CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT trimmed its holdings in shares of DT Midstream, Inc. (NYSE:DTM - Free Report) by 5.7% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 827,530 shares of the company's stock after selling 50,055 shares during the period. DT Midstream makes up about 4.8% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT's investment portfolio, making the stock its 7th largest holding. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT owned 0.85% of DT Midstream worth $65,094,000 at the end of the most recent quarter.
Other institutional investors have also added to or reduced their stakes in the company. Prevail Innovative Wealth Advisors LLC boosted its stake in DT Midstream by 37.9% during the 1st quarter. Prevail Innovative Wealth Advisors LLC now owns 37,898 shares of the company's stock valued at $2,316,000 after purchasing an additional 10,418 shares during the last quarter. Illinois Municipal Retirement Fund boosted its stake in DT Midstream by 137.6% during the 1st quarter. Illinois Municipal Retirement Fund now owns 30,109 shares of the company's stock valued at $1,840,000 after purchasing an additional 17,437 shares during the last quarter. Meeder Asset Management Inc. purchased a new stake in DT Midstream during the 1st quarter valued at $1,085,000. Cetera Investment Advisers boosted its stake in shares of DT Midstream by 1,223.2% in the 1st quarter. Cetera Investment Advisers now owns 54,107 shares of the company's stock worth $3,306,000 after buying an additional 50,018 shares during the last quarter. Finally, Envestnet Asset Management Inc. grew its holdings in shares of DT Midstream by 15.3% in the second quarter. Envestnet Asset Management Inc. now owns 121,876 shares of the company's stock worth $8,657,000 after acquiring an additional 16,171 shares during the period. 81.53% of the stock is currently owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
Several analysts recently commented on DTM shares. Barclays lifted their price objective on DT Midstream from $76.00 to $85.00 and gave the stock an "overweight" rating in a report on Thursday, October 3rd. Wells Fargo & Company lifted their price objective on DT Midstream from $77.00 to $87.00 and gave the stock an "overweight" rating in a report on Wednesday, July 31st. Citigroup lifted their price objective on DT Midstream from $62.00 to $76.00 and gave the stock a "neutral" rating in a report on Wednesday, September 4th. Stifel Nicolaus lifted their price objective on DT Midstream from $70.00 to $78.00 and gave the stock a "buy" rating in a report on Wednesday, July 31st. Finally, JPMorgan Chase & Co. lifted their price objective on DT Midstream from $78.00 to $83.00 and gave the stock a "neutral" rating in a report on Friday, October 4th. Five equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, DT Midstream currently has an average rating of "Hold" and an average target price of $75.29.
Read Our Latest Stock Analysis on DT Midstream
DT Midstream Stock Performance
NYSE:DTM traded up $0.09 during mid-day trading on Tuesday, hitting $87.02. 688,561 shares of the company traded hands, compared to its average volume of 638,776. The stock's fifty day moving average price is $78.96 and its 200-day moving average price is $71.90. DT Midstream, Inc. has a one year low of $51.17 and a one year high of $87.45. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.71. The firm has a market cap of $8.45 billion, a price-to-earnings ratio of 21.25 and a beta of 0.74.
DT Midstream (NYSE:DTM - Get Free Report) last released its quarterly earnings results on Tuesday, July 30th. The company reported $0.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.92 by $0.06. DT Midstream had a return on equity of 9.45% and a net margin of 42.10%. The business had revenue of $244.00 million during the quarter, compared to analyst estimates of $236.83 million. During the same quarter in the previous year, the company posted $0.93 earnings per share. Research analysts anticipate that DT Midstream, Inc. will post 3.99 earnings per share for the current fiscal year.
DT Midstream Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 16th were given a $0.735 dividend. The ex-dividend date was Monday, September 16th. This represents a $2.94 annualized dividend and a dividend yield of 3.38%. DT Midstream's payout ratio is 71.71%.
DT Midstream Company Profile
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Free Report)
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.
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