Norges Bank Invests $119.52 Million in DT Midstream, Inc. (NYSE:DTM)

Norges Bank acquired a new position in DT Midstream, Inc. (NYSE:DTM) during the fourth quarter, HoldingsChannel.com reports. The fund acquired 1,202,052 shares of the company’s stock, valued at approximately $119,520,000.

Other large investors have also added to or reduced their stakes in the company. FMR LLC lifted its position in DT Midstream by 1,476.9% during the 3rd quarter. FMR LLC now owns 805,950 shares of the company’s stock worth $63,396,000 after buying an additional 754,839 shares in the last quarter. Brookfield Corp ON raised its holdings in DT Midstream by 171.3% during the third quarter. Brookfield Corp ON now owns 1,038,501 shares of the company’s stock worth $81,689,000 after acquiring an additional 655,695 shares in the last quarter. Vanguard Group Inc. boosted its position in DT Midstream by 3.5% during the fourth quarter. Vanguard Group Inc. now owns 10,553,782 shares of the company’s stock valued at $1,049,363,000 after purchasing an additional 359,017 shares during the last quarter. Bahl & Gaynor Inc. bought a new position in DT Midstream in the fourth quarter valued at approximately $21,475,000. Finally, State Street Corp increased its position in shares of DT Midstream by 6.4% during the 3rd quarter. State Street Corp now owns 3,385,579 shares of the company’s stock worth $268,757,000 after purchasing an additional 202,447 shares during the last quarter. Institutional investors and hedge funds own 81.53% of the company’s stock.

Insiders Place Their Bets

In other DT Midstream news, Director Robert C. Skaggs, Jr. bought 1,000 shares of the stock in a transaction dated Monday, March 10th. The shares were bought at an average cost of $86.92 per share, with a total value of $86,920.00. Following the completion of the acquisition, the director now owns 38,653 shares of the company’s stock, valued at $3,359,718.76. This trade represents a 2.66 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Insiders acquired 1,170 shares of company stock worth $103,357 in the last quarter. 0.04% of the stock is currently owned by corporate insiders.

DT Midstream Stock Performance

Shares of NYSE DTM opened at $96.51 on Tuesday. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.95 and a quick ratio of 0.95. The firm has a market cap of $9.80 billion, a price-to-earnings ratio of 23.48 and a beta of 0.80. The stock’s fifty day moving average price is $98.71 and its two-hundred day moving average price is $96.20. DT Midstream, Inc. has a one year low of $60.54 and a one year high of $114.50.

DT Midstream Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 17th will be given a dividend of $0.82 per share. This represents a $3.28 dividend on an annualized basis and a yield of 3.40%. This is a positive change from DT Midstream’s previous quarterly dividend of $0.74. The ex-dividend date of this dividend is Monday, March 17th. DT Midstream’s dividend payout ratio (DPR) is currently 91.11%.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on DTM. Morgan Stanley raised their target price on shares of DT Midstream from $92.00 to $105.00 and gave the company an “underweight” rating in a research note on Tuesday, March 25th. Raymond James boosted their price objective on shares of DT Midstream from $110.00 to $115.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 28th. Barclays cut their target price on shares of DT Midstream from $112.00 to $107.00 and set an “equal weight” rating for the company in a research note on Friday, March 21st. Williams Trading set a $110.00 price target on DT Midstream in a research report on Monday, March 24th. Finally, Stifel Nicolaus cut their price objective on DT Midstream from $106.00 to $102.00 and set a “buy” rating for the company in a research report on Thursday, February 27th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $105.08.

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.