DT Midstream, Inc. (NYSE:DTM) Increases Dividend to $0.82 Per Share

DT Midstream, Inc. (NYSE:DTM) announced a quarterly dividend on Wednesday, February 26th, Wall Street Journal reports. Shareholders of record on Monday, March 17th will be given a dividend of 0.82 per share on Tuesday, April 15th. This represents a $3.28 dividend on an annualized basis and a yield of 3.42%. The ex-dividend date of this dividend is Monday, March 17th. This is a 11.6% increase from DT Midstream’s previous quarterly dividend of $0.74.

DT Midstream has raised its dividend payment by an average of 34.8% per year over the last three years. DT Midstream has a dividend payout ratio of 65.0% meaning its dividend is sufficiently covered by earnings. Research analysts expect DT Midstream to earn $4.43 per share next year, which means the company should continue to be able to cover its $3.28 annual dividend with an expected future payout ratio of 74.0%.

DT Midstream Price Performance

NYSE DTM opened at $96.02 on Friday. DT Midstream has a 12 month low of $57.16 and a 12 month high of $114.50. The stock has a market cap of $9.73 billion, a price-to-earnings ratio of 23.36 and a beta of 0.80. The company’s 50 day moving average is $100.78 and its two-hundred day moving average is $94.27. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.61.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the stock. Citigroup upgraded shares of DT Midstream from a “neutral” rating to a “buy” rating and raised their target price for the stock from $90.00 to $115.00 in a research note on Thursday, November 21st. JPMorgan Chase & Co. lifted their price objective on shares of DT Midstream from $109.00 to $115.00 and gave the company a “neutral” rating in a research report on Friday, January 24th. Wells Fargo & Company reduced their price target on shares of DT Midstream from $118.00 to $108.00 and set an “overweight” rating on the stock in a research report on Friday, February 28th. Stifel Nicolaus reduced their price target on shares of DT Midstream from $106.00 to $102.00 and set a “buy” rating on the stock in a research report on Thursday, February 27th. Finally, Barclays started coverage on shares of DT Midstream in a research report on Friday, January 10th. They issued an “equal weight” rating and a $112.00 price target on the stock. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $102.00.

Insiders Place Their Bets

In other news, Director Robert C. Skaggs, Jr. acquired 1,000 shares of the company’s stock in a transaction on Monday, March 10th. The stock was bought at an average cost 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 of the company’s stock, valued at $3,359,718.76. This represents a 2.66 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders bought 1,170 shares of company stock valued at $103,357 over the last three months. 0.04% of the stock is owned by company insiders.

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.