CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Cuts Stock Position in DT Midstream, Inc. (NYSE:DTM)

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT decreased its holdings in DT Midstream, Inc. (NYSE:DTM - Free Report) by 4.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 750,623 shares of the company's stock after selling 33,939 shares during the period. DT Midstream comprises 4.5% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT's portfolio, making the stock its 11th largest holding. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT owned about 0.74% of DT Midstream worth $72,420,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of DTM. Blackstone Inc. boosted its holdings in DT Midstream by 2,783.1% during the fourth quarter. Blackstone Inc. now owns 1,631,285 shares of the company's stock valued at $162,199,000 after acquiring an additional 1,574,705 shares during the period. Norges Bank acquired a new stake in shares of DT Midstream in the fourth quarter valued at $119,520,000. Zimmer Partners LP acquired a new position in shares of DT Midstream during the fourth quarter worth approximately $74,572,000. Westwood Holdings Group Inc. boosted its holdings in DT Midstream by 108.8% in the fourth quarter. Westwood Holdings Group Inc. now owns 1,084,018 shares of the company's stock valued at $107,784,000 after acquiring an additional 564,899 shares during the last quarter. Finally, Bank of Montreal Can lifted its holdings in DT Midstream by 733.3% in the fourth quarter. Bank of Montreal Can now owns 458,789 shares of the company's stock valued at $45,617,000 after buying an additional 403,730 shares during the period. 81.53% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

DTM has been the topic of several recent research reports. UBS Group lifted their price target on DT Midstream from $102.00 to $115.00 and gave the company a "buy" rating in a research note on Thursday, March 27th. Morgan Stanley set a $115.00 price target on shares of DT Midstream and gave the stock an "underweight" rating in a research report on Tuesday, June 3rd. Williams Trading set a $110.00 price objective on shares of DT Midstream in a research note on Monday, March 24th. US Capital Advisors downgraded DT Midstream from a "moderate buy" rating to a "hold" rating in a research report on Monday, April 28th. Finally, Bank of America assumed coverage on DT Midstream in a report on Monday, March 24th. They set a "buy" rating and a $110.00 price objective on the stock. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $109.27.

DT Midstream Price Performance

NYSE:DTM traded down $4.97 during trading hours on Tuesday, hitting $104.94. 1,482,895 shares of the stock traded hands, compared to its average volume of 903,281. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.69. DT Midstream, Inc. has a 1 year low of $68.88 and a 1 year high of $114.50. The stock has a 50 day moving average price of $103.64 and a 200 day moving average price of $100.62. The company has a market cap of $10.66 billion, a price-to-earnings ratio of 28.59, a price-to-earnings-growth ratio of 1.74 and a beta of 0.78.

DT Midstream (NYSE:DTM - Get Free Report) last issued its earnings results on Wednesday, April 30th. The company reported $1.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.07 by ($0.01). The firm had revenue of $288.81 million during the quarter, compared to the consensus estimate of $285.48 million. DT Midstream had a return on equity of 8.46% and a net margin of 34.96%. During the same period last year, the firm posted $0.99 earnings per share. Sell-side analysts forecast that DT Midstream, Inc. will post 3.8 EPS for the current fiscal year.

DT Midstream Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 16th will be issued a dividend of $0.82 per share. This represents a $3.28 dividend on an annualized basis and a dividend yield of 3.13%. The ex-dividend date is Monday, June 16th. DT Midstream's dividend payout ratio (DPR) is presently 89.37%.

About DT Midstream

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.