Wells Fargo & Company Issues Positive Forecast for DT Midstream (NYSE:DTM) Stock Price

Key Points

• Wells Fargo & Company has raised the price target for DT Midstream stock from $108.00 to $117.00, indicating a potential upside of 13.22% from the previous close.
• DT Midstream reported $1.04 earnings per share, exceeding analysts' estimates, with revenues of $299 million for the quarter.
• A consensus rating for DT Midstream is now a "Hold," with mixed ratings from various analysts, including two sell ratings and six buy ratings.

DT Midstream (NYSE:DTM - Free Report) had its target price lifted by Wells Fargo & Company from $108.00 to $117.00 in a report issued on Friday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

Several other equities research analysts have also recently commented on DTM. US Capital Advisors cut DT Midstream from a "moderate buy" rating to a "hold" rating in a research note on Monday, April 28th. Barclays raised their target price on DT Midstream from $102.00 to $103.00 and gave the stock an "equal weight" rating in a research note on Tuesday, May 20th. Finally, Morgan Stanley set a $115.00 price target on DT Midstream and gave the stock an "underweight" rating in a report on Tuesday, June 3rd. Two analysts have rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company's stock. According to data from MarketBeat.com, DT Midstream presently has an average rating of "Hold" and a consensus price target of $110.64.

DT Midstream Trading Down 2.2%

Shares of DTM traded down $2.36 during trading hours on Friday, hitting $103.43. 911,480 shares of the stock traded hands, compared to its average volume of 1,023,704. DT Midstream has a 1-year low of $70.91 and a 1-year high of $114.50. The business has a fifty day moving average of $104.64 and a 200-day moving average of $100.62. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.69. The firm has a market capitalization of $10.51 billion, a PE ratio of 27.73, a price-to-earnings-growth ratio of 1.91 and a beta of 0.77.

DT Midstream (NYSE:DTM - Get Free Report) last issued its earnings results on Thursday, July 31st. The company reported $1.04 EPS for the quarter, topping 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 company had revenue of $299.00 million during the quarter, compared to the consensus estimate of $295.70 million. During the same period in the previous year, the company posted $0.98 EPS. Analysts expect that DT Midstream will post 3.8 EPS for the current year.

DT Midstream Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Monday, September 15th will be given a $0.82 dividend. The ex-dividend date of this dividend is Monday, September 15th. This represents a $3.28 annualized dividend and a yield of 3.2%. DT Midstream's payout ratio is currently 87.94%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of DTM. American Century Companies Inc. boosted its position in DT Midstream by 3.5% in the fourth quarter. American Century Companies Inc. now owns 48,837 shares of the company's stock worth $4,856,000 after purchasing an additional 1,666 shares during the last quarter. LPL Financial LLC boosted its position in DT Midstream by 23.9% in the fourth quarter. LPL Financial LLC now owns 81,602 shares of the company's stock worth $8,114,000 after purchasing an additional 15,733 shares during the last quarter. Blair William & Co. IL boosted its position in DT Midstream by 6.9% in the fourth quarter. Blair William & Co. IL now owns 6,515 shares of the company's stock worth $648,000 after purchasing an additional 420 shares during the last quarter. O Shaughnessy Asset Management LLC boosted its position in DT Midstream by 20.6% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 4,181 shares of the company's stock worth $416,000 after purchasing an additional 713 shares during the last quarter. Finally, Alliancebernstein L.P. boosted its position in DT Midstream by 26.9% in the fourth quarter. Alliancebernstein L.P. now owns 164,879 shares of the company's stock worth $16,394,000 after purchasing an additional 34,958 shares during the last quarter. Hedge funds and other institutional investors own 81.53% of the company's stock.

DT Midstream Company 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.