Thornburg Investment Management Inc. Makes New Investment in DT Midstream, Inc. (NYSE:DTM)

Key Points

• Thornburg Investment Management Inc. has acquired 86,132 shares of DT Midstream, Inc. during the 1st quarter, valued at approximately $8.3 million, representing a 0.08% ownership stake in the company.
• Analysts have set a consensus price target of $109.27 for DT Midstream, with a mix of ratings including two sell, three hold, and six buy ratings.
• DT Midstream recently announced a quarterly dividend of $0.82, which translates to an annual yield of 3.31% and a payout ratio of approximately 89.37%.

Thornburg Investment Management Inc. bought a new stake in shares of DT Midstream, Inc. (NYSE:DTM - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 86,132 shares of the company's stock, valued at approximately $8,310,000. Thornburg Investment Management Inc. owned about 0.08% of DT Midstream as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Ballentine Partners LLC increased its stake in DT Midstream by 4.8% in the first quarter. Ballentine Partners LLC now owns 2,498 shares of the company's stock worth $241,000 after purchasing an additional 114 shares during the period. Bessemer Group Inc. increased its stake in DT Midstream by 61.6% in the fourth quarter. Bessemer Group Inc. now owns 307 shares of the company's stock worth $30,000 after purchasing an additional 117 shares during the period. NewEdge Advisors LLC increased its stake in DT Midstream by 1.1% in the fourth quarter. NewEdge Advisors LLC now owns 13,413 shares of the company's stock worth $1,334,000 after purchasing an additional 142 shares during the period. Applied Finance Capital Management LLC increased its stake 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 worth $233,000 after purchasing an additional 147 shares during the period. Finally, Secure Asset Management LLC increased its stake in DT Midstream by 6.8% in the first quarter. Secure Asset Management LLC now owns 2,470 shares of the company's stock worth $238,000 after purchasing an additional 157 shares during the period. 81.53% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. Barclays raised 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. Wells Fargo & Company raised 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. Morgan Stanley set a $115.00 price objective on DT Midstream and gave the company an "underweight" rating in a research report on Tuesday, June 3rd. Stifel Nicolaus raised 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. Finally, US Capital Advisors downgraded DT Midstream from a "moderate buy" rating to a "hold" rating in a research report on Monday, April 28th. Two equities 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 stock. According to MarketBeat, DT Midstream presently has a consensus rating of "Hold" and a consensus target price of $110.64.

DT Midstream Price Performance

Shares of DTM traded up $3.02 during trading hours on Friday, hitting $105.75. 1,275,524 shares of the stock were exchanged, compared to its average volume of 1,027,839. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.82 and a current ratio of 0.82. DT Midstream, Inc. has a 12-month low of $69.82 and a 12-month high of $114.50. The company has a market cap of $10.74 billion, a price-to-earnings ratio of 28.81, a price-to-earnings-growth ratio of 1.83 and a beta of 0.78. The stock's 50-day moving average price is $104.58 and its two-hundred day moving average price is $100.82.

DT Midstream (NYSE:DTM - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The company reported $1.04 earnings per share 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 analyst estimates of $295.70 million. DT Midstream had a return on equity of 8.46% and a net margin of 34.96%. During the same quarter in the previous year, the company posted $0.98 earnings per share. Research analysts expect that DT Midstream, Inc. will post 3.8 earnings per share for the current year.

DT Midstream Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Monday, September 15th will be paid a $0.82 dividend. This represents a $3.28 annualized dividend and a dividend yield of 3.1%. The ex-dividend date of this dividend is Monday, September 15th. DT Midstream's dividend 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.