Short Interest in DT Midstream, Inc. (NYSE:DTM) Drops By 12.9%

DT Midstream, Inc. (NYSE:DTM) saw a large drop in short interest during the month of October. As of October 15th, there was short interest totalling 2,030,000 shares, a drop of 12.9% from the September 30th total of 2,330,000 shares. Based on an average daily volume of 599,200 shares, the short-interest ratio is currently 3.4 days. Approximately 2.1% of the shares of the company are short sold.

DT Midstream Price Performance

DTM stock traded up $1.84 during midday trading on Tuesday, reaching $89.26. 1,249,445 shares of the company’s stock traded hands, compared to its average volume of 639,225. The company has a 50-day simple moving average of $80.25 and a two-hundred day simple moving average of $72.76. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.71. DT Midstream has a 1-year low of $51.17 and a 1-year high of $89.32. The company has a market cap of $8.67 billion, a price-to-earnings ratio of 21.33 and a beta of 0.74.

DT Midstream (NYSE:DTM) last announced its earnings results on Tuesday, July 30th. The company reported $0.98 earnings per share for the quarter, beating analysts’ consensus estimates of $0.92 by $0.06. DT Midstream had a return on equity of 9.45% and a net margin of 42.10%. The company had revenue of $244.00 million during the quarter, compared to analyst estimates of $236.83 million. During the same period last year, the company posted $0.93 earnings per share. On average, analysts anticipate that DT Midstream will post 3.99 earnings per share for the current year.

Analysts Set New Price Targets

DTM has been the topic of several recent research reports. 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. Morgan Stanley lifted their price target on shares of DT Midstream from $82.00 to $92.00 and gave the stock an “underweight” rating in a research note on Friday. JPMorgan Chase & Co. increased their price objective on shares of DT Midstream from $78.00 to $83.00 and gave the company a “neutral” rating in a research note on Friday, October 4th. Stifel Nicolaus lifted their target price on shares of DT Midstream from $70.00 to $78.00 and gave the company a “buy” rating in a research report on Wednesday, July 31st. Finally, Barclays increased their price target on shares of DT Midstream from $76.00 to $85.00 and gave the stock an “overweight” rating in a research report on Thursday, October 3rd. One analyst has rated the stock with a sell rating, five have given a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $77.38.

Institutional Investors Weigh In On DT Midstream

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. International Assets Investment Management LLC acquired a new stake in shares of DT Midstream during the 3rd quarter worth approximately $39,166,000. Dimensional Fund Advisors LP increased its position in shares of 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 acquiring an additional 490,613 shares in the last quarter. AQR Capital Management LLC raised its stake in shares of DT Midstream by 309.7% in the 2nd quarter. AQR Capital Management LLC now owns 257,101 shares of the company’s stock valued at $18,262,000 after purchasing an additional 194,354 shares during the period. Duff & Phelps Investment Management Co. lifted its stake in DT Midstream by 2,658.2% in the 2nd quarter. Duff & Phelps Investment Management Co. now owns 182,121 shares of the company’s stock valued at $12,936,000 after acquiring an additional 175,518 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. lifted its position in shares of DT Midstream by 14.1% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 809,126 shares of the company’s stock worth $49,438,000 after purchasing an additional 99,755 shares in the last quarter. Institutional investors and hedge funds own 81.53% of the company’s stock.

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.