DT Midstream, Inc. (NYSE:DTM) Sees Large Increase in Short Interest

DT Midstream, Inc. (NYSE:DTM) was the recipient of a large increase in short interest during the month of December. As of December 15th, there was short interest totalling 2,840,000 shares, an increase of 8.0% from the November 30th total of 2,630,000 shares. Based on an average daily volume of 849,700 shares, the days-to-cover ratio is presently 3.3 days. Approximately 2.8% of the shares of the company are short sold.

Institutional Investors Weigh In On DT Midstream

Several hedge funds have recently bought and sold shares of the stock. Raymond James & Associates raised its position in shares of DT Midstream by 1.1% during the 2nd quarter. Raymond James & Associates now owns 18,148 shares of the company’s stock valued at $1,289,000 after buying an additional 201 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in shares of DT Midstream by 1,481.2% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 12,001 shares of the company’s stock worth $852,000 after purchasing an additional 11,242 shares in the last quarter. Cambridge Investment Research Advisors Inc. increased its position in shares of DT Midstream by 5.1% during the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 15,324 shares of the company’s stock valued at $1,088,000 after purchasing an additional 747 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in DT Midstream by 2.1% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 20,186 shares of the company’s stock worth $1,434,000 after buying an additional 423 shares during the last quarter. Finally, Signaturefd LLC boosted its stake in DT Midstream by 11.7% in the second quarter. Signaturefd LLC now owns 2,212 shares of the company’s stock worth $157,000 after buying an additional 232 shares in the last quarter. 81.53% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms have weighed in on DTM. JPMorgan Chase & Co. boosted their target price 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. Morgan Stanley upped their price objective on DT Midstream from $82.00 to $92.00 and gave the company an “underweight” rating in a research note on Friday, October 25th. Wells Fargo & Company raised their target price on DT Midstream from $87.00 to $100.00 and gave the stock an “overweight” rating in a research report on Thursday, October 31st. Stifel Nicolaus raised DT Midstream from a “hold” rating to a “buy” rating and upped their price target for the company from $89.00 to $106.00 in a research report on Thursday, December 19th. Finally, Barclays lifted their price objective on DT Midstream from $85.00 to $92.00 and gave the stock an “overweight” rating in a report on Monday, November 4th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $88.89.

DT Midstream Stock Performance

Shares of DTM opened at $99.43 on Thursday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.95 and a current ratio of 0.95. The stock has a market capitalization of $9.66 billion, a price-to-earnings ratio of 24.19 and a beta of 0.77. DT Midstream has a 52-week low of $51.17 and a 52-week high of $109.85. The stock’s 50-day simple moving average is $99.22 and its 200 day simple moving average is $84.07.

DT Midstream (NYSE:DTM) last posted its quarterly earnings data on Tuesday, October 29th. The company reported $0.90 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.95 by ($0.05). The business had revenue of $248.00 million for the quarter, compared to the consensus estimate of $242.64 million. DT Midstream had a net margin of 41.19% and a return on equity of 9.31%. During the same period in the prior year, the business posted $0.94 EPS. Research analysts forecast that DT Midstream will post 3.84 EPS for the current fiscal year.

DT Midstream Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Monday, December 16th will be given a $0.735 dividend. This represents a $2.94 annualized dividend and a dividend yield of 2.96%. The ex-dividend date of this dividend is Monday, December 16th. DT Midstream’s dividend payout ratio (DPR) is 71.53%.

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.