DT Midstream (NYSE:DTM) Sees Unusually-High Trading Volume – Still a Buy?

DT Midstream, Inc. (NYSE:DTM) shares saw unusually-high trading volume on Wednesday . Approximately 691,413 shares were traded during trading, an increase of 6% from the previous session’s volume of 653,452 shares.The stock last traded at $101.85 and had previously closed at $103.03.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on DTM. Citigroup upgraded shares of DT Midstream from a “neutral” rating to a “buy” rating and increased their price target for the company from $90.00 to $115.00 in a research report on Thursday. Barclays increased their target price on DT Midstream from $85.00 to $92.00 and gave the company an “overweight” rating in a report on Monday, November 4th. Stifel Nicolaus cut DT Midstream from a “buy” rating to a “hold” rating and boosted their price target for the stock from $78.00 to $89.00 in a report on Wednesday, October 30th. Wells Fargo & Company upped their price objective on DT Midstream from $87.00 to $100.00 and gave the company an “overweight” rating in a research report on Thursday, October 31st. Finally, The Goldman Sachs Group lifted their price objective on DT Midstream from $66.00 to $74.00 and gave the stock a “sell” rating in a research report on Tuesday, November 5th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $84.78.

DT Midstream Price Performance

The company has a 50-day moving average of $87.72 and a two-hundred day moving average of $76.89. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.95 and a quick ratio of 0.95. The stock has a market capitalization of $10.52 billion, a PE ratio of 26.35 and a beta of 0.71.

DT Midstream (NYSE:DTM) last posted its quarterly earnings data on Tuesday, October 29th. The company reported $0.90 EPS for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.05). DT Midstream had a net margin of 41.19% and a return on equity of 9.31%. The company had revenue of $248.00 million for the quarter, compared to analyst estimates of $242.64 million. During the same period in the prior year, the company earned $0.94 EPS. Sell-side analysts predict that DT Midstream, Inc. will post 3.96 EPS for the current fiscal year.

DT Midstream Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Monday, December 16th will be issued a $0.735 dividend. The ex-dividend date is Monday, December 16th. This represents a $2.94 dividend on an annualized basis and a dividend yield of 2.71%. DT Midstream’s dividend payout ratio (DPR) is presently 71.53%.

Institutional Trading of DT Midstream

Institutional investors and hedge funds have recently made changes to their positions in the company. Cetera Investment Advisers grew its position in DT Midstream by 1,223.2% during the first quarter. Cetera Investment Advisers now owns 54,107 shares of the company’s stock valued at $3,306,000 after acquiring an additional 50,018 shares during the period. Atria Investments Inc acquired a new position in shares of DT Midstream in the 3rd quarter valued at about $666,000. Envestnet Asset Management Inc. grew its holdings in shares of DT Midstream by 15.3% during the 2nd quarter. Envestnet Asset Management Inc. now owns 121,876 shares of the company’s stock worth $8,657,000 after purchasing an additional 16,171 shares during the period. GSA Capital Partners LLP increased its position in DT Midstream by 31.9% during the 3rd quarter. GSA Capital Partners LLP now owns 27,209 shares of the company’s stock worth $2,140,000 after purchasing an additional 6,575 shares in the last quarter. Finally, Frank Rimerman Advisors LLC purchased a new position in DT Midstream in the second quarter valued at approximately $764,000. 81.53% of the stock is currently owned by institutional investors and hedge funds.

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.