Dt Midstream, Inc. (DTM)
NYSE:DTM
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DT Midstream
(NYSE:DTM)
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Rating:80Outperform
Price Target:
$166.00
â–²(23.66% Upside)
Action:Reiterated
Date:05/08/26
Score is driven primarily by strong financial performance (high margins and strong recent free cash flow) and supportive technical momentum (price above major moving averages with positive MACD). Earnings-call commentary reinforces the growth/backlog narrative, while the main offsets are a comparatively high P/E and identified risks around cash-flow variability and project/seasonality execution.
Positive Factors
High margins & cash generation
DT Midstream's very high TTM net margins (~36%) and strong free cash flow (~$727M, +16.7% TTM) indicate durable cash generation. This supports sustainable dividend growth, funds organic project capex, and provides internal financing for backlog projects while insulating returns from short commodity swings.
Negative Factors
Execution & FID risk
Key growth projects remain contingent on customer FIDs and regulatory approvals. Delays or adverse permitting outcomes can push timelines, increase development costs, and defer contracted revenue, creating execution risk that can materially affect multi-year growth and ROI assumptions.
Read all positive and negative factors
Positive Factors
Negative Factors
High margins & cash generation
DT Midstream's very high TTM net margins (~36%) and strong free cash flow (~$727M, +16.7% TTM) indicate durable cash generation. This supports sustainable dividend growth, funds organic project capex, and provides internal financing for backlog projects while insulating returns from short commodity swings.
Read all positive factors
DT Midstream (DTM) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$15.18B
Dividend Yield2.7%
Average Volume (3M)813.37K
Price to Earnings (P/E)26.4
Beta (1Y)0.53
Revenue Growth22.22%
EPS Growth23.30%
CountryUS
Employees556
SectorEnergy
Sector Strength52
IndustryOil & Gas Midstream
Share Statistics
EPS (TTM)4.55
Shares Outstanding102,014,114
10 Day Avg. Volume648,493
30 Day Avg. Volume813,373
Financial Highlights & Ratios
PEG Ratio1.19
Price to Book (P/B)2.57
Price to Sales (P/S)9.78
P/FCF Ratio24.82
Enterprise Value/Market Cap1.21
Enterprise Value/Revenue14.42
Enterprise Value/Gross Profit24.83
Enterprise Value/Ebitda18.09
Forecast
1Y Price Target
$154.85Price Target Upside15.35% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering12
EPS Forecast (FY)4.77
Revenue Forecast (FY)$1.33B
DT Midstream Business Overview & Revenue Model
Company Description
DT Midstream, Inc. provides integrated natural gas services in the United States. The company operates through two segments, Pipeline and Gathering. It develops, owns, and operates an integrated portfolio of interstate pipelines, intrastate pipeli...
How the Company Makes Money
DT Midstream makes money by charging fees under contracts for midstream services across its asset base, with revenue largely tied to contracted volumes and capacity rather than directly to commodity prices. Key revenue streams typically include: (...
DT Midstream Earnings Call Summary
Earnings Call Date:Apr 30, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 04, 2026
Earnings Call Sentiment Positive
The call conveyed a strongly constructive growth story: multiple approved projects, oversubscribed open seasons, higher sequential adjusted EBITDA, high asset utilization (LEAP full), and a robust balance sheet supporting elevated investment plans. Offsetting risks included seasonal Q1 strength that may not repeat, project dependencies on FIDs and regulatory approvals, and competitive and producer/price risks in the basins. Overall, the positive project momentum, commercial wins, and financial strength outweigh the execution and seasonality risks.Positive Updates
Adjusted EBITDA Growth
Delivered adjusted EBITDA of $308 million in Q1 2026, representing a $15 million increase versus the prior quarter (approximately +5.1%), driven by stronger Pipeline segment performance and seasonal demand.
Negative Updates
Q1 Strength May Be Non-Recurring (Seasonality & Volatility)
Management noted Q1 was unusually strong due to a cold winter and extreme price volatility that drove unprecedented utilization; expects Q2 to be lower than Q1 because of seasonality across interstate pipelines, a rate step-down on Guardian, and planned seasonal maintenance.
Read all updates
Q1-2026 Updates
Positive
Negative
Adjusted EBITDA Growth
Delivered adjusted EBITDA of $308 million in Q1 2026, representing a $15 million increase versus the prior quarter (approximately +5.1%), driven by stronger Pipeline segment performance and seasonal demand.
Read all positive updates
Company Guidance
DT Midstream reaffirmed its 2026 adjusted EBITDA guidance range and its early 2027 adjusted EBITDA outlook while reporting a strong Q1: adjusted EBITDA of $308 million (up $15 million sequentially), Pipeline segment +$14M and Gathering +$1M; Q1 growth capex was $72 million and management raised committed capital to ~ $400 million in 2026 and ~$440 million in 2027. The company cited a $3.4 billion project backlog and approved DTM investment of $80–100 million for the Vector 2028 expansion (≈+400 MMcf/d, in service Q4 2028) and Millennium R2R (70 MMcf/d, in service Q1 2027), plus a planned lateral to serve a 900‑MW power plant (~265 MMcf/d under a 20‑year demand contract, FID expected 2026, in service H1 2028); it also commercialized a 250 MMcf/d NEXUS interconnect, recontracted ~30% of Midwestern capacity (terms 5–25 years), reported Midwestern open‑season interest oversubscribed up to 1.5 Bcf/d and Vector interest of 300–500 MMcf/d, noted LEAP is running at its 2.1 Bcf/d design (expandable to 4.0 Bcf/d) with Haynesville volumes averaging 2.09 Bcf/d and Northeast gathering averaging 1.42 Bcf/d, and the Board approved a Q1 dividend of $0.88/share (unchanged) with a commitment to grow the dividend in line with adjusted EBITDA.DT Midstream Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
72
Positive
Cash Flow
83
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.28B | 1.24B | 981.00M | 922.00M | 920.00M | 840.00M |
| Gross Profit | 741.00M | 914.00M | 528.00M | 495.00M | 483.00M | 443.00M |
| EBITDA | 1.02B | 1.03B | 884.00M | 850.00M | 808.00M | 718.00M |
| Net Income | 463.00M | 441.00M | 354.00M | 384.00M | 370.00M | 307.00M |
Balance Sheet | ||||||
| Total Assets | 10.15B | 10.35B | 9.94B | 8.98B | 8.83B | 8.17B |
| Cash, Cash Equivalents and Short-Term Investments | 150.00M | 54.00M | 68.00M | 56.00M | 61.00M | 132.00M |
| Total Debt | 3.37B | 3.40B | 3.52B | 3.27B | 3.42B | 3.08B |
| Total Liabilities | 5.26B | 5.47B | 5.17B | 4.70B | 4.68B | 4.14B |
| Stockholders Equity | 4.75B | 4.74B | 4.63B | 4.14B | 4.01B | 3.87B |
Cash Flow | ||||||
| Free Cash Flow | 664.00M | 490.00M | 413.00M | 26.00M | 387.00M | 432.00M |
| Operating Cash Flow | 945.00M | 916.00M | 763.00M | 798.00M | 725.00M | 572.00M |
| Investing Cash Flow | -428.00M | -414.00M | -1.08B | -351.00M | -854.00M | 123.00M |
| Financing Cash Flow | -450.00M | -516.00M | 330.00M | -452.00M | 58.00M | -605.00M |
DT Midstream Technical Analysis
Positive
134.24
Price Trends
138.40
Positive
132.75
Positive
121.04
Positive
Market Momentum
3.39
Negative
66.41
Neutral
85.40
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DTM, the sentiment is Positive. The current price of 134.24 is below the 20-day moving average (MA) of 144.07, below the 50-day MA of 138.40, and above the 200-day MA of 121.04, indicating a bullish trend. The MACD of 3.39 indicates Negative momentum. The RSI at 66.41 is Neutral, neither overbought nor oversold. The STOCH value of 85.40 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for DTM.
DT Midstream Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | $15.18B | 26.36 | 9.82% | 2.70% | 22.22% | 23.30% | |
80 Outperform | $18.57B | 12.00 | 34.98% | 9.13% | 11.43% | -8.64% | |
76 Outperform | $8.37B | 14.33 | 64.33% | 8.45% | 7.06% | 13.61% | |
73 Outperform | $10.58B | 22.84 | 20.38% | 4.98% | 8.14% | -0.91% | |
70 Outperform | $16.35B | 25.93 | 11.77% | 8.54% | -9.94% | 43.70% | |
66 Neutral | $18.95B | 60.09 | 14.67% | 8.03% | -9.94% | 34.19% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% |
* Energy Sector Average
DTM
DT Midstream
148.76
49.18
49.39%
PAA
Plains All American
23.33
8.00
52.23%
WES
Western Midstream Partners
46.02
10.86
30.87%
PAGP
Plains GP Holdings
25.12
8.70
53.00%
AM
Antero Midstream
22.08
4.38
24.75%
HESM
Hess Midstream Partners
40.05
4.97
14.18%
DT Midstream Corporate Events
Executive/Board ChangesShareholder Meetings
DT Midstream Shareholders Reelect Board and Approve Pay
Positive
May 7, 2026
At DT Midstream’s annual meeting held on May 5, 2026, shareholders elected all seven director nominees, including CEO David Slater and chair Robert Skaggs Jr., to one-year terms expiring in 2027, signaling broad investor support for the curr...
Business Operations and StrategyDividendsFinancial Disclosures
DT Midstream Posts Strong Q1 2026 Results, Raises Dividend
Positive
Apr 30, 2026
On April 30, 2026, DT Midstream reported strong first-quarter 2026 results, posting reported net income and Operating Earnings of $130 million, or $1.27 per diluted share, and Adjusted EBITDA of $308 million. The Board also declared a quarterly di...
Business Operations and StrategyDividendsFinancial Disclosures
DT Midstream Posts Record 2025 Results, Hikes Dividend
Positive
Feb 19, 2026
DT Midstream on Feb. 19, 2026 reported record 2025 results, with full-year net income of $441 million, or $4.30 per diluted share, and Adjusted EBITDA of $1.138 billion, up 17% from 2024. Fourth-quarter 2025 net income and Operating Earnings were ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.