Jennison Associates LLC Reduces Stock Holdings in DT Midstream, Inc. (NYSE:DTM)

Jennison Associates LLC lowered its position in DT Midstream, Inc. (NYSE:DTM) by 56.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 101,404 shares of the company’s stock after selling 129,885 shares during the quarter. Jennison Associates LLC’s holdings in DT Midstream were worth $5,557,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Deutsche Bank AG boosted its stake in shares of DT Midstream by 1,176.7% during the third quarter. Deutsche Bank AG now owns 867,145 shares of the company’s stock valued at $45,889,000 after acquiring an additional 799,224 shares during the last quarter. Eagle Global Advisors LLC acquired a new stake in shares of DT Midstream during the third quarter valued at $8,590,000. Envestnet Asset Management Inc. boosted its stake in shares of DT Midstream by 186.3% during the third quarter. Envestnet Asset Management Inc. now owns 157,152 shares of the company’s stock valued at $8,316,000 after acquiring an additional 102,255 shares during the last quarter. Covalis Capital LLP acquired a new stake in shares of DT Midstream during the third quarter valued at $5,077,000. Finally, Comerica Bank boosted its stake in shares of DT Midstream by 11,073.2% during the third quarter. Comerica Bank now owns 86,257 shares of the company’s stock valued at $4,565,000 after acquiring an additional 85,485 shares during the last quarter. Hedge funds and other institutional investors own 81.53% of the company’s stock.

DT Midstream Stock Performance

NYSE DTM opened at $64.06 on Friday. The firm has a market capitalization of $6.22 billion, a P/E ratio of 16.22 and a beta of 0.73. DT Midstream, Inc. has a 1-year low of $45.10 and a 1-year high of $64.69. The company has a debt-to-equity ratio of 0.72, a current ratio of 0.63 and a quick ratio of 0.63. The business’s 50-day simple moving average is $60.05 and its 200-day simple moving average is $56.56.

DT Midstream (NYSE:DTM) last released its quarterly earnings data on Friday, February 16th. The company reported $1.24 earnings per share for the quarter, beating the consensus estimate of $0.92 by $0.32. The business had revenue of $244.00 million for the quarter, compared to analyst estimates of $235.19 million. DT Midstream had a return on equity of 9.11% and a net margin of 41.65%. During the same period in the previous year, the company posted $0.93 EPS. Equities analysts predict that DT Midstream, Inc. will post 3.95 EPS for the current year.

DT Midstream Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Monday, March 18th were issued a dividend of $0.735 per share. This is an increase from DT Midstream’s previous quarterly dividend of $0.69. This represents a $2.94 annualized dividend and a dividend yield of 4.59%. The ex-dividend date was Friday, March 15th. DT Midstream’s dividend payout ratio (DPR) is presently 74.43%.

Insider Activity at DT Midstream

In related news, Director Robert C. Skaggs, Jr. bought 1,000 shares of the company’s stock in a transaction that occurred on Monday, February 26th. The shares were acquired at an average cost of $56.87 per share, for a total transaction of $56,870.00. Following the acquisition, the director now owns 37,289 shares in the company, valued at approximately $2,120,625.43. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.04% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently commented on the company. Mizuho reaffirmed a “neutral” rating and set a $57.00 price objective (down previously from $58.00) on shares of DT Midstream in a research note on Friday, January 5th. Wolfe Research raised DT Midstream from an “underperform” rating to a “peer perform” rating in a research note on Tuesday, February 20th. Finally, Barclays raised their price target on DT Midstream from $59.00 to $66.00 and gave the stock an “overweight” rating in a research note on Friday, April 5th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $58.50.

DT Midstream Profile

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.