Short Interest in DT Midstream, Inc. (NYSE:DTM) Drops By 8.0%

DT Midstream, Inc. (NYSE:DTM) was the target of a significant decline in short interest in November. As of November 30th, there was short interest totalling 2,630,000 shares, a decline of 8.0% from the November 15th total of 2,860,000 shares. Based on an average daily trading volume, of 753,100 shares, the days-to-cover ratio is currently 3.5 days. Approximately 2.6% of the company’s stock are sold short.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Dimensional Fund Advisors LP lifted its position in DT Midstream by 12.6% during the second quarter. Dimensional Fund Advisors LP now owns 4,393,511 shares of the company’s stock worth $312,070,000 after buying an additional 490,613 shares during the period. State Street Corp raised its position in shares of DT Midstream by 6.4% in the 3rd quarter. State Street Corp now owns 3,385,579 shares of the company’s stock worth $268,757,000 after buying an additional 202,447 shares during the period. Geode Capital Management LLC increased its stake in DT Midstream by 4.3% during the third quarter. Geode Capital Management LLC now owns 2,066,278 shares of the company’s stock worth $162,567,000 after acquiring an additional 85,462 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in shares of DT Midstream by 3.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,166,694 shares of the company’s stock valued at $82,870,000 after purchasing an additional 38,305 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of DT Midstream by 30.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,156,598 shares of the company’s stock worth $90,978,000 after purchasing an additional 267,269 shares during the period. Hedge funds and other institutional investors own 81.53% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on DTM shares. The Goldman Sachs Group upped their target price on DT Midstream from $66.00 to $74.00 and gave the company a “sell” rating in a research report on Tuesday, November 5th. Wells Fargo & Company lifted their target price on shares of DT Midstream from $87.00 to $100.00 and gave the company an “overweight” rating in a report on Thursday, October 31st. Stifel Nicolaus cut shares of DT Midstream from a “buy” rating to a “hold” rating and increased their price target for the stock from $78.00 to $89.00 in a research note on Wednesday, October 30th. JPMorgan Chase & Co. upped their price objective on DT Midstream from $78.00 to $83.00 and gave the company a “neutral” rating in a research note on Friday, October 4th. Finally, Citigroup upgraded shares of DT Midstream from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $90.00 to $115.00 in a research report on Thursday, November 21st. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $84.78.

DT Midstream Price Performance

Shares of NYSE DTM opened at $98.71 on Wednesday. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.61. The company’s 50-day moving average price is $96.15 and its 200 day moving average price is $81.74. DT Midstream has a 52 week low of $51.17 and a 52 week high of $109.85. The stock has a market cap of $9.59 billion, a price-to-earnings ratio of 24.02 and a beta of 0.77.

DT Midstream (NYSE:DTM) last released its earnings results on Tuesday, October 29th. The company reported $0.90 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.05). The firm had revenue of $248.00 million during the quarter, compared to analysts’ expectations of $242.64 million. DT Midstream had a net margin of 41.19% and a return on equity of 9.31%. During the same quarter last year, the company posted $0.94 earnings per share. As a group, research analysts forecast that DT Midstream will post 3.84 earnings per share for the current fiscal year.

DT Midstream Dividend Announcement

The firm 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 annualized dividend and a yield of 2.98%. DT Midstream’s dividend payout ratio (DPR) is presently 71.53%.

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.