DT Midstream price target raised to $92 from $82 at Morgan Stanley
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Oct 25 2024
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Should l Buy DTM?
Price Target Adjustment: Morgan Stanley increased the price target for DT Midstream from $82 to $92 while maintaining an Underweight rating on the shares.
Market Outlook: The firm anticipates ongoing geopolitical uncertainty but notes that oil market fundamentals appear weak, predicting a global crude oil supply surplus of 1.3 MMBPD heading into 2025.
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Analyst Views on DTM
Wall Street analysts forecast DTM stock price to fall
7 Analyst Rating
4 Buy
2 Hold
1 Sell
Moderate Buy
Current: 144.580
Low
114.00
Averages
126.86
High
137.00
Current: 144.580
Low
114.00
Averages
126.86
High
137.00
About DTM
DT Midstream, Inc. is an owner, operator, and developer of natural gas interstate and intrastate pipelines, storage and gathering systems, compression, treatment, and surface facilities. The Company transports clean natural gas for utilities, power plants, marketers, large industrial customers, and energy producers. Its segments include Pipeline and Gathering. The Pipeline segment owns and operates interstate and intrastate natural gas pipelines, storage systems, and natural gas gathering lateral pipelines. It also has interests in equity method investees that own and operate interstate natural gas pipelines. The segment is engaged in the transportation and storage of natural gas for intermediate and end user customers. The Gathering segment owns and operates gas gathering systems. The segment is engaged in collecting natural gas from points at or near customers’ wells for delivery to plants for treating, to gathering pipelines for further gathering, or to pipelines for transportation.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
DT Midstream Q1 Earnings Exceed Expectations
- Strong Earnings Performance: DT Midstream reported a Q1 GAAP EPS of $1.27, beating expectations by $0.15, which demonstrates the company's robust profitability in the current market environment and enhances investor confidence.
- Solid Operating Earnings: Operating earnings reached $130 million, translating to $1.27 per diluted share, indicating effective management in cost control and revenue growth, which is expected to drive future shareholder returns.
- Adjusted EBITDA Growth: The quarter's adjusted EBITDA was $308 million, reflecting ongoing improvements in operational efficiency and profitability, potentially providing funding for future capital expenditures and expansion plans.
- Optimistic Market Outlook: With Morgan Stanley raising its rating on DT Midstream and identifying Targa as a top midstream pick, the market holds an optimistic view on the company's growth potential, likely attracting more investor interest.
See More
DT Midstream Inc Projects FY26 Operating EPS Between $4.42 and $4.82 - Presentation
Company Overview: DTMIDSTREAM Inc. is focused on operating in the energy sector, specifically in the midstream segment, which involves the transportation and storage of oil and gas.
Financial Performance: The company reported an operating EPS (Earnings Per Share) ranging from $4.42 to $4.82, indicating a strong financial outlook for the upcoming fiscal period.
See More
DT Midstream to Announce Q1 Earnings on April 30
- Earnings Announcement Schedule: DT Midstream is set to release its Q1 2023 earnings report on April 30 before market open, with consensus EPS estimates at $1.13, reflecting a 6.6% year-over-year growth, indicating stability in profitability.
- Historical Performance Review: Over the past two years, DT Midstream has beaten EPS estimates 63% of the time, although it has not surpassed revenue estimates, highlighting a relative consistency in earnings forecasts while indicating a need for improvement in revenue growth.
- Expectation Revision Dynamics: In the last three months, EPS estimates have seen two upward revisions and two downward revisions, while revenue estimates have experienced no upward revisions and five downward revisions, suggesting a weakening market confidence in the company's future revenue growth.
- Project Development Outlook: DT Midstream has outlined a $3.4 billion five-year organic project backlog, showcasing a proactive strategic positioning as pipeline demand accelerates, which could lead to significant investment and expansion opportunities in the future.
See More
Cushing Exits Hess Midstream Completely
- Share Sale: Cushing Asset Management sold all 1,357,200 shares of Hess Midstream in Q1 2026, with an estimated transaction value of $50.29 million, indicating a complete exit that reflects diminished confidence in the asset.
- Value Decline: The quarter-end value of Hess Midstream's position dropped by $46.82 million due to both the sale and stock price changes, suggesting a less optimistic market outlook that impacts its standing in Cushing's portfolio.
- Portfolio Restructuring: Cushing's top five holdings are large, diversified pipeline operators, and the concentrated asset base of Hess Midstream, which relies heavily on a single core customer (Chevron), led to its removal from the portfolio, indicating a preference for broader risk diversification.
- Market Performance: As of April 27, 2026, Hess Midstream shares were priced at $37.02, reflecting a 3.2% increase over the past year, yet underperforming the S&P 500 by 26.34 percentage points, highlighting its competitive challenges in the market.
See More
Morgan Stanley Upgrades Midstream Companies Ratings
- Rating Upgrade Impact: Morgan Stanley upgraded Antero Midstream and DT Midstream from Underweight to Equal Weight with price targets of $26 and $165 respectively, resulting in a 2.7% increase in Antero Midstream's stock and a 0.9% rise in DT Midstream's stock, indicating a renewed market confidence in midstream companies.
- Antero Midstream Growth Potential: Analysts noted that Antero Midstream is entering a multi-year growth phase driven by Antero Resources' expanding production and capital activities, with a projected one-year total return potential of 26.4%, including a 4.2% dividend yield, suggesting an optimistic outlook for capital returns.
- Strong Performance of DT Midstream: DT Midstream has shown stronger-than-expected growth in its Midwest pipeline operations, with analysts expecting its EBITDA growth to exceed the long-term target of 5%-7%, and a price target of $165 implies a 25.5% one-year total return potential, including a 2.6% dividend yield, reflecting its strengthened market position.
- WaterBridge's Competitive Edge: Morgan Stanley upgraded WaterBridge from Equal Weight to Overweight with a price target of $34, anticipating it will have the strongest EBITDA growth due to its advantageous position in the Delaware Basin and leading water infrastructure, with a one-year total return potential of 33.4%, including a 1% dividend yield, indicating a structural re-rating in its valuation.
See More
Morgan Stanley Increases Target Price for DT Midstream, Inc. to $165.00 from $139.00
Morgan Stanley's Target Price Increase: Morgan Stanley has raised its target price for DTMIDSTREAM, increasing it from $139.00 to $165.00.
Market Implications: This adjustment reflects a positive outlook on the company's performance and potential growth in the market.
See More
DT Midstream Q1 Earnings Exceed Expectations
- Strong Earnings Performance: DT Midstream reported a Q1 GAAP EPS of $1.27, beating expectations by $0.15, which demonstrates the company's robust profitability in the current market environment and enhances investor confidence.
- Solid Operating Earnings: Operating earnings reached $130 million, translating to $1.27 per diluted share, indicating effective management in cost control and revenue growth, which is expected to drive future shareholder returns.
- Adjusted EBITDA Growth: The quarter's adjusted EBITDA was $308 million, reflecting ongoing improvements in operational efficiency and profitability, potentially providing funding for future capital expenditures and expansion plans.
- Optimistic Market Outlook: With Morgan Stanley raising its rating on DT Midstream and identifying Targa as a top midstream pick, the market holds an optimistic view on the company's growth potential, likely attracting more investor interest.
See More
DT Midstream Inc Projects FY26 Operating EPS Between $4.42 and $4.82 - Presentation
Company Overview: DTMIDSTREAM Inc. is focused on operating in the energy sector, specifically in the midstream segment, which involves the transportation and storage of oil and gas.
Financial Performance: The company reported an operating EPS (Earnings Per Share) ranging from $4.42 to $4.82, indicating a strong financial outlook for the upcoming fiscal period.
See More
DT Midstream to Announce Q1 Earnings on April 30
- Earnings Announcement Schedule: DT Midstream is set to release its Q1 2023 earnings report on April 30 before market open, with consensus EPS estimates at $1.13, reflecting a 6.6% year-over-year growth, indicating stability in profitability.
- Historical Performance Review: Over the past two years, DT Midstream has beaten EPS estimates 63% of the time, although it has not surpassed revenue estimates, highlighting a relative consistency in earnings forecasts while indicating a need for improvement in revenue growth.
- Expectation Revision Dynamics: In the last three months, EPS estimates have seen two upward revisions and two downward revisions, while revenue estimates have experienced no upward revisions and five downward revisions, suggesting a weakening market confidence in the company's future revenue growth.
- Project Development Outlook: DT Midstream has outlined a $3.4 billion five-year organic project backlog, showcasing a proactive strategic positioning as pipeline demand accelerates, which could lead to significant investment and expansion opportunities in the future.
See More
Cushing Exits Hess Midstream Completely
- Share Sale: Cushing Asset Management sold all 1,357,200 shares of Hess Midstream in Q1 2026, with an estimated transaction value of $50.29 million, indicating a complete exit that reflects diminished confidence in the asset.
- Value Decline: The quarter-end value of Hess Midstream's position dropped by $46.82 million due to both the sale and stock price changes, suggesting a less optimistic market outlook that impacts its standing in Cushing's portfolio.
- Portfolio Restructuring: Cushing's top five holdings are large, diversified pipeline operators, and the concentrated asset base of Hess Midstream, which relies heavily on a single core customer (Chevron), led to its removal from the portfolio, indicating a preference for broader risk diversification.
- Market Performance: As of April 27, 2026, Hess Midstream shares were priced at $37.02, reflecting a 3.2% increase over the past year, yet underperforming the S&P 500 by 26.34 percentage points, highlighting its competitive challenges in the market.
See More
Morgan Stanley Upgrades Midstream Companies Ratings
- Rating Upgrade Impact: Morgan Stanley upgraded Antero Midstream and DT Midstream from Underweight to Equal Weight with price targets of $26 and $165 respectively, resulting in a 2.7% increase in Antero Midstream's stock and a 0.9% rise in DT Midstream's stock, indicating a renewed market confidence in midstream companies.
- Antero Midstream Growth Potential: Analysts noted that Antero Midstream is entering a multi-year growth phase driven by Antero Resources' expanding production and capital activities, with a projected one-year total return potential of 26.4%, including a 4.2% dividend yield, suggesting an optimistic outlook for capital returns.
- Strong Performance of DT Midstream: DT Midstream has shown stronger-than-expected growth in its Midwest pipeline operations, with analysts expecting its EBITDA growth to exceed the long-term target of 5%-7%, and a price target of $165 implies a 25.5% one-year total return potential, including a 2.6% dividend yield, reflecting its strengthened market position.
- WaterBridge's Competitive Edge: Morgan Stanley upgraded WaterBridge from Equal Weight to Overweight with a price target of $34, anticipating it will have the strongest EBITDA growth due to its advantageous position in the Delaware Basin and leading water infrastructure, with a one-year total return potential of 33.4%, including a 1% dividend yield, indicating a structural re-rating in its valuation.
See More
Morgan Stanley Increases Target Price for DT Midstream, Inc. to $165.00 from $139.00
Morgan Stanley's Target Price Increase: Morgan Stanley has raised its target price for DTMIDSTREAM, increasing it from $139.00 to $165.00.
Market Implications: This adjustment reflects a positive outlook on the company's performance and potential growth in the market.
See More
