HITE Hedge Asset Management LLC Takes $31.14 Million Position in DT Midstream, Inc. $DTM

Key Points

• HITE Hedge Asset Management LLC has acquired 322,755 shares of DT Midstream, valued at approximately $31.14 million, making it the firm's 17th largest holding.
• DT Midstream recently announced a quarterly dividend of $0.82 per share, reflecting an annualized yield of 3.2% and a payout ratio of 87.94%.
• Analysts have given DT Midstream a consensus rating of "Hold" with a target price hovering around $110.91, reflecting mixed views on its future performance.

HITE Hedge Asset Management LLC purchased a new stake in DT Midstream, Inc. (NYSE:DTM - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 322,755 shares of the company's stock, valued at approximately $31,139,000. DT Midstream accounts for about 1.9% of HITE Hedge Asset Management LLC's holdings, making the stock its 17th largest holding. HITE Hedge Asset Management LLC owned approximately 0.32% of DT Midstream at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the business. Ballentine Partners LLC raised its holdings in DT Midstream by 4.8% in the first quarter. Ballentine Partners LLC now owns 2,498 shares of the company's stock valued at $241,000 after buying an additional 114 shares during the period. Independent Advisor Alliance raised its holdings in DT Midstream by 2.5% in the first quarter. Independent Advisor Alliance now owns 4,713 shares of the company's stock valued at $455,000 after buying an additional 117 shares during the period. Bessemer Group Inc. raised its holdings in DT Midstream by 44.0% in the first quarter. Bessemer Group Inc. now owns 442 shares of the company's stock valued at $43,000 after buying an additional 135 shares during the period. NewEdge Advisors LLC grew its position in DT Midstream by 1.1% in the fourth quarter. NewEdge Advisors LLC now owns 13,413 shares of the company's stock valued at $1,334,000 after acquiring an additional 142 shares in the last quarter. Finally, Applied Finance Capital Management LLC grew its position in DT Midstream by 6.5% in the first quarter. Applied Finance Capital Management LLC now owns 2,410 shares of the company's stock valued at $233,000 after acquiring an additional 147 shares in the last quarter. Hedge funds and other institutional investors own 81.53% of the company's stock.

DT Midstream Stock Performance

DTM traded down $1.72 during trading hours on Friday, hitting $101.52. 520,918 shares of the stock were exchanged, compared to its average volume of 715,524. The company has a debt-to-equity ratio of 0.69, a current ratio of 0.88 and a quick ratio of 0.88. The stock has a market cap of $10.31 billion, a price-to-earnings ratio of 27.22, a price-to-earnings-growth ratio of 1.87 and a beta of 0.77. DT Midstream, Inc. has a 12 month low of $73.52 and a 12 month high of $114.50. The stock has a 50-day simple moving average of $103.88 and a 200-day simple moving average of $100.47.

DT Midstream (NYSE:DTM - Get Free Report) last posted its earnings results on Thursday, July 31st. The company reported $1.04 earnings per share (EPS) for the quarter, beating 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 business posted $0.98 earnings per share. DT Midstream has set its FY 2025 guidance at 4.050-4.450 EPS. Analysts anticipate that DT Midstream, Inc. will post 3.8 earnings per share for the current year.

DT Midstream Announces Dividend

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

Analyst Upgrades and Downgrades

Several analysts have issued reports on DTM shares. US Capital Advisors downgraded shares of DT Midstream from a "moderate buy" rating to a "hold" rating in a research report on Monday, April 28th. Barclays increased their price objective on shares of DT Midstream from $102.00 to $103.00 and gave the company an "equal weight" rating in a research report on Tuesday, May 20th. Morgan Stanley increased their price objective on shares of DT Midstream from $113.00 to $118.00 and gave the company an "underweight" rating in a research report on Wednesday, August 6th. Stifel Nicolaus increased their price objective on shares of DT Midstream from $102.00 to $108.00 and gave the company a "buy" rating in a research report on Friday, August 1st. Finally, Wells Fargo & Company increased their price objective on shares of DT Midstream from $108.00 to $117.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. Six analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $110.91.

Insider Transactions at DT Midstream

In other DT Midstream news, VP Melissa Cox sold 4,755 shares of the firm's stock in a transaction on Monday, August 11th. The stock was sold at an average price of $104.47, for a total value of $496,754.85. Following the sale, the vice president directly owned 5,171 shares in the company, valued at approximately $540,214.37. This trade represents a 47.90% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.34% of the company's stock.

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.