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

DT Midstream, Inc. (NYSE:DTMGet Rating) was the target of a large decline in short interest in October. As of October 31st, there was short interest totalling 2,310,000 shares, a decline of 6.9% from the October 15th total of 2,480,000 shares. Based on an average daily volume of 531,400 shares, the short-interest ratio is currently 4.3 days. Currently, 2.4% of the company’s stock are sold short.

DT Midstream Stock Up 0.8 %

Shares of DT Midstream stock traded up $0.46 on Friday, reaching $58.57. 2,943 shares of the company were exchanged, compared to its average volume of 515,131. DT Midstream has a one year low of $44.70 and a one year high of $61.12. The company has a market capitalization of $5.67 billion, a price-to-earnings ratio of 15.21 and a beta of 0.88. The company has a current ratio of 2.14, a quick ratio of 2.14 and a debt-to-equity ratio of 0.74. The company has a 50-day moving average of $56.27 and a 200 day moving average of $54.68.

DT Midstream (NYSE:DTMGet Rating) last posted its earnings results on Friday, October 28th. The company reported $0.90 earnings per share for the quarter, topping analysts’ consensus estimates of $0.86 by $0.04. The business had revenue of $235.00 million for the quarter, compared to analyst estimates of $230.73 million. DT Midstream had a return on equity of 8.24% and a net margin of 41.33%. On average, equities research analysts forecast that DT Midstream will post 3.45 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts have commented on DTM shares. Morgan Stanley boosted their target price on DT Midstream from $60.00 to $64.00 and gave the company an “underweight” rating in a research note on Wednesday, October 19th. Mizuho cut DT Midstream from a “buy” rating to a “neutral” rating and cut their target price for the company from $67.00 to $62.00 in a research note on Monday, October 31st. Wolfe Research cut DT Midstream from an “outperform” rating to a “peer perform” rating in a research note on Wednesday. Finally, Barclays boosted their target price on DT Midstream from $63.00 to $67.00 and gave the company an “overweight” rating in a research note on Monday, October 31st. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, DT Midstream currently has a consensus rating of “Hold” and a consensus target price of $61.17.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Van ECK Associates Corp increased its holdings in shares of DT Midstream by 3.3% during the 1st quarter. Van ECK Associates Corp now owns 23,192 shares of the company’s stock worth $1,258,000 after acquiring an additional 741 shares during the last quarter. Aaron Wealth Advisors LLC acquired a new position in DT Midstream in the 1st quarter valued at $1,476,000. Strs Ohio acquired a new position in DT Midstream in the 2nd quarter valued at $2,114,000. Venture Visionary Partners LLC acquired a new position in DT Midstream in the 2nd quarter valued at $94,000. Finally, Baird Financial Group Inc. grew its holdings in DT Midstream by 5.5% in the 2nd quarter. Baird Financial Group Inc. now owns 36,617 shares of the company’s stock valued at $1,795,000 after buying an additional 1,920 shares in the last quarter. 77.66% of the stock is owned by institutional investors and hedge funds.

About DT Midstream

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DT Midstream, Inc provides integrated natural gas services in the United States. The company operates through two segments, Pipeline and Gathering. It develops, owns, and operates an integrated portfolio of interstate pipelines, intrastate pipelines, storage systems, lateral pipelines, gathering systems, related treatment plants, and compression and surface facilities.

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