CIBC Bancorp USA Inc. Makes New $43.35 Million Investment in DT Midstream, Inc. $DTM

CIBC Bancorp USA Inc. purchased a new position in shares of DT Midstream, Inc. (NYSE:DTM) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 383,396 shares of the company’s stock, valued at approximately $43,347,000.

Other hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in shares of DT Midstream by 1.6% in the 2nd quarter. Vanguard Group Inc. now owns 11,351,778 shares of the company’s stock valued at $1,247,674,000 after purchasing an additional 176,813 shares in the last quarter. 59 North Capital Management LP raised its position in 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 worth $347,556,000 after purchasing an additional 1,010,965 shares during the period. Dimensional Fund Advisors LP lifted its stake in DT Midstream by 3.9% in the third 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 last quarter. Invesco Ltd. boosted its position in DT Midstream by 15.4% during the second quarter. Invesco Ltd. now owns 1,664,052 shares of the company’s stock valued at $182,896,000 after buying an additional 222,586 shares during the period. Finally, Norges Bank purchased a new stake in DT Midstream during the second quarter valued at about $143,743,000. 81.53% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on DTM shares. Morgan Stanley lifted their price objective on DT Midstream from $137.00 to $139.00 and gave the stock an “underweight” rating in a report on Tuesday, February 10th. Citigroup increased their target price on DT Midstream from $130.00 to $156.00 and gave the company a “buy” rating in a report on Tuesday, February 24th. Mizuho raised their price target on DT Midstream from $108.00 to $129.00 and gave the stock a “neutral” rating in a research report on Tuesday, February 17th. 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. Finally, JPMorgan Chase & Co. increased their price objective on DT Midstream from $126.00 to $142.00 and gave the company a “neutral” rating in a research note on Thursday, March 5th. Six research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $141.00.

Insider Buying and Selling at DT Midstream

In other DT Midstream news, CFO Jeffrey A. Jewell bought 185 shares of DT Midstream stock in a transaction dated Wednesday, February 25th. The shares were purchased at an average cost of $136.33 per share, with a total value of $25,221.05. Following the completion of the purchase, the chief financial officer owned 89,583 shares of the company’s stock, valued at approximately $12,212,850.39. This represents a 0.21% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.34% of the company’s stock.

DT Midstream Stock Performance

Shares of NYSE:DTM opened at $136.01 on Wednesday. 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 company has a 50-day moving average price of $129.87 and a 200-day moving average price of $119.25. The company has a market cap of $13.83 billion, a price-to-earnings ratio of 31.56, a price-to-earnings-growth ratio of 2.82 and a beta of 0.75. DT Midstream, Inc. has a 12 month low of $83.30 and a 12 month high of $143.67.

DT Midstream (NYSE:DTM) last posted its earnings results on Thursday, February 19th. The company reported $1.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.11 by ($0.03). DT Midstream had a return on equity of 9.13% and a net margin of 35.48%.The business had revenue of $317.00 million during the quarter, compared to the consensus estimate of $320.07 million. During the same period in the previous year, the business earned $0.94 earnings per share. As a group, equities analysts anticipate that DT Midstream, Inc. will post 3.8 EPS for the current year.

DT Midstream Increases Dividend

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

About DT Midstream

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.