Exchange Traded Concepts LLC Sells 9,463 Shares of DT Midstream, Inc. $DTM

Exchange Traded Concepts LLC cut its holdings in shares of DT Midstream, Inc. (NYSE:DTM) by 9.3% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 92,732 shares of the company’s stock after selling 9,463 shares during the quarter. Exchange Traded Concepts LLC owned 0.09% of DT Midstream worth $11,098,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the business. 59 North Capital Management LP boosted its stake in shares of DT Midstream by 49.0% in the 3rd quarter. 59 North Capital Management LP now owns 3,074,081 shares of the company’s stock valued at $347,556,000 after purchasing an additional 1,010,965 shares in the last quarter. Dimensional Fund Advisors LP raised its position in DT Midstream by 3.9% in the 3rd quarter. Dimensional Fund Advisors LP now owns 2,668,447 shares of the company’s stock worth $301,695,000 after purchasing an additional 99,602 shares during the period. Invesco Ltd. lifted its stake in DT Midstream by 15.4% in the second quarter. Invesco Ltd. now owns 1,664,052 shares of the company’s stock worth $182,896,000 after purchasing an additional 222,586 shares during the last quarter. Norges Bank purchased a new stake in DT Midstream during the second quarter valued at about $143,743,000. Finally, Westwood Holdings Group Inc. grew its stake in shares of DT Midstream by 2.9% during the second quarter. Westwood Holdings Group Inc. now owns 1,086,517 shares of the company’s stock valued at $119,419,000 after buying an additional 30,175 shares during the last quarter. 81.53% of the stock is currently owned by institutional investors.

DT Midstream Stock Performance

DT Midstream stock opened at $135.21 on Monday. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.68. The firm has a 50-day moving average of $132.67 and a 200-day moving average of $121.00. The firm has a market cap of $13.79 billion, a P/E ratio of 31.37, a P/E/G ratio of 2.80 and a beta of 0.75. DT Midstream, Inc. has a 1-year low of $83.30 and a 1-year high of $143.67.

DT Midstream (NYSE:DTM) last announced its quarterly earnings results on Thursday, February 19th. The company reported $1.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.11 by ($0.03). The business had revenue of $317.00 million for the quarter, compared to analysts’ expectations of $320.07 million. DT Midstream had a net margin of 35.48% and a return on equity of 9.13%. During the same quarter in the prior year, the firm earned $0.94 EPS. Sell-side analysts expect that DT Midstream, Inc. will post 3.8 EPS for the current year.

DT Midstream Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Monday, March 16th will be paid a dividend of $0.88 per share. This represents a $3.52 annualized dividend and a dividend yield of 2.6%. This is a boost from DT Midstream’s previous quarterly dividend of $0.82. The ex-dividend date of this dividend is Monday, March 16th. DT Midstream’s payout ratio is presently 81.67%.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on DTM. UBS Group boosted their target price on DT Midstream from $128.00 to $152.00 and gave the company a “buy” rating in a research note on Friday, February 20th. Bank of America lifted their price target on DT Midstream from $118.00 to $132.00 and gave the stock a “buy” rating in a research note on Thursday, December 11th. Wells Fargo & Company boosted their price objective on DT Midstream from $150.00 to $165.00 and gave the company an “overweight” rating in a research report on Friday, March 13th. Stifel Nicolaus set a $137.00 price objective on DT Midstream and gave the company a “hold” rating in a research note on Monday, February 23rd. Finally, Jefferies Financial Group set a $148.00 target price on shares of DT Midstream and gave the stock a “buy” rating in a report on Friday, February 20th. Six equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $144.10.

Insider Activity

In other DT Midstream news, CFO Jeffrey A. Jewell bought 185 shares of the firm’s stock in a transaction that occurred on Wednesday, February 25th. The stock was bought at an average price of $136.33 per share, for a total transaction of $25,221.05. Following the completion of the acquisition, the chief financial officer directly owned 89,583 shares in the company, valued at $12,212,850.39. The trade was a 0.21% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.34% of the company’s stock.

DT Midstream Profile

DT Midstream Inc (NYSE: DTM) is a midstream energy company that owns and operates infrastructure for gathering, processing and treating hydrocarbons and produced water. Its core business activities encompass natural gas gathering, cryogenic processing, natural gas liquids (NGL) fractionation, and produced-water handling services. These integrated operations enable the company to capture and transport multiple hydrocarbon streams from wellhead to market and to provide essential water management solutions.

The company’s asset footprint is concentrated in the Delaware Basin in West Texas and southeastern New Mexico, where it serves a diverse range of exploration and production customers.