DT Midstream, Inc.
In the published model solve dated 2026-Q2, anchored at $129.53, DT Midstream, Inc. (DTM) is priced for +12.7% growth. boothcheck publishes no house fair value, target price, or buy/sell rating; individual model outputs and user-controlled scenarios are analytical inputs, not Boothcheck targets. The narrative was composed July 25, 2026 from SEC EDGAR filings.
• About 92% of pipeline revenue and roughly 99% of the revenue at the three joint-venture pipelines came from firm service contracts last year, which means the money arrives on schedule whether or not the gas actually flows. • The gathering half of the business has been moving the other way: segment operating income fell from $229 million in 2023 to $210 million in 2024 to $199 million in 2025 on flat revenue, and the annual filing names Expand Energy as a customer the company depends on for a s
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661 institutional managers reported holding DTM in 13F filings for the quarter ended 2026-03-31. Together they hold about 83% of the company; the top 10 hold 43%. 91 opened new positions that quarter. Held by Vanguard Group, BlackRock, State Street, among others. On the short side, 4.0M shares were sold short as of the 2026-06-15 count, about 4% of shares outstanding (6.7 days of typical volume to cover).
Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.
DTM's share count grew 5.2% over the past five years even with $3.00M spent on repurchases. It pays a dividend, and has paid one every year in our records (5 and counting), raised 4 years straight; the current rate is $3.28 a share annually. Cash returned over the past three years: $821.00M in dividends.
Share counts are split-adjusted; repurchase totals are gross of share issuance. Nothing here is investment advice.
Open-market insider buys at DTM over the trailing three years: 2023: 4 buys totaling $35k; 2024: 8 buys totaling $126k; 2025: 5 buys totaling $126k; 2026: 1 buy totaling $25k. 12 officers and directors are on file.
Code P open-market purchases from SEC Form 4 filings, non-derivative, excluding scheduled 10b5-1 plans. Nothing here is investment advice.
DTM's recent reports: the day-one move, then what the following quarter actually did.
| report | day one | next quarter |
|---|---|---|
| 2023-08-02 | -3.4% | +1.0% |
| 2023-11-02 | +6.4% | -4.2% |
| 2024-02-17 | +4.5% | +15.5% |
| 2024-05-01 | -2.4% | +13.8% |
Day-one is the close-to-close move around the filing. Nothing here is investment advice.
DTM's latest 8-K filings: 2026-07-30 (items 2.02, 7.01, 9.01); 2026-05-12 (items 5.02, 9.01); 2026-05-07 (items 5.07); 2026-04-30 (items 2.02, 7.01, 9.01); 2026-02-19 (items 2.02, 7.01, 9.01).
Item codes are the SEC's own classification of what each report discloses. Dates link to the filing on EDGAR. Nothing here is investment advice.
Model solve date: 2026-Q2
Narrative composed: July 25, 2026
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For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.