.90 and a beta of 0.77.

DT Midstream (NYSE:DTM - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The company reported $1.04 earnings per share (EPS) for the quarter, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $295.70 million. During the same period in the previous year, the firm earned $0.98 earnings per share. Analysts anticipate that DT Midstream, Inc. will post 3.8 EPS for the current year.

DT Midstream Dividend Announcement

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

Insider Buying and Selling at DT Midstream

In other news, VP Melissa Cox sold 4,755 shares of the company's stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $104.47, for a total transaction of $496,754.85. Following the transaction, the vice president directly owned 5,171 shares of the company's stock, valued at $540,214.37. This represents a 47.90% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.34% of the stock is owned by insiders.

Analysts Set New Price Targets

DTM has been the subject of a number of recent analyst reports. Wells Fargo & Company upped their price target on DT Midstream from $108.00 to $117.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. Barclays upped their price target on DT Midstream from $102.00 to $103.00 and gave the company an "equal weight" rating in a research note on Tuesday, May 20th. Morgan Stanley upped their price target on DT Midstream from $113.00 to $118.00 and gave the company an "underweight" rating in a research note on Wednesday, August 6th. US Capital Advisors lowered DT Midstream from a "moderate buy" rating to a "hold" rating in a research report on Monday, April 28th. Finally, Stifel Nicolaus boosted their price objective on DT Midstream from $102.00 to $108.00 and gave the company a "buy" rating in a research report on Friday, August 1st. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $110.91.

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.