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DT Midstream
(NYSE:DTM)
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Rating:69Neutral
Price Target:
$149.00
â–²(12.42% Upside)
Action:Downgraded
Date:08/19/26
The score is driven primarily by strong underlying profitability and cash generation, reinforced by a constructive earnings call with reaffirmed guidance and meaningful project/backlog progress. These positives are tempered by weaker near-term technical momentum and a relatively high P/E, which together limit upside confidence despite the supportive dividend.
Positive Factors
Contracted Organic Growth
Backlog conversion and pipeline-heavy commitments provide durable visibility into future capacity and fee-based revenue. New FIDs and expansions should extend growth across Haynesville, Appalachia and major transmission corridors.
Negative Factors
Leverage and Balance Sheet Transparency
Meaningful leverage can constrain flexibility during heavy construction cycles or weaker volumes. Inconsistent TTM balance-sheet data also limits confidence in current debt levels, making credit capacity and capital allocation harder to assess.
Read all positive and negative factors
Positive Factors
Negative Factors
Contracted Organic Growth
Backlog conversion and pipeline-heavy commitments provide durable visibility into future capacity and fee-based revenue. New FIDs and expansions should extend growth across Haynesville, Appalachia and major transmission corridors.
Read all positive factors
DT Midstream (DTM) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$13.12B
Dividend Yield2.63%
Average Volume (3M)1.00M
Price to Earnings (P/E)28.2
Beta (1Y)0.44
Revenue Growth18.12%
EPS Growth22.38%
CountryUS
Employees588
SectorEnergy
Sector Strength52
IndustryOil & Gas Midstream
Share Statistics
EPS (TTM)4.60
Shares Outstanding102,015,300
10 Day Avg. Volume1,106,509
30 Day Avg. Volume1,001,312
Financial Highlights & Ratios
PEG Ratio1.16
Price to Book (P/B)2.57
Price to Sales (P/S)9.78
P/FCF Ratio27.57
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$155.45Price Target Upside17.29% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering11
EPS Forecast (FY)4.73
Revenue Forecast (FY)$1.34B
DT Midstream Business Overview & Revenue Model
Company Description
DT Midstream, Inc. is a U.S.-based company offering a comprehensive suite of natural gas infrastructure and related services. The organization's operations are divided into two primary divisions: Pipeline and Gathering. It is responsible for the d...
How the Company Makes Money
DT Midstream primarily makes money by charging fees for midstream services that move and condition natural gas between producers and end markets. Key revenue streams typically include: (1) Gathering: collecting natural gas from wellheads through g...
DT Midstream Earnings Call Summary
Earnings Call Date:Jul 30, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 29, 2026
Earnings Call Sentiment Positive
The call conveyed positive commercial momentum: record Haynesville throughput, FIDs on ~$300 million of projects, strong backlog commercialization (60% of $3.4B) and reaffirmed guidance. Financials were largely stable (adjusted EBITDA $305M, down only ~$3M QoQ) and the balance sheet/credit posture improved. Near-term headwinds include seasonal maintenance, timing-driven lower Northeast volumes, and multi-year uncertainty on large interstate projects (MIST/G4) due to regulatory and commercialization timelines. Overall, the positives (commercial wins, record volumes, project milestones, healthy balance sheet and guidance reaffirmation) outweigh the modest near-term operational and timing challenges.Positive Updates
Backlog Commercialization Progress
Commercialized 60% of a $3.4 billion organic project backlog, with more than 80% of the commercialized backlog committed to pipeline projects, demonstrating strong conversion of demand into contracted growth.
Negative Updates
Quarterly Earnings Slightly Lower
Adjusted EBITDA decreased by $3 million versus the prior quarter (from ~$308 million to $305 million, roughly a 1% decline). Pipeline segment results were $14 million lower QoQ driven by seasonally lower revenues from joint venture pipelines (partially offset by higher revenue on Stonewall).
Read all updates
Q2-2026 Updates
Positive
Negative
Backlog Commercialization Progress
Commercialized 60% of a $3.4 billion organic project backlog, with more than 80% of the commercialized backlog committed to pipeline projects, demonstrating strong conversion of demand into contracted growth.
Read all positive updates
Company Guidance
Management reaffirmed its 2026 adjusted EBITDA guidance range and its early 2027 adjusted EBITDA outlook while reporting Q2 adjusted EBITDA of $305 million (down $3 million sequentially), with Pipeline EBITDA $14 million lower and Gathering EBITDA $11 million higher versus Q1; growth capital was $86 million in Q2 with a ramp expected the rest of the year, and the new FIDs (~$300 million) increase committed capital to ~ $425 million in 2026 and ~ $560 million in 2027; the company has commercialized 60% of a $3.4 billion organic backlog ( >80% pipeline projects); operationally Haynesville averaged a record 2.2 Bcf/d and Northeast 1.38 Bcf/d (Haynesville volumes expected Q3 in line with Q2; Northeast lower), LEAP expands by 200 MMcf/d to 2.3 Bcf/d (in service H2 2028), NEXUS mainline capacity is ~1.4 Bcf/d and effectively fully contracted (new 380 MMcf/d interconnect and >0.5 Bcf/d of new mainline demand), Appalachia gathering growth is 100 MMcf/d (in service Q4 2027), Viking modernization targeted Q4 2028, Guardian G3 FERC 7(c) filed, the board approved a Q2 dividend of $0.88/share (unchanged, with commitment to grow with adjusted EBITDA), and the balance sheet remains strong with Moody’s raising its proportionate leverage downgrade threshold to 4.25x (from 4.0x) and Fitch to 4.5x (from 4.0x); management expects Q3 to be in line with full-year guidance but down from the strong Q2 due to maintenance and seasonal producer timing.DT Midstream Financial Statement Overview
Summary
Income Statement
84
Very Positive
Balance Sheet
66
Positive
Cash Flow
80
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.31B | 1.24B | 981.00M | 922.00M | 920.00M | 840.00M |
| Gross Profit | 828.00M | 914.00M | 528.00M | 495.00M | 483.00M | 443.00M |
| EBITDA | 1.09B | 1.03B | 884.00M | 850.00M | 808.00M | 718.00M |
| Net Income | 468.00M | 441.00M | 354.00M | 384.00M | 370.00M | 307.00M |
Balance Sheet | ||||||
| Total Assets | 10.21B | 10.08B | 9.94B | 8.98B | 8.83B | 8.17B |
| Cash, Cash Equivalents and Short-Term Investments | 172.00M | 54.00M | 68.00M | 56.00M | 61.00M | 132.00M |
| Total Debt | 3.37B | 3.37B | 3.52B | 3.27B | 3.42B | 3.08B |
| Total Liabilities | 5.29B | 5.20B | 5.17B | 4.70B | 4.68B | 4.14B |
| Stockholders Equity | 4.78B | 4.74B | 4.63B | 4.14B | 4.01B | 3.87B |
Cash Flow | ||||||
| Free Cash Flow | 480.00M | 441.00M | 413.00M | 26.00M | 387.00M | 432.00M |
| Operating Cash Flow | 937.00M | 867.00M | 763.00M | 798.00M | 725.00M | 572.00M |
| Investing Cash Flow | -420.00M | -372.00M | -1.08B | -351.00M | -854.00M | 123.00M |
| Financing Cash Flow | -419.00M | -509.00M | 330.00M | -452.00M | 58.00M | -605.00M |
DT Midstream Technical Analysis
Negative
132.54
Price Trends
138.06
Negative
139.84
Negative
132.82
Negative
Market Momentum
-2.37
Negative
42.42
Neutral
49.77
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DTM, the sentiment is Negative. The current price of 132.54 is above the 20-day moving average (MA) of 131.55, below the 50-day MA of 138.06, and below the 200-day MA of 132.82, indicating a bearish trend. The MACD of -2.37 indicates Negative momentum. The RSI at 42.42 is Neutral, neither overbought nor oversold. The STOCH value of 49.77 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
81 Outperform | $20.32B | 15.43 | 34.12% | 7.71% | 18.00% | -2.36% | |
75 Outperform | $8.22B | 13.76 | 69.02% | 7.47% | 2.78% | 7.61% | |
74 Outperform | $18.01B | 7.12 | 27.46% | 6.48% | 9.00% | 299.23% | |
74 Outperform | $10.66B | 26.90 | 20.19% | 3.96% | 7.19% | -11.58% | |
69 Neutral | $13.12B | 28.16 | 9.87% | 2.33% | 18.12% | 22.38% | |
69 Neutral | $21.09B | 9.96 | 39.97% | 6.03% | 9.00% | 307.04% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% |
* Energy Sector Average
DTM
DT Midstream
129.52
27.06
26.42%
PAA
Plains All American
25.70
9.79
61.56%
WES
Western Midstream Partners
49.54
14.69
42.14%
PAGP
Plains GP Holdings
27.89
10.80
63.20%
AM
Antero Midstream
22.60
5.16
29.56%
HESM
Hess Midstream Partners
39.91
2.46
6.57%
DT Midstream Corporate Events
Business Operations and StrategyDividendsFinancial Disclosures
DT Midstream Reports Strong Q2 Results, Reaffirms Guidance
Positive
Jul 30, 2026
DT Midstream reported strong second-quarter 2026 results on July 30, 2026, posting reported net income and Operating Earnings of $112 million, or $1.09 per diluted share, alongside Adjusted EBITDA of $305 million. The company reaffirmed its 2026 A...
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.