Reaves W H & Co. Inc. Lowers Position in DT Midstream, Inc. (NYSE:DTM)

Key Points

• Reaves W H & Co. Inc. reduced its stake in DT Midstream, Inc. by 23.1%, now owning approximately 0.74% of the company valued at about $72.9 million.
• DT Midstream recently reported quarterly earnings of $1.04 EPS, surpassing the consensus estimate by 6 cents, with revenue of $299 million.
• The company declared a quarterly dividend of $0.82 per share, representing a 3.1% yield, with the payment scheduled for October 15th.

Reaves W H & Co. Inc. lowered its stake in DT Midstream, Inc. (NYSE:DTM - Free Report) by 23.1% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 755,533 shares of the company's stock after selling 226,346 shares during the period. DT Midstream accounts for about 1.9% of Reaves W H & Co. Inc.'s holdings, making the stock its 20th largest holding. Reaves W H & Co. Inc. owned 0.74% of DT Midstream worth $72,894,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Atria Wealth Solutions Inc. boosted its stake in DT Midstream by 2.6% during the 1st quarter. Atria Wealth Solutions Inc. now owns 7,104 shares of the company's stock valued at $687,000 after purchasing an additional 181 shares during the last quarter. Manchester Capital Management LLC increased its holdings in shares of DT Midstream by 22.5% in the 1st quarter. Manchester Capital Management LLC now owns 3,295 shares of the company's stock worth $318,000 after purchasing an additional 605 shares in the last quarter. PNC Financial Services Group Inc. increased its holdings in shares of DT Midstream by 3.8% in the 1st quarter. PNC Financial Services Group Inc. now owns 9,214 shares of the company's stock worth $889,000 after purchasing an additional 337 shares in the last quarter. US Bancorp DE increased its holdings in shares of DT Midstream by 60.0% in the 1st quarter. US Bancorp DE now owns 7,203 shares of the company's stock worth $695,000 after purchasing an additional 2,701 shares in the last quarter. Finally, Sound View Wealth Advisors Group LLC bought a new stake in shares of DT Midstream in the 1st quarter worth $210,000. Hedge funds and other institutional investors own 81.53% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have commented on DTM shares. Stifel Nicolaus lifted their target price on DT Midstream from $102.00 to $108.00 and gave the stock a "buy" rating in a report on Friday, August 1st. Wells Fargo & Company lifted their target price on DT Midstream from $108.00 to $117.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. Barclays lifted their target price on DT Midstream from $102.00 to $103.00 and gave the stock an "equal weight" rating in a report on Tuesday, May 20th. Morgan Stanley lifted their target price on DT Midstream from $113.00 to $118.00 and gave the stock an "underweight" rating in a report on Wednesday. Finally, US Capital Advisors lowered DT Midstream from a "moderate buy" rating to a "hold" rating in a report on Monday, April 28th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $110.91.

DT Midstream Stock Performance

Shares of DTM stock traded up $0.35 on Friday, reaching $104.56. The stock had a trading volume of 572,178 shares, compared to its average volume of 783,993. The stock has a market cap of $10.62 billion, a P/E ratio of 28.03, a price-to-earnings-growth ratio of 1.90 and a beta of 0.77. DT Midstream, Inc. has a 1 year low of $71.97 and a 1 year high of $114.50. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.88 and a current ratio of 0.88. The company has a 50 day simple moving average of $104.59 and a 200 day simple moving average of $100.54.

DT Midstream (NYSE:DTM - Get Free Report) last announced its earnings results on Thursday, July 31st. The company reported $1.04 EPS for the quarter, topping analysts' consensus estimates of $0.98 by $0.06. The company had revenue of $299.00 million for the quarter, compared to analysts' expectations of $295.70 million. DT Midstream had a return on equity of 8.48% and a net margin of 33.90%. During the same period last year, the firm earned $0.98 EPS. Equities research analysts expect that DT Midstream, Inc. will post 3.8 EPS for the current year.

DT Midstream Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Monday, September 15th will be given a dividend of $0.82 per share. The ex-dividend date is Monday, September 15th. This represents a $3.28 annualized dividend and a yield of 3.1%. DT Midstream's payout ratio is 87.94%.

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.