Wells Fargo & Company Forecasts Strong Price Appreciation for DT Midstream (NYSE:DTM) Stock

DT Midstream (NYSE:DTM) had its target price lifted by Wells Fargo & Company from $150.00 to $165.00 in a report issued on Friday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective would suggest a potential upside of 20.80% from the company’s current price.

Several other equities analysts have also commented on DTM. Weiss Ratings reaffirmed a “buy (b)” rating on shares of DT Midstream in a research report on Wednesday, January 21st. UBS Group lifted their price target on shares of DT Midstream from $128.00 to $152.00 and gave the company a “buy” rating in a report on Friday, February 20th. Citigroup boosted their price objective on shares of DT Midstream from $130.00 to $156.00 and gave the company a “buy” rating in a research note on Tuesday, February 24th. JPMorgan Chase & Co. upped their price objective on DT Midstream from $126.00 to $142.00 and gave the stock a “neutral” rating in a report on Thursday, March 5th. Finally, Jefferies Financial Group set a $148.00 target price on DT Midstream and gave the stock a “buy” rating in a research report on Friday, February 20th. Six investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, DT Midstream has a consensus rating of “Hold” and an average target price of $141.00.

DT Midstream Trading Up 0.7%

DTM traded up $0.96 during midday trading on Friday, hitting $136.60. The company’s stock had a trading volume of 102,835 shares, compared to its average volume of 777,531. DT Midstream has a 52-week low of $83.30 and a 52-week high of $143.67. The firm has a 50-day moving average price of $128.83 and a two-hundred day moving average price of $118.31. 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 market cap of $13.89 billion, a P/E ratio of 31.75, a PEG ratio of 2.86 and a beta of 0.75.

DT Midstream (NYSE:DTM) last announced its quarterly earnings data on Thursday, February 19th. The company reported $1.08 earnings per share 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 company had revenue of $317.00 million for the quarter, compared to analysts’ expectations of $320.07 million. During the same quarter in the previous year, the company earned $0.94 earnings per share. On average, research analysts anticipate that DT Midstream will post 3.8 earnings per share for the current year.

Insiders Place Their Bets

In other DT Midstream news, CFO Jeffrey A. Jewell purchased 185 shares of the firm’s stock in a transaction that occurred on Wednesday, February 25th. The stock was purchased at an average cost of $136.33 per share, with a total value of $25,221.05. Following the transaction, the chief financial officer owned 89,583 shares in the company, valued at approximately $12,212,850.39. This trade represents a 0.21% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.34% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. 59 North Capital Management LP purchased a new stake in shares of DT Midstream in the second quarter worth about $226,757,000. Norges Bank purchased a new stake in shares of DT Midstream during the 2nd quarter valued at about $143,743,000. Merewether Investment Management LP raised its holdings in shares of DT Midstream by 192.4% during the 3rd quarter. Merewether Investment Management LP now owns 1,000,600 shares of the company’s stock valued at $113,128,000 after buying an additional 658,400 shares during the period. CIBC Bancorp USA Inc. acquired a new position in DT Midstream during the 3rd quarter worth approximately $43,347,000. Finally, Holocene Advisors LP lifted its position in DT Midstream by 117.7% during the 3rd quarter. Holocene Advisors LP now owns 554,059 shares of the company’s stock worth $62,642,000 after acquiring an additional 299,609 shares in the last quarter. Institutional investors and hedge funds own 81.53% of the company’s stock.

DT Midstream Company 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.