Bank of America Initiates Coverage on DT Midstream (NYSE:DTM)

Bank of America started coverage on shares of DT Midstream (NYSE:DTM) in a research report sent to investors on Monday, Marketbeat.com reports. The firm issued a buy rating and a $110.00 price objective on the stock.

A number of other research firms have also weighed in on DTM. The Goldman Sachs Group increased their price target on DT Midstream from $74.00 to $94.00 and gave the company a “sell” rating in a research note on Thursday, December 19th. Wells Fargo & Company cut their target price on shares of DT Midstream from $118.00 to $108.00 and set an “overweight” rating for the company in a research note on Friday, February 28th. Barclays reduced their target price on shares of DT Midstream from $112.00 to $107.00 and set an “equal weight” rating for the company in a report on Friday, March 21st. UBS Group began coverage on shares of DT Midstream in a report on Wednesday, March 12th. They issued a “buy” rating and a $102.00 price target on the stock. Finally, Raymond James boosted their price objective on DT Midstream from $110.00 to $115.00 and gave the stock an “outperform” rating in a report on Tuesday, January 28th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, DT Midstream presently has an average rating of “Hold” and a consensus price target of $104.00.

DT Midstream Price Performance

Shares of NYSE DTM opened at $98.29 on Monday. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.61. The business’s 50 day moving average price is $99.65 and its two-hundred day moving average price is $95.59. The company has a market cap of $9.99 billion, a PE ratio of 23.91 and a beta of 0.80. DT Midstream has a twelve month low of $59.03 and a twelve month high of $114.50.

DT Midstream Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 17th will be given a $0.82 dividend. This represents a $3.28 dividend on an annualized basis and a dividend yield of 3.34%. This is an increase from DT Midstream’s previous quarterly dividend of $0.74. The ex-dividend date of this dividend is Monday, March 17th. DT Midstream’s payout ratio is presently 91.11%.

Insider Buying and Selling

In related news, Director Robert C. Skaggs, Jr. purchased 1,000 shares of the company’s stock in a transaction that occurred on Monday, March 10th. The stock was acquired at an average price of $86.92 per share, with a total value of $86,920.00. Following the completion of the purchase, the director now directly owns 38,653 shares in the company, valued at $3,359,718.76. This trade represents a 2.66 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders have purchased 1,170 shares of company stock valued at $103,357 over the last 90 days. 0.21% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On DT Midstream

A number of large investors have recently bought and sold shares of the company. Blackstone Inc. raised its position in shares of DT Midstream by 2,783.1% in the 4th quarter. Blackstone Inc. now owns 1,631,285 shares of the company’s stock valued at $162,199,000 after buying an additional 1,574,705 shares in the last quarter. Norges Bank bought a new position in DT Midstream in the fourth quarter valued at approximately $119,520,000. FMR LLC raised its position in DT Midstream by 1,476.9% during the third quarter. FMR LLC now owns 805,950 shares of the company’s stock valued at $63,396,000 after purchasing an additional 754,839 shares in the last quarter. Zimmer Partners LP bought a new stake in DT Midstream during the fourth quarter worth $74,572,000. Finally, Brookfield Corp ON boosted its holdings in shares of DT Midstream by 171.3% in the 3rd quarter. Brookfield Corp ON now owns 1,038,501 shares of the company’s stock valued at $81,689,000 after purchasing an additional 655,695 shares in the last quarter. 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.