For over five years, Midstream MLPs and corporations have stood out for their robust free cash flow (FCF) generation, supporting reliable dividend growth and share buybacks. In 2026, midstream MLPs continue to generate among the highest FCF yields in the energy sector. Meanwhile, broad midstream C-Corps have seen FCF yields moderate as natural gas-focused names step up capital programs to capture historic growth in LNG and power infrastructure. Backed by healthy balance sheets across the space, this capital spend targets high-return investments that lock in attractive multi-year EBITDA growth. In turn, this strengthens long-term cash flow visibility and extends the runway for dividend growth.
Key Takeaways Midstream MLPs and corporations generate some of the highest free cash flow (FCF) yields in the energy sector and broader market. However, some natural gas-focused companies are increasing spending to capture growth opportunities. Fee-based contracts shield midstream companies from commodity price swings, giving them clear multi-year cash flow visibility. Strong balance sheets allow companies to largely self-fund the equity component of major growth projects while supporting steady dividend growth and opportunistic buybacks. U.S. Energy Maintains a FCF Advantage, Particularly Among Midstream MLPs For years, the energy sector has focused on capital discipline, free cash flow generation, and shareholder returns. In 2025, energy had the highest trailing 12-month FCF yield of any sector in the S&P 500, at 5.3%. Trailing FCF yields have since fallen for the sector amid strong year-to-date performance. However, this is a result of the TTM FCF yield being a lagging metric. Annual FCF per share for the broad Energy Select Sector Index (IXE) is expected to nearly double in 2026 according to Bloomberg consensus estimates. That’s a result of higher prices for oil, liquefied natural gas (LNG), natural gas liquids (NGLs), and refined products. Most of the energy sector generates robust FCF when oil prices are high. However, it sees more modest FCF when prices moderate.
As shown in the chart below, midstream MLPs, represented by the Alerian MLP Infrastructure Index (AMZI), have higher trailing FCF yields than the energy sector benchmark. Broad midstream, represented by the Alerian Midstream Energy Select Index (AMEI), roughly matches broader energy. AMZI holds solely midstream MLPs, while AMEI holds ~75% U.S. and Canadian midstream corporations and ~25% MLPs. Energy as a whole maintains a clear FCF advantage over the broader equity market.
Midstream MLPs and corporations benefit from lower direct exposure to commodity price volatility. Thanks to fee-based business models anchored by long-term contracts, free cash flow generation is both durable and highly predictable. This stability allows midstream management teams to provide reliable year-ahead EBITDA guidance and multi-year growth visibility. That sets the sector apart from broader energy. Moving forward, an improved production outlook amid higher commodity prices should serve as an additional tailwind for midstream operators.
Midstream MLPs Diverge From Growth-Focused C-Corps Digging deeper, the chart below shows FCF yields for some of the larger constituents of AMZI and AMEI using 2027 consensus estimates from Bloomberg. Consistent with the index-level TTM FCF yields, MLPs tend to have higher 2027 FCF yields than their C-Corp counterparts. This divergence partly reflects strong year-to-date performance for natural gas-focused C-Corps. It also reflects substantial capital spending on growth opportunities tied to liquefied natural gas (LNG) exports and power demand. Gas-related project backlogs collectively exceed $150 billion for these names, leading to significant reinvestment of operating cash flow into growth capital programs, compressing near-term FCF yields.
As can be seen above, midstream MLPs and select corporations are expected to deliver robust free cash flow in 2027. Crucially, the vast majority of midstream operators are equity self-funding (companies widely use debt, though leverage has come down over time). Thirteen of the 19 companies included in the chart are expected to have positive free cash flow after dividends. Four names are estimated to have more than $1 billion in excess cash after dividends, including Energy Transfer (ET), Enterprise Products Partners (EPD), Cheniere Energy (LNG), and ONEOK (OKE).
As mentioned earlier, natural gas-focused corporations are the notable exception to robust free cash flow generation across the space. Williams (WMB), Enbridge (ENB CN), TC Energy (TRP CN), Kinder Morgan (KMI), and DT Midstream (DTM) are heavily involved in natural gas pipeline projects serving LNG and power infrastructure, with WMB also expanding into direct power generation. While Pembina (PPL CN) has historically been more weighted towards liquids infrastructure, the company recently announced a C$4 billion joint-venture investment to build a power plant supporting a Meta data center. As seen below, capital spending has stepped up across these names this year. It is expected to remain elevated in 2027.
While these expanded capital programs lower near-term free cash flow, they are securing highly visible, fee-based revenue streams. As these projects come online, they translate directly into higher long-term EBITDA guidance and extend the runway for future dividend growth.
Why Do FCF and Capital Allocation Matter? FCF enhances the overall financial flexibility of midstream MLPs and corporations. Even as select companies step up capital spending to pursue high-return growth projects, robust cash generation allows management teams to maintain strong balance sheets while retaining the flexibility to pay down debt or pursue targeted bolt-on acquisitions. Broad midstream FCF yields have moderated. However, MLPs continue to lead both broader energy and the equity market as a whole in FCF generation.
Midstream MLPs and corporations, including those investing significantly in natural gas infrastructure, have used excess cash to grow their dividends. Those dividends are also generous relative to the broader market and the energy sector. As of July 24, AMZI and AMEI were yielding 6.5% and 4.4%, respectively. The dividend yield for broader energy was 2.6%. While midstream companies tend to prioritize dividend growth, many have also deployed buybacks as a tool for returning excess cash to investors.
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AMZI is the underlying index for the Alerian MLP ETF (AMLP) and the ETRACS Alerian MLP Infrastructure Index ETN Series B (MLPB). AMEI is the underlying index for the Alerian Energy Infrastructure ETF (ENFR) and the Alerian Energy Infrastructure Portfolio (ALEFX).
Related Research: U.S. Oil Production Outlook & Midstream Implications
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vettafi.com is owned by VettaFi LLC (“VettaFi”). VettaFi is the index provider for AMLP, MLPB, ENFR, and ALEFX, for which it receives an index licensing fee. However, AMLP, MLPB, ENFR, and ALEFX are not issued, sponsored, endorsed or sold by VettaFi, and VettaFi has no obligation or liability in connection with the issuance, administration, marketing or trading of AMLP, MLPB, ENFR, and ALEFX.
For more news, information, and analysis, visit the Energy Infrastructure Content Hub
Wall Street expects a year-over-year increase in earnings on higher revenues when DT Midstream (DTM - Free Report) reports results for the quarter ended June 2026. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.
The earnings report, which is expected to be released on July 30, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.
While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise.
Zacks Consensus EstimateThis natural gas pipeline operator is expected to post quarterly earnings of $1.14 per share in its upcoming report, which represents a year-over-year change of +9.6%.
Revenues are expected to be $338.24 million, up 9.5% from the year-ago quarter.
Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 0.22% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.
Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.
Price, Consensus and EPS Surprise
Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core.
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.
A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.
Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).
How Have the Numbers Shaped Up for DT Midstream?For DT Midstream, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -6.03%.
On the other hand, the stock currently carries a Zacks Rank of #3.
So, this combination makes it difficult to conclusively predict that DT Midstream will beat the consensus EPS estimate.
Does Earnings Surprise History Hold Any Clue?Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.
For the last reported quarter, it was expected that DT Midstream would post earnings of $1.11 per share when it actually produced earnings of $1.27, delivering a surprise of +14.41%.
Over the last four quarters, the company has beaten consensus EPS estimates three times.
Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.
That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
DT Midstream doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.
Expected Results of an Industry PlayerNational Fuel Gas (NFG - Free Report) , another stock in the Zacks Oil and Gas - Integrated - United States industry, is expected to report earnings per share of $1.47 for the quarter ended June 2026. This estimate points to a year-over-year change of -10.4%. Revenues for the quarter are expected to be $564.39 million, up 6.1% from the year-ago quarter.
Over the last 30 days, the consensus EPS estimate for National Fuel Gas has been revised 0.8% up to the current level. Nevertheless, the company now has an Earnings ESP of +2.15%, reflecting a higher Most Accurate Estimate.
When combined with a Zacks Rank of #3 (Hold), this Earnings ESP indicates that National Fuel Gas will most likely beat the consensus EPS estimate. Over the last four quarters, the company surpassed consensus EPS estimates three times.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
Dimensional Fund Advisors LP lowered its holdings in shares of DT Midstream, Inc. (NYSE:DTM – Free Report) by 13.3% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 2,276,844 shares of the company’s stock after selling 347,768 shares during the period. Dimensional Fund Advisors LP owned about 2.23% of DT Midstream worth $306,623,000 as of its most recent SEC filing.
Other hedge funds also recently modified their holdings of the company. Deutsche Bank AG increased its holdings in DT Midstream by 6.9% in the fourth quarter. Deutsche Bank AG now owns 3,090,365 shares of the company’s stock valued at $369,855,000 after purchasing an additional 200,114 shares during the period. Tortoise Capital Advisors L.L.C. lifted its holdings in DT Midstream by 10.6% during the 4th quarter. Tortoise Capital Advisors L.L.C. now owns 2,980,945 shares of the company’s stock worth $356,759,000 after buying an additional 285,770 shares during the period. Geode Capital Management LLC grew its position in shares of DT Midstream by 4.6% in the 4th quarter. Geode Capital Management LLC now owns 2,407,612 shares of the company’s stock valued at $288,191,000 after buying an additional 106,533 shares during the last quarter. Invesco Ltd. grew its position in shares of DT Midstream by 4.7% in the 4th quarter. Invesco Ltd. now owns 1,045,754 shares of the company’s stock valued at $125,156,000 after buying an additional 47,030 shares during the last quarter. Finally, Morgan Stanley increased its stake in shares of DT Midstream by 7.7% in the fourth quarter. Morgan Stanley now owns 1,041,197 shares of the company’s stock valued at $124,611,000 after buying an additional 74,355 shares during the period. Institutional investors and hedge funds own 81.53% of the company’s stock.
Analysts Set New Price Targets A number of equities analysts have recently issued reports on the company. JPMorgan Chase & Co. raised their price objective on DT Midstream from $146.00 to $154.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 8th. Morgan Stanley increased their target price on shares of DT Midstream from $165.00 to $170.00 and gave the company an “equal weight” rating in a research report on Tuesday, May 12th. Jefferies Financial Group increased their target price on shares of DT Midstream from $164.00 to $170.00 and gave the company a “buy” rating in a research report on Thursday, July 16th. Barclays raised their price target on shares of DT Midstream from $141.00 to $143.00 and gave the stock an “equal weight” rating in a report on Friday, May 1st. Finally, Weiss Ratings lowered shares of DT Midstream from a “buy (a)” rating to a “buy (a-)” rating in a research note on Wednesday, July 8th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, DT Midstream currently has an average rating of “Moderate Buy” and an average price target of $155.69.
Read Our Latest Analysis on DTM
DT Midstream Stock Performance Shares of DTM stock opened at $143.56 on Thursday. The firm has a 50 day moving average of $145.05 and a 200-day moving average of $136.90. The company has a market cap of $14.64 billion, a price-to-earnings ratio of 31.76, a price-to-earnings-growth ratio of 3.08 and a beta of 0.71. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 0.68. DT Midstream, Inc. has a 52 week low of $98.06 and a 52 week high of $152.88.
DT Midstream (NYSE:DTM – Get Free Report) last released its earnings results on Thursday, April 30th. The company reported $1.27 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.11 by $0.16. The company had revenue of $336.00 million for the quarter, compared to the consensus estimate of $313.65 million. DT Midstream had a net margin of 36.28% and a return on equity of 9.53%. During the same quarter in the previous year, the company earned $1.06 EPS. DT Midstream has set its FY 2026 guidance at 4.420-4.820 EPS. On average, equities analysts forecast that DT Midstream, Inc. will post 4.77 earnings per share for the current year.
DT Midstream Announces Dividend The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Monday, June 15th were given a dividend of $0.88 per share. This represents a $3.52 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend was Monday, June 15th. DT Midstream’s dividend payout ratio is 77.88%.
DT Midstream Company Profile (Free Report)
DT Midstream Inc (NYSE: DTM) is a midstream energy company that owns and operates infrastructure for gathering, processing and treating hydrocarbons and produced water. Its core business activities encompass natural gas gathering, cryogenic processing, natural gas liquids (NGL) fractionation, and produced-water handling services. These integrated operations enable the company to capture and transport multiple hydrocarbon streams from wellhead to market and to provide essential water management solutions.
The company’s asset footprint is concentrated in the Delaware Basin in West Texas and southeastern New Mexico, where it serves a diverse range of exploration and production customers.
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California Public Employees Retirement System lessened its position in DT Midstream, Inc. (NYSE:DTM – Free Report) by 6.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 256,680 shares of the company’s stock after selling 17,205 shares during the period. California Public Employees Retirement System owned about 0.25% of DT Midstream worth $34,567,000 as of its most recent SEC filing.
A number of other institutional investors have also recently made changes to their positions in the company. Nordea Investment Management AB bought a new stake in DT Midstream in the 4th quarter worth about $1,371,000. Principal Financial Group Inc. lifted its stake in DT Midstream by 2.6% during the 4th quarter. Principal Financial Group Inc. now owns 513,541 shares of the company’s stock valued at $61,462,000 after acquiring an additional 13,212 shares during the period. Deutsche Bank AG lifted its stake in DT Midstream by 6.9% during the 4th quarter. Deutsche Bank AG now owns 3,090,365 shares of the company’s stock valued at $369,855,000 after acquiring an additional 200,114 shares during the period. UBS Group AG lifted its stake in DT Midstream by 9.1% during the 4th quarter. UBS Group AG now owns 528,575 shares of the company’s stock valued at $63,260,000 after acquiring an additional 44,233 shares during the period. Finally, Eventide Asset Management LLC boosted its holdings in shares of DT Midstream by 115.4% during the 4th quarter. Eventide Asset Management LLC now owns 394,724 shares of the company’s stock valued at $47,266,000 after acquiring an additional 211,471 shares during the last quarter. Hedge funds and other institutional investors own 81.53% of the company’s stock.
DT Midstream Price Performance NYSE DTM opened at $141.79 on Wednesday. DT Midstream, Inc. has a 52 week low of $98.06 and a 52 week high of $152.88. The firm has a market capitalization of $14.46 billion, a P/E ratio of 31.37, a PEG ratio of 3.12 and a beta of 0.71. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 0.68. The company has a 50-day moving average price of $145.10 and a 200-day moving average price of $136.73.
DT Midstream (NYSE:DTM – Get Free Report) last issued its quarterly earnings data on Thursday, April 30th. The company reported $1.27 earnings per share for the quarter, topping the consensus estimate of $1.11 by $0.16. The firm had revenue of $336.00 million for the quarter, compared to analysts’ expectations of $313.65 million. DT Midstream had a net margin of 36.28% and a return on equity of 9.53%. During the same quarter in the prior year, the business earned $1.06 EPS. DT Midstream has set its FY 2026 guidance at 4.420-4.820 EPS. Equities research analysts anticipate that DT Midstream, Inc. will post 4.77 earnings per share for the current year.
DT Midstream Announces Dividend The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Monday, June 15th were paid a dividend of $0.88 per share. This represents a $3.52 annualized dividend and a dividend yield of 2.5%. The ex-dividend date was Monday, June 15th. DT Midstream’s dividend payout ratio (DPR) is currently 77.88%.
Wall Street Analyst Weigh In A number of analysts have recently commented on DTM shares. Raymond James Financial reiterated an “outperform” rating and issued a $158.00 price target on shares of DT Midstream in a research note on Thursday, April 30th. Wall Street Zen upgraded shares of DT Midstream from a “sell” rating to a “hold” rating in a research report on Saturday, May 2nd. JPMorgan Chase & Co. raised their target price on shares of DT Midstream from $146.00 to $154.00 and gave the stock a “neutral” rating in a report on Wednesday, July 8th. Barclays lifted their target price on shares of DT Midstream from $141.00 to $143.00 and gave the stock an “equal weight” rating in a research report on Friday, May 1st. Finally, The Goldman Sachs Group boosted their target price on shares of DT Midstream from $111.00 to $127.00 and gave the company a “sell” rating in a research note on Monday, April 20th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $155.69.
View Our Latest Research Report on DTM
DT Midstream Company Profile (Free Report)
DT Midstream Inc (NYSE: DTM) is a midstream energy company that owns and operates infrastructure for gathering, processing and treating hydrocarbons and produced water. Its core business activities encompass natural gas gathering, cryogenic processing, natural gas liquids (NGL) fractionation, and produced-water handling services. These integrated operations enable the company to capture and transport multiple hydrocarbon streams from wellhead to market and to provide essential water management solutions.
The company’s asset footprint is concentrated in the Delaware Basin in West Texas and southeastern New Mexico, where it serves a diverse range of exploration and production customers.
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DETROIT, July 16, 2026 (GLOBE NEWSWIRE) -- DT Midstream, Inc. (NYSE: DTM) plans to announce second quarter 2026 financial results before the market opens on Thursday, July 30, 2026.
DT Midstream has scheduled a conference call to discuss results for 9:00 a.m. ET (8:00 a.m. CT) the same day. Investors, the news media and the public may listen to a live internet broadcast of the call at this link. The participant toll-free telephone dial-in number in the U.S. and Canada is 888.660.6232, and the toll number is 929.203.0890; the conference ID is 1318681. International access numbers are available here.
The webcast will be archived on the DT Midstream website at investor.dtmidstream.com.
About DT Midstream
DT Midstream (NYSE: DTM) 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 across the Southern, Northeastern and Midwestern United States and Canada. The Detroit-based company offers a comprehensive, wellhead-to-market array of services, including natural gas transportation, storage and gathering. For more information, please visit the DT Midstream website at www.dtmidstream.com.
59 North Capital Management LP grew its position in shares of DT Midstream, Inc. (NYSE: DTM) by 49.0% in the undefined quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,074,081 shares of the company's stock after buying an additional 1,010,965 shares
Though relatively flat for the fourth quarter, the Fund outperformed the -1.6% return of the Alerian Midstream Energy Select Index. MPLX's high yield and compelling dividend growth above many peers continue to attract investors in a choppy market. DT Midstream benefits from increasing power demand and despite recent macro events, the call on natural gas remains unchanged.
Shares of DT Midstream, Inc. (NYSE:DTM – Get Free Report) have received a consensus rating of “Hold” from the twelve research firms that are presently covering the stock, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation, five have assigned a hold recommendation and six have assigned a buy recommendation to the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is $144.10.
A number of brokerages have recently issued reports on DTM. Citigroup boosted their price objective on shares of DT Midstream from $130.00 to $156.00 and gave the company a “buy” rating in a research report on Tuesday, February 24th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of DT Midstream in a report on Wednesday, January 21st. Wall Street Zen downgraded DT Midstream from a “hold” rating to a “sell” rating in a research report on Saturday, March 28th. UBS Group boosted their price target on DT Midstream from $128.00 to $152.00 and gave the company a “buy” rating in a report on Friday, February 20th. Finally, Jefferies Financial Group set a $148.00 price target on DT Midstream and gave the stock a “buy” rating in a research report on Friday, February 20th.
Get Our Latest Analysis on DTM
Insider Buying and Selling In other news, CFO Jeffrey A. Jewell bought 185 shares of the firm’s stock in a transaction on Wednesday, February 25th. The shares were bought at an average price of $136.33 per share, for a total transaction of $25,221.05. Following the purchase, the chief financial officer owned 89,583 shares in the company, valued at approximately $12,212,850.39. The trade was a 0.21% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.34% of the company’s stock.
Hedge Funds Weigh In On DT Midstream Hedge funds have recently modified their holdings of the company. NewEdge Wealth LLC raised its position in shares of DT Midstream by 2.4% during the 4th quarter. NewEdge Wealth LLC now owns 3,613 shares of the company’s stock valued at $432,000 after purchasing an additional 85 shares during the period. Covestor Ltd boosted its holdings in DT Midstream by 11.2% in the 4th quarter. Covestor Ltd now owns 897 shares of the company’s stock worth $107,000 after buying an additional 90 shares during the period. Richardson Financial Services Inc. increased its stake in DT Midstream by 62.7% in the 4th quarter. Richardson Financial Services Inc. now owns 244 shares of the company’s stock worth $29,000 after buying an additional 94 shares in the last quarter. VestGen Investment Management increased its stake in DT Midstream by 1.2% in the 4th quarter. VestGen Investment Management now owns 7,698 shares of the company’s stock worth $921,000 after buying an additional 94 shares in the last quarter. Finally, Pathstone Holdings LLC raised its holdings in DT Midstream by 0.3% during the third quarter. Pathstone Holdings LLC now owns 28,322 shares of the company’s stock valued at $3,215,000 after acquiring an additional 97 shares during the period. 81.53% of the stock is currently owned by institutional investors.
DT Midstream Price Performance Shares of NYSE:DTM opened at $134.08 on Friday. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.68. The stock has a market capitalization of $13.68 billion, a PE ratio of 31.11, a price-to-earnings-growth ratio of 2.77 and a beta of 0.75. The firm’s 50 day moving average price is $134.01 and its 200-day moving average price is $121.87. DT Midstream has a twelve month low of $83.30 and a twelve month high of $143.67.
DT Midstream (NYSE:DTM – Get Free Report) last announced its earnings results on Thursday, February 19th. The company reported $1.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.11 by ($0.03). DT Midstream had a net margin of 35.48% and a return on equity of 9.13%. The business had revenue of $317.00 million for the quarter, compared to the consensus estimate of $320.07 million. During the same quarter last year, the firm posted $0.94 earnings per share. Equities research analysts expect that DT Midstream will post 3.8 EPS for the current year.
DT Midstream Increases Dividend The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 15th. Investors of record on Monday, March 16th will be issued a $0.88 dividend. The ex-dividend date of this dividend is Monday, March 16th. This represents a $3.52 annualized dividend and a yield of 2.6%. This is a positive change from DT Midstream’s previous quarterly dividend of $0.82. DT Midstream’s payout ratio is currently 81.67%.
About DT Midstream (Get Free Report)
DT Midstream Inc (NYSE: DTM) is a midstream energy company that owns and operates infrastructure for gathering, processing and treating hydrocarbons and produced water. Its core business activities encompass natural gas gathering, cryogenic processing, natural gas liquids (NGL) fractionation, and produced-water handling services. These integrated operations enable the company to capture and transport multiple hydrocarbon streams from wellhead to market and to provide essential water management solutions.
The company’s asset footprint is concentrated in the Delaware Basin in West Texas and southeastern New Mexico, where it serves a diverse range of exploration and production customers.
Further Reading Five stocks we like better than DT Midstream
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Investors interested in stocks from the Oil and Gas - Integrated - United States sector have probably already heard of ConocoPhillips (COP - Free Report) and DT Midstream (DTM - Free Report) . But which of these two companies is the best option for those looking for undervalued stocks? Let's take a closer look.
The best way to find great value stocks is to pair a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system. The proven Zacks Rank emphasizes companies with positive estimate revision trends, and our Style Scores highlight stocks with specific traits.
ConocoPhillips and DT Midstream are sporting Zacks Ranks of #1 (Strong Buy) and #3 (Hold), respectively, right now. This system places an emphasis on companies that have seen positive earnings estimate revisions, so investors should feel comfortable knowing that COP is likely seeing its earnings outlook improve to a greater extent. But this is just one factor that value investors are interested in.
Value investors are also interested in a number of tried-and-true valuation metrics that help show when a company is undervalued at its current share price levels.
The Style Score Value grade factors in a variety of key fundamental metrics, including the popular P/E ratio, P/S ratio, earnings yield, cash flow per share, and a number of other key stats that are commonly used by value investors.
COP currently has a forward P/E ratio of 16.40, while DTM has a forward P/E of 28.62. We also note that COP has a PEG ratio of 2.29. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. DTM currently has a PEG ratio of 2.74.
Another notable valuation metric for COP is its P/B ratio of 2.28. The P/B ratio is used to compare a stock's market value with its book value, which is defined as total assets minus total liabilities. For comparison, DTM has a P/B of 2.76.
These are just a few of the metrics contributing to COP's Value grade of B and DTM's Value grade of D.
COP sticks out from DTM in both our Zacks Rank and Style Scores models, so value investors will likely feel that COP is the better option right now.
DETROIT, April 16, 2026 (GLOBE NEWSWIRE) -- DT Midstream, Inc. (NYSE: DTM) plans to announce first quarter 2026 financial results before the market opens on Thursday, April 30, 2026.
DT Midstream has scheduled a conference call to discuss results for 9:00 a.m. ET (8:00 a.m. CT) the same day. Investors, the news media and the public may listen to a live internet broadcast of the call at this link. The participant toll-free telephone dial-in number in the U.S. and Canada is 888.596.4144, and the toll number is 646.968.2525; the passcode is 7282929. International access numbers are available here.
The webcast will be archived on the DT Midstream website at investor.dtmidstream.com.
About DT Midstream
DT Midstream (NYSE: DTM) 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 across the Southern, Northeastern and Midwestern United States and Canada. The Detroit-based company offers a comprehensive, wellhead-to-market array of services, including natural gas transportation, storage and gathering. For more information, please visit the DT Midstream website at www.dtmidstream.com.
During the first quarter, the Harbor Active Small Cap ETF (“ETF”) returned -4.52% (NAV), significantly underperforming the Russell 2000® Index, which returned 0.89%. Shares are bought and sold at market price not net asset value (NAV). A fund's NAV is the sum of all its assets less any liabilities, divided by the number of shares outstanding. Market price returns are based upon the closing composite market price and do not represent the returns you would receive if you traded shares at other times.
The S&P 500 printed an all-time high. Then a war, an oil shock and a geopolitical gut-punch erased nearly 10% in 30 days. Then, in even less time, the index roared back above 7,000 and set a new record. Gold is hovering near $4,820 an ounce. Oil is swinging between $85 and $110 a barrel on every Strait of Hormuz headline. Inflation just printed 3.3%, the biggest monthly jump since June 2022.
That's the setup. All-time highs during a fragile ceasefire that expires April 22, with the safe-haven trade screaming in the background.
Get United Airlines alerts:
For buy-and-hold investors, it feels like whiplash. For traders who know how to read the data, it's the environment that produces the cleanest setups of the decade.
Volatility Doesn't Kill Signals—It Multiplies ThemThe core reframe from Tradesmith CEO Keith Kaplan is this: Rapid, dramatic price swings don't erase repeatable patterns in market data. They force the tape into rare configurations that only surface a handful of times per decade, and those configurations carry the highest historical accuracy and the biggest potential gains.
It's the Jim Simons playbook, pulled into a post-2020 market. Simons averaged 66% annual returns for four decades by ignoring long-term fundamentals and hunting short-term, repeatable mathematical patterns. Kaplan's team has built a machine-learning system that scans roughly 2,500 stocks each morning for those exact fingerprints, then scores each signal against current market conditions.
That matters because the same signal doesn't behave the same way in every tape. Context is the filter.
Three names cleared the filter this week.
United Airlines Stock: A High-Quality Mean Reversion SetupFirst on the list is United Airlines Holdings Inc. NASDAQ: UAL. Kaplan's system flagged UAL with a bullish pivot signal, which is Tradesmith's language for a mean reversion setup, and scored it 98.82 out of 100 on quality.
United Airlines Today
UAL
United Airlines
$112.17 -0.44 (-0.39%)
As of 09:54 AM Eastern
This is a fair market value price provided by Massive. Learn more.
52-Week Range$71.55▼
$119.21P/E Ratio10.05
Price Target$134.59
The historical accuracy on this specific fingerprint is 92.41%, with an average return of 6.66% and an average hold time of just over half a month. Annualize that, and the math gets interesting fast.
The key point, and this is what separates signal-based trading from conventional analysis: the setup has nothing to do with fuel costs, booking trends or the latest earnings print. It's a pattern in the price data that has paid out roughly nine times out of 10 when it has fired in the past. The target exit is an 8% move, meaningful for a stock like UAL.
DT Midstream Stock: An Oversold Signal in a Small-Cap NameThe second name is DT Midstream Inc. NYSE: DTM, a natural gas pipeline and storage operator with a market cap just under $14 billion that has only traded publicly since July 2021.
DT Midstream Today
DTM
DT Midstream
$142.96 +2.63 (+1.88%)
As of 09:54 AM Eastern
This is a fair market value price provided by Massive. Learn more.
52-Week Range$98.06▼
$152.88Dividend Yield2.46%
P/E Ratio31.42
Price Target$154.46
DTM saw a streak of progressively lower closes in March and early April, one of the more reliable oversold fingerprints in Kaplan's system. Quality score: 95.63. Average return when this signal has fired: 8.85%. Historical max loss: under 4%. Win rate: just over nine in 10.
The median win comes in around 10.5%, and the exit is either signal-based or time-based, with a hard stop around a month.
The risk is the one every small-cap trader already knows. Lower float means lower liquidity, so position sizing matters more here than with a name like UAL.
The upside is a clean, oversold setup in a sector that most traders aren't watching right now.
Astera Labs Stock: A Speculative Sprint SignalThe third name is the speculative one. Astera Labs Inc. NASDAQ: ALAB has run hard since its March 2024 debut, and the system tagged it with what Tradesmith calls a sprint category signal. The idea is simple: momentum carrying further.
Astera Labs Today
$363.34 -4.13 (-1.12%)
As of 09:54 AM Eastern
This is a fair market value price provided by Massive. Learn more.
52-Week Range$84.78▼
$390.99P/E Ratio249.93
Price Target$233.75
Quality score on ALAB came in near 100. Historical win rate is almost nine in 10 when this signal has fired, with an average return of 27.22%. The max loss on record is close to 6%, and one prior fire produced a 50% gain.
The wrinkle is that ALAB sold off roughly 5% on the day of filming. Kaplan reads that pullback as a gift, a second entry on top of an already-strong signal.
The risk is obvious, since the last few fires on this specific pattern actually closed at losses. Size accordingly.
What the NASDAQ's Streak Is Telling TradersZoom out and the backdrop gets more interesting. The Nasdaq Composite just saw a streak of consecutively higher closes, its longest winning streak since July 2009.
History suggests these streaks tend to be followed by short-term volatility and longer-term strength. The setup is exactly the kind of repeatable pattern Kaplan's system is built to read, and it flashed right as the Iran ceasefire headed into a make-or-break week.
Expect turbulence. Expect signals. The setup favors traders who are paying attention.
Should You Invest $1,000 in United Airlines Right Now?Before you consider United Airlines, you'll want to hear this.
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Eagle Global Advisors LLC cut its stake in DT Midstream, Inc. (NYSE:DTM – Free Report) by 2.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 494,411 shares of the company’s stock after selling 11,060 shares during the quarter. DT Midstream accounts for about 2.2% of Eagle Global Advisors LLC’s portfolio, making the stock its 10th biggest position. Eagle Global Advisors LLC owned approximately 0.49% of DT Midstream worth $59,171,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors and hedge funds have also recently modified their holdings of DTM. 59 North Capital Management LP raised its stake in shares of DT Midstream by 49.0% in the third quarter. 59 North Capital Management LP now owns 3,074,081 shares of the company’s stock worth $347,556,000 after purchasing an additional 1,010,965 shares during the last quarter. Merewether Investment Management LP raised its stake in shares of DT Midstream by 192.4% in the third quarter. Merewether Investment Management LP now owns 1,000,600 shares of the company’s stock worth $113,128,000 after purchasing an additional 658,400 shares during the last quarter. CIBC Bancorp USA Inc. purchased a new stake in shares of DT Midstream in the third quarter worth approximately $43,347,000. Holocene Advisors LP raised its stake in shares of DT Midstream by 117.7% in the third quarter. Holocene Advisors LP now owns 554,059 shares of the company’s stock worth $62,642,000 after purchasing an additional 299,609 shares during the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp raised its stake in shares of DT Midstream by 54.4% in the third quarter. Mitsubishi UFJ Trust & Banking Corp now owns 747,781 shares of the company’s stock worth $84,544,000 after purchasing an additional 263,312 shares during the last quarter. 81.53% of the stock is owned by hedge funds and other institutional investors.
DT Midstream Stock Performance Shares of DTM opened at $130.53 on Wednesday. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.68. The company has a market capitalization of $13.32 billion, a price-to-earnings ratio of 30.29, a PEG ratio of 2.73 and a beta of 0.75. The stock has a 50 day moving average of $135.70 and a 200 day moving average of $123.83. DT Midstream, Inc. has a 12 month low of $94.15 and a 12 month high of $143.67.
DT Midstream (NYSE:DTM – Get Free Report) last issued its quarterly earnings results on Thursday, February 19th. The company reported $1.08 EPS for the quarter, missing analysts’ consensus estimates of $1.11 by ($0.03). DT Midstream had a net margin of 35.48% and a return on equity of 9.13%. The business had revenue of $317.00 million for the quarter, compared to analysts’ expectations of $320.07 million. During the same period in the previous year, the business posted $0.94 earnings per share. As a group, sell-side analysts forecast that DT Midstream, Inc. will post 4.63 earnings per share for the current year.
DT Midstream Increases Dividend The company also recently announced a quarterly dividend, which was paid on Wednesday, April 15th. Shareholders of record on Monday, March 16th were given a $0.88 dividend. This is an increase from DT Midstream’s previous quarterly dividend of $0.82. This represents a $3.52 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date of this dividend was Monday, March 16th. DT Midstream’s dividend payout ratio (DPR) is 81.67%.
Insider Transactions at DT Midstream In other news, CFO Jeffrey A. Jewell bought 185 shares of the firm’s stock in a transaction on Wednesday, February 25th. The stock was acquired at an average cost of $136.33 per share, with a total value of $25,221.05. Following the completion of the transaction, the chief financial officer directly owned 89,583 shares of the company’s stock, valued at $12,212,850.39. This represents a 0.21% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.54% of the stock is owned by corporate insiders.
Analysts Set New Price Targets A number of analysts recently commented on DTM shares. Stifel Nicolaus set a $137.00 price target on DT Midstream and gave the company a “hold” rating in a research report on Monday, February 23rd. Morgan Stanley increased their price target on DT Midstream from $137.00 to $139.00 and gave the company an “underweight” rating in a research report on Tuesday, February 10th. Barclays increased their price target on DT Midstream from $119.00 to $141.00 and gave the company an “equal weight” rating in a research report on Thursday, March 5th. The Goldman Sachs Group increased their price target on DT Midstream from $111.00 to $127.00 and gave the company a “sell” rating in a research report on Monday. Finally, UBS Group increased their price target on DT Midstream from $128.00 to $152.00 and gave the company a “buy” rating in a research report on Friday, February 20th. Six research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $142.55.
Read Our Latest Report on DTM
DT Midstream Company Profile (Free Report)
DT Midstream Inc (NYSE: DTM) is a midstream energy company that owns and operates infrastructure for gathering, processing and treating hydrocarbons and produced water. Its core business activities encompass natural gas gathering, cryogenic processing, natural gas liquids (NGL) fractionation, and produced-water handling services. These integrated operations enable the company to capture and transport multiple hydrocarbon streams from wellhead to market and to provide essential water management solutions.
The company’s asset footprint is concentrated in the Delaware Basin in West Texas and southeastern New Mexico, where it serves a diverse range of exploration and production customers.
Further Reading Five stocks we like better than DT Midstream Want to see what other hedge funds are holding DTM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for DT Midstream, Inc. (NYSE:DTM – Free Report).
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Cwm LLC raised its position in shares of DT Midstream, Inc. (NYSE:DTM – Free Report) by 518.0% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 34,544 shares of the company’s stock after purchasing an additional 28,954 shares during the period. Cwm LLC’s holdings in DT Midstream were worth $4,134,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in the company. V Square Quantitative Management LLC purchased a new position in shares of DT Midstream during the 4th quarter valued at about $28,000. Richardson Financial Services Inc. lifted its position in DT Midstream by 62.7% in the 4th quarter. Richardson Financial Services Inc. now owns 244 shares of the company’s stock worth $29,000 after buying an additional 94 shares during the last quarter. Mather Group LLC. purchased a new stake in DT Midstream in the third quarter worth approximately $30,000. Centerpoint Advisors LLC boosted its stake in DT Midstream by 198.9% in the third quarter. Centerpoint Advisors LLC now owns 269 shares of the company’s stock worth $30,000 after buying an additional 179 shares in the last quarter. Finally, First Horizon Corp bought a new position in DT Midstream during the third quarter valued at approximately $32,000. Institutional investors own 81.53% of the company’s stock.
DT Midstream Price Performance Shares of DT Midstream stock opened at $131.79 on Thursday. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.07 and a quick ratio of 1.07. DT Midstream, Inc. has a one year low of $94.15 and a one year high of $143.67. The business’s 50 day simple moving average is $135.70 and its two-hundred day simple moving average is $123.88. The stock has a market capitalization of $13.44 billion, a P/E ratio of 30.58, a price-to-earnings-growth ratio of 2.70 and a beta of 0.75.
DT Midstream (NYSE:DTM – Get Free Report) last released its quarterly earnings data on Thursday, February 19th. The company reported $1.08 earnings per share for the quarter, missing analysts’ consensus estimates of $1.11 by ($0.03). DT Midstream had a net margin of 35.48% and a return on equity of 9.13%. The company had revenue of $317.00 million for the quarter, compared to analysts’ expectations of $320.07 million. During the same period last year, the company posted $0.94 EPS. Analysts forecast that DT Midstream, Inc. will post 4.63 EPS for the current year.
DT Midstream Increases Dividend The company also recently declared a quarterly dividend, which was paid on Wednesday, April 15th. Shareholders of record on Monday, March 16th were given a dividend of $0.88 per share. This represents a $3.52 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend was Monday, March 16th. This is an increase from DT Midstream’s previous quarterly dividend of $0.82. DT Midstream’s dividend payout ratio is currently 81.67%.
Wall Street Analysts Forecast Growth DTM has been the topic of several research reports. Barclays lifted their price target on shares of DT Midstream from $119.00 to $141.00 and gave the stock an “equal weight” rating in a research note on Thursday, March 5th. The Goldman Sachs Group increased their target price on shares of DT Midstream from $111.00 to $127.00 and gave the company a “sell” rating in a report on Monday. Mizuho lifted their target price on shares of DT Midstream from $108.00 to $129.00 and gave the stock a “neutral” rating in a research report on Tuesday, February 17th. Weiss Ratings reissued a “buy (b)” rating on shares of DT Midstream in a research note on Wednesday, January 21st. Finally, Stifel Nicolaus set a $137.00 price target on shares of DT Midstream and gave the company a “hold” rating in a research report on Monday, February 23rd. Six research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $144.91.
Check Out Our Latest Analysis on DT Midstream
Insiders Place Their Bets In other news, CFO Jeffrey A. Jewell purchased 185 shares of the business’s stock in a transaction on Wednesday, February 25th. The shares were acquired at an average price of $136.33 per share, with a total value of $25,221.05. Following the acquisition, the chief financial officer directly owned 89,583 shares in the company, valued at approximately $12,212,850.39. The trade was a 0.21% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.54% of the stock is owned by insiders.
DT Midstream Company Profile (Free Report)
DT Midstream Inc (NYSE: DTM) is a midstream energy company that owns and operates infrastructure for gathering, processing and treating hydrocarbons and produced water. Its core business activities encompass natural gas gathering, cryogenic processing, natural gas liquids (NGL) fractionation, and produced-water handling services. These integrated operations enable the company to capture and transport multiple hydrocarbon streams from wellhead to market and to provide essential water management solutions.
The company’s asset footprint is concentrated in the Delaware Basin in West Texas and southeastern New Mexico, where it serves a diverse range of exploration and production customers.
Featured Articles Five stocks we like better than DT Midstream Want to see what other hedge funds are holding DTM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for DT Midstream, Inc. (NYSE:DTM – Free Report).
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DETROIT, April 30, 2026 (GLOBE NEWSWIRE) -- DT Midstream, Inc. (NYSE: DTM) today announced first quarter 2026 reported net income of $130 million, or $1.27 per diluted share. For the first quarter of 2026, Operating Earnings were $130 million, or $1.27 per diluted share. Adjusted EBITDA for the quarter was $308 million.
Reconciliations of Operating Earnings and Adjusted EBITDA (non-GAAP measures) to reported net income are included at the end of this news release.
The company also announced that the DT Midstream Board of Directors declared a $0.88 per share dividend on its common stock payable July 15, 2026 to stockholders of record at the close of business June 15, 2026.
“Our first quarter results give us a great start to the year,” said David Slater, Executive Chairman and CEO. “And I am pleased that we were able to advance new interstate pipeline growth projects.”
Slater noted the following significant business updates:
DTM has approved investment in the Vector Pipeline 2028 expansion project and the Millennium Pipeline R2R projectSuccessfully completed non-binding open seasons for an expansion of Midwestern Gas Transmission and an additional expansion of Vector Pipeline; both open seasons received customer interest exceeding the offered capacityPlaced into service a new power plant lateral from Midwestern Gas Transmission “Our first quarter results place us on track to deliver our financial goals for 2026,” said Jeff Jewell, Executive Vice President and CFO.
The company has scheduled a conference call to discuss results for 9:00 a.m. ET (8:00 a.m. CT) today. Investors, the news media and the public may listen to a live internet broadcast of the call at this link. The participant toll-free telephone dial-in number in the U.S. and Canada is 888.596.4144, and the toll number is 646.968.2525; the passcode is 7282929. International access numbers are available here. The webcast will be archived on the DT Midstream website at investor.dtmidstream.com.
About DT Midstream
DT Midstream (NYSE: DTM) 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 across the Southern, Northeastern and Midwestern United States and Canada. The Detroit-based company offers a comprehensive, wellhead-to-market array of services, including natural gas transportation, storage and gathering. For more information, please visit the DT Midstream website at www.dtmidstream.com.
Use of Operating Earnings Information – Operating Earnings exclude non-recurring items, certain mark-to-market adjustments and discontinued operations. DT Midstream management believes that Operating Earnings provide a more meaningful representation of the company’s earnings from ongoing operations and uses Operating Earnings as the primary performance measurement for external communications with analysts and investors. Internally, DT Midstream uses Operating Earnings to measure performance against budget and to report to the Board of Directors.
Adjusted EBITDA is defined as GAAP net income attributable to DT Midstream before expenses for interest, taxes, depreciation and amortization, and loss from financing activities, further adjusted to include the proportional share of net income from equity method investees (excluding interest, taxes, depreciation and amortization), and to exclude certain items the company considers non-routine. DT Midstream believes Adjusted EBITDA is useful to the company and external users of DT Midstream’s financial statements in understanding operating results and the ongoing performance of the underlying business because it allows management and investors to have a better understanding of actual operating performance unaffected by the impact of interest, taxes, depreciation, amortization and non-routine charges noted in the table below. We believe the presentation of Adjusted EBITDA is meaningful to investors because it is frequently used by analysts, investors and other interested parties in the midstream industry to evaluate a company’s operating performance without regard to items excluded from the calculation of such measure, which can vary substantially from company to company depending on accounting methods, book value of assets, capital structure and the method by which assets were acquired, among other factors. DT Midstream uses Adjusted EBITDA to assess the company’s performance by reportable segment and as a basis for strategic planning and forecasting.
Distributable Cash Flow (DCF) is calculated by deducting earnings from equity method investees, depreciation and amortization attributable to noncontrolling interests, cash interest expense, maintenance capital investment (as defined below), and cash taxes from, and adding interest expense, income tax expense, depreciation and amortization, certain items we consider non-routine and dividends and distributions from equity method investees to, Net Income Attributable to DT Midstream. Maintenance capital investment is defined as the total capital expenditures used to maintain or preserve assets or fulfill contractual obligations that do not generate incremental earnings. We believe DCF is a meaningful performance measurement because it is useful to us and external users of our financial statements in estimating the ability of our assets to generate cash earnings after servicing our debt, paying cash taxes and making maintenance capital investments, which could be used for discretionary purposes such as common stock dividends, retirement of debt or expansion capital expenditures.
In this release, DT Midstream provides 2026 and 2027 Adjusted EBITDA guidance. The reconciliation of net income to Adjusted EBITDA as projected for full-year 2026 and 2027 is not provided. DT Midstream does not forecast net income as it cannot, without unreasonable efforts, estimate or predict with certainty the components of net income. These components, net of tax, may include, but are not limited to, impairments of assets and other charges, divestiture costs, acquisition costs, or changes in accounting principles. All of these components could significantly impact such financial measures. At this time, DT Midstream is not able to estimate the aggregate impact, if any, of these items on future period reported earnings. Accordingly, DT Midstream is not able to provide a corresponding GAAP equivalent for Adjusted EBITDA.
Forward-looking Statements
This release contains statements which, to the extent they are not statements of historical or present fact, constitute “forward-looking statements” under the securities laws. These forward-looking statements are intended to provide management’s current expectations or plans for our future operating and financial performance, business prospects, outcomes of regulatory proceedings, market conditions, and other matters, based on what we believe to be reasonable assumptions and on information currently available to us.
Forward-looking statements can be identified by the use of words such as “believe,” “expect,” “expectations,” “plans,” “strategy,” “prospects,” “estimate,” “project,” “target,” “anticipate,” “will,” “should,” “see,” “guidance,” “outlook,” “confident,” “may,” and other words of similar meaning. The absence of such words, expressions or statements, however, does not mean that the statements are not forward-looking. In particular, express or implied statements relating to future earnings, cash flow, results of operations, uses of cash, tax rates and other measures of financial performance, future actions, conditions or events, potential future plans, strategies or transactions of DT Midstream, and other statements that are not historical facts, are forward-looking statements.
Forward-looking statements are not guarantees of future results and conditions, but rather are subject to numerous assumptions, risks, and uncertainties that may cause actual future results to be materially different from those contemplated, projected, estimated, or budgeted. Many factors may impact forward-looking statements of DT Midstream including, but not limited to, the following: changes in general economic conditions, including increases in interest rates and associated Federal Reserve policies, a potential economic recession, and the impact of inflation on our business; industry changes, including the impact of consolidations, alternative energy sources, technological advances, infrastructure constraints and changes in competition; changes in global trade policies and tariffs; global and domestic supply chain disruptions; actions taken by third-party operators, producers, processors, transporters and gatherers; changes in expected production from Expand Energy and other third parties in our areas of operation; demand for natural gas gathering, transmission, storage, transportation, sand mining, and water services; the availability and price of natural gas to the consumer compared to the price of alternative and competing fuels; our ability to successfully and timely implement our business plan; our ability to complete organic growth projects on time and on budget; our ability to finance, complete, or successfully integrate acquisitions; our ability to realize the anticipated benefits from acquisitions and our ability to manage the risks associated with acquisition activity; the price and availability of debt and equity financing; restrictions in our existing and any future credit facilities and indentures; the effectiveness of our information technology and operational technology systems and practices to detect and defend against evolving cyber attacks on United States critical infrastructure; changing laws regarding cybersecurity and data privacy, and any cybersecurity threat or event; operating hazards, environmental risks, and other risks incidental to gathering, storing and transporting natural gas; geologic and reservoir risks and considerations; natural disasters, adverse weather conditions, casualty losses and other matters beyond our control; the impact of outbreaks of illnesses, epidemics and pandemics, and any related economic effects; the impacts of geopolitical events, including the conflicts in Ukraine and the Middle East; labor relations and markets, including the ability to attract, hire and retain key employee and contract personnel; large customer defaults; changes in tax status, as well as changes in tax rates and regulations; the effects and associated cost of compliance with existing and future laws and governmental regulations, such as the Inflation Reduction Act and the One Big Beautiful Bill Act; changes in environmental laws, regulations or enforcement policies, including laws and regulations relating to pipeline safety, climate change and greenhouse gas emissions; changes in laws and regulations or enforcement policies, including those relating to construction and operation of new interstate gas pipelines, ratemaking to which our pipelines may be subject, or other non-environmental laws and regulations; our ability to qualify for federal income tax credits; ability to develop low carbon business opportunities and deploy greenhouse gas reducing technologies; changes in insurance markets impacting costs and the level and types of coverage available; the timing and extent of changes in commodity prices; the success of our risk management strategies; the suspension, reduction or termination of our customers’ obligations under our commercial agreements; disruptions due to equipment interruption or failure at our facilities, or third-party facilities on which our business is dependent; the effects of future litigation; and the risks described in our Annual Report on Form 10-K for the year ended December 31, 2025 and our reports and registration statements filed from time to time with the SEC.
The above list of factors is not exhaustive. New factors emerge from time to time. We cannot predict what factors may arise or how such factors may cause actual results to vary materially from those stated in forward-looking statements, see the discussion under the section entitled “Risk Factors” in our Annual Report for the year ended December 31, 2025, filed with the SEC on Form 10-K and any other reports filed with the SEC. Given the uncertainties and risk factors that could cause our actual results to differ materially from those contained in any forward-looking statement, you should not put undue reliance on any forward-looking statements.
Any forward-looking statements speak only as of the date on which such statements are made. We are under no obligation to, and expressly disclaim any obligation to, update or alter our forward-looking statements, whether as a result of new information, subsequent events or otherwise.
DT Midstream, Inc.
Reconciliation of Reported to Operating Earnings (non-GAAP, unaudited)
Three Months Ended March 31, December 31, 2026 2025 Reported Earnings Pre-tax Adjustments Income
Taxes (1) Operating Earnings Reported Earnings Pre-tax Adjustments Income
Taxes (1) Operating Earnings (millions) Adjustments $— $— $— $— Net Income Attributable to DT Midstream$130 $— $— $130 $111 $— $— $111 Three Months Ended March 31, March 31, 2026 2025 Reported Earnings Pre-tax Adjustments Income
Taxes (1) Operating Earnings Reported Earnings Pre-tax Adjustments Income
Taxes (1) Operating Earnings (millions) Adjustments — — — — Net Income Attributable to DT Midstream$130 $— $— $130 $108 $— $— $108 (1) Excluding tax related adjustments, the amount of income taxes was calculated based on a combined federal and state income tax rate, considering the applicable jurisdictions of the respective segments and deductibility of specific operating adjustments
DT Midstream, Inc.
Reconciliation of Reported to Operating Earnings per diluted share (1) (non-GAAP, unaudited)
Three Months Ended March 31, December 31, 2026 2025 Reported Earnings Pre-tax Adjustments Income
Taxes (2) Operating Earnings Reported Earnings Pre-tax Adjustments Income
Taxes (2) Operating Earnings (per share) Adjustments $— $— $— $— Net Income Attributable to DT Midstream$1.27 $— $— $1.27 $1.08 $— $— $1.08 Three Months Ended March 31, March 31, 2026 2025 Reported Earnings Pre-tax Adjustments Income
Taxes (2) Operating Earnings Reported Earnings Pre-tax Adjustments Income
Taxes (2) Operating Earnings (per share) Adjustments — — — — Net Income Attributable to DT Midstream$1.27 $— $— $1.27 $1.06 $— $— $1.06 (1) Per share amounts are divided by Weighted Average Common Shares Outstanding — Diluted, as noted on the Consolidated Statements of Operations
(2) Excluding tax related adjustments, the amount of income taxes was calculated based on a combined federal and state income tax rate, considering the applicable jurisdictions of the respective segments and deductibility of specific operating adjustments
DT Midstream, Inc.
Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA (non-GAAP, unaudited) Three Months Ended March 31, December 31, March 31, 2026 2025 2025 Consolidated(millions)Net Income Attributable to DT Midstream$130 $111 $108 Plus: Interest expense 40 41 40 Plus: Income tax expense 36 40 35 Plus: Depreciation and amortization 69 67 63 Plus: EBITDA from equity method investees (1) 78 70 73 Less: Interest income (1) — (1)Less: Earnings from equity method investees (43) (37) (37)Less: Depreciation and amortization attributable to noncontrolling interests (1) (1) (1)Other — 2 — Adjusted EBITDA$308 $293 $280 (1) Includes share of our equity method investees’ earnings before interest, taxes, depreciation and amortization, which we refer to as “EBITDA.” A reconciliation of earnings from equity method investees to EBITDA from equity method investees follows:
Three Months Ended March 31, December 31, March 31, 2026 2025 2025 (millions)Earnings from equity method investees$43 $37 $37 Plus: Depreciation and amortization attributable to equity method investees 21 19 22 Plus: Interest expense attributable to equity method investees 14 14 14 EBITDA from equity method investees$78 $70 $73 DT Midstream, Inc.
Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA
Pipeline Segment (non-GAAP, unaudited) Three Months Ended March 31, December 31, March 31, 2026 2025 2025 Pipeline(millions)Net Income Attributable to DT Midstream$108 $93 $92 Plus: Interest expense 14 13 13 Plus: Income tax expense 30 34 30 Plus: Depreciation and amortization 29 28 28 Plus: EBITDA from equity method investees (1) 78 70 73 Less: Interest income (1) — (1)Less: Earnings from equity method investees (43) (37) (37)Less: Depreciation and amortization attributable to noncontrolling interests (1) (1) (1)Adjusted EBITDA$214 $200 $197 (1) Includes share of our equity method investees’ earnings before interest, taxes, depreciation and amortization, which we refer to as “EBITDA.” A reconciliation of earnings from equity method investees to EBITDA from equity method investees follows:
Three Months Ended March 31, December 31, March 31, 2026 2025 2025 (millions)Earnings from equity method investees$43 $37 $37 Plus: Depreciation and amortization attributable to equity method investees 21 19 22 Plus: Interest expense attributable to equity method investees 14 14 14 EBITDA from equity method investees$78 $70 $73 DT Midstream, Inc.
Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA
Gathering Segment (non-GAAP, unaudited) Three Months Ended March 31, December 31, March 31, 2026 2025 2025 Gathering(millions) Net Income Attributable to DT Midstream$22 $18 $16 Plus: Interest expense 26 28 27 Plus: Income tax expense 6 6 5 Plus: Depreciation and amortization 40 39 35 Other — 2 — Adjusted EBITDA$94 $93 $83 DT Midstream, Inc.
Reconciliation of Net Income Attributable to DT Midstream to Distributable Cash Flow (non-GAAP, unaudited) Three Months Ended March 31, December 31, March 31, 2026 2025 2025 Consolidated(millions) Net Income Attributable to DT Midstream$130 $111 $108 Plus: Interest expense 40 41 40 Plus: Income tax expense 36 40 35 Plus: Depreciation and amortization 69 67 63 Less: Earnings from equity method investees (43) (37) (37) Less: Depreciation and amortization attributable to noncontrolling interests (1) (1) (1) Plus: Dividends and distributions from equity method investees 56 48 48 Less: Cash interest expense — (76) — Less: Cash taxes (2) (2) 2 Less: Maintenance capital investment (1) (11) (29) (8) Distributable Cash Flow$274 $162 $250 (1) Maintenance capital investment is defined as the total capital expenditures used to maintain or preserve assets or fulfill contractual obligations that do not generate incremental earnings.
The Iran War has turned energy stocks from laggards to leaders, but the rally in this sector appears to be getting a little long in the tooth.
Now that AI and semiconductors have retaken control of the market, the energy sector is looking vulnerable, and many stocks are triggering overbought signals.
Today, we'll look at five stocks that are flashing overbought signals on key technical indicators, such as Bollinger Bands, the Relative Strength Index (RSI), and the Moving Average Convergence Divergence (MACD) indicator.
Each of these technical tools measures momentum in a different fashion, and they are frequently used together to identify momentum changes (or continuation patterns).
Here are five high-flying energy stocks that look ripe for profit-taking.
Earlier this year, Bloom Energy (NYSE:BE) looked like it was struggling to repeat its 2025 performance. The stock gained nearly 300% last calendar year, but spent most of 2026 trading in a tight range between $130 and $160.
But when the market turned in late March, Bloom Energy's stock got back on the bullish train. BE shares have more than doubled in the last month alone, and now are up more than 200% year-to-date (YTD).
The company absolutely crushed its Q1 2026 earnings report on April 28, posting EPS and revenue figures well above analysts' projections with total sales up more than 130% year-over-year (YOY). Management also now expects full-year 2026 guidance of $3.4 to $3.8 billion, following record revenue of over $2 billion in 2025.
Bloom Energy's partnership with Brookfield to provide power to data centers provides it with durable, sustainable revenue for years to come, thereby maintaining the long-term growth story.
However, the stock is looking incredibly overbought following its impressive month, and investors are getting signals that it’s time to take profits. The share price has reached the upper Bollinger Band following a very volatile few trading sessions, and the RSI reading of 77 shows a highly susceptible rally.
Kodiak Gas Services Inc.The stock has gone parabolic in the first four months of 2026, returning more than 80% YTD thanks to soaring energy prices and domestic demand. But a quick look under the hood shows a company that still needs to justify its current valuation.
The stock trades at nearly 80 times earnings, and the company has missed EPS projections in six of the last seven quarters. Kodiak Gas Services is scheduled to report its Q1 2026 results on May 15, and another miss after this stock run-up could result in a swift reversal.
KGS shares are trading near the upper Bollinger Band, and the RSI is deep into overbought territory at 82. With a pricey valuation, overbought technicals, and another earnings report on deck, taking profits here is likely a wise decision.
Tenaris S.A.Tenaris (NYSE:TS) is a Luxembourg-based manufacturer of steel pipes and tubes used in a variety of industrial applications, but its products are especially prominent in the oil and gas industry.
The company has a market cap of $32 billion and generated nearly $12 billion in sales in 2025. Despite being a consistent earnings winner with a reasonable valuation, Tenaris shares are looking very overbought at the moment and could be hit by profit-taking in the near future.
The stock had been a steady but unspectacular compounder, growing from $20 per share to $40 per share between 2022 and 2026. But now the stock has soared from $40 to $63 in just 4 months, despite little change in the company's earnings growth trajectory.
Tariff relief is likely a significant driver of the 2026 rally, as Tenaris's products faced stiff import tariffs under the Trump administration's previous policies. While the new Section 232 tariffs have revived some of these taxes, the stock's relief rally continues.
However, technical signals indicate waning momentum in the uptrend. The Bollinger Bands and RSI both highlight an overextended rally, and the MACD indicator shows that buying pressure is beginning to weaken. Tenaris reports earnings on May 5, and will likely need to crush estimates to keep this momentum going.
DT Midstream Inc.However, management only reaffirmed its full-year 2026 guidance and also decided to keep the dividend payout flat despite record quarterly revenue. Analysts at Barclays raised their price target to $143 following the earnings release, but this is still below the current market price.
The post-earnings move actually took the stock price outside the upper range of the Bollinger Bands, which is often considered a bearish reversal signal. An overbought RSI also confirms the potential trend shift, and a pullback to the $135 area wouldn't be surprising from here.
Enerflex Ltd.The Bollinger Bands have widened drastically during the stock's run-up, highlighting the volatility of the uptrend. A large gap between the deviations is often a red flag that reversion to the mean is coming, and the RSI is extremely high, over 77.
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DT Midstream NYSE: DTM held its 2026 Annual Meeting of Stockholders virtually on May 5, with Executive Chairman and CEO David Slater calling the meeting to order shortly after 10:00 a.m. Eastern Time.
Key Takeaways: On a year-over-year basis, 96.0% of the Alerian Midstream Energy Index (AMNA) by weighting have grown their dividends. MLPs largely drove sequential growth in payouts for 1Q26, while most corporations kept their dividends
steady. No AMNA constituent has cut its regular dividend since July 2021. Midstream indexes have seen a strong 2026 thus far, generating robust total returns of over 20% year-to-
date through May 15 that handily outpace the broader market. For the first quarter of 2026, most of the constituents in the broad Alerian Midstream Energy Index (AMNA) maintained their payouts, with a handful of MLPs and select C-Corps providing sequential growth. The vast majority of midstream companies have increased their dividends within the last year, with further growth expected this year. Learn more below about 1Q26 MLP/midstream dividends and why dividend growth is just one of multiple tailwinds for this space.
1Q26 Payouts: Notable Increases From MLPs & C-Corps Dividend announcements for 1Q26 included increases from steady growers, as well as a few notable hikes from names that typically increase their payouts once a year. The largest sequential percentage increase was from C-Corp Targa Resources (TRGP), which raised its dividend by 25% to $1.25 per share, consistent with management’s guidance from November 2025. Notably, DT Midstream (DTM) increased its 1Q26 dividend by 7.3% as announced in February. Pembina (PPL CN) and Kinder Morgan (KMI), which typically raise their payouts annually for the first quarter, increased their dividends by 3.5% and 1.7%, respectively.
Sunoco (SUN) had one of the more notable increases among MLPs for 1Q26, raising its quarterly distribution by 6.25% sequentially. The increase, comprising a one-time 5% step-up and a 1.25% quarterly increase, aligns with the company’s target of at least 5% multi-year distribution growth. Besides SUN, other sequential increases came from MLPs with a track record of growing their payout each quarter: Energy Transfer (ET), Hess Midstream (HESM), Global Partners (GLP), and Delek Logistics Partners (DKL). Western Midstream (WES) grew its payout 2.2% and Star Group, which is only in the Alerian MLP Index (AMZ), increased by 6.8%.
The pie charts below show quarter-over-quarter changes to dividends for AMNA, AMZ, and the Alerian MLP Infrastructure Index (AMZI) by comparing 1Q26 payouts to those made for 4Q25. To be clear, 1Q26 dividends refer to dividends paid in 2Q26 based on operational performance in 1Q26.
Year-Over-Year Comparison Highlights Widespread Dividend Growth With many companies only increasing their payouts once each year, a year-over-year comparison can provide a clearer picture of dividend trends. The pie charts below show a clear bias towards rising payouts. Over 80% of AMZ and almost 90% of AMZI by weighting have increased their distributions within the last year. For AMNA, 96.0% of the index by weighting has grown payouts relative to 1Q25. Looking at the absolute numbers, the majority of constituents in each index have grown their dividends.
Midstream companies that prefer annual hikes typically make those announcements for 4Q or 1Q payouts. That could lead to a quieter 2Q26; however, companies are expected to continue prioritizing dividend growth. MPLX (MPLX) management expects to continue 12.5% annual distribution growth for 2026 and 2027. Cheniere (LNG) is committed to growing dividends by ~10% annually through the end of the decade. Additionally, both Hess Midstream (HESM) and Sunoco (SUN) are targeting multi-year distribution growth of at least 5% annually, with HESM’s outlook extending through 2028. EBITDA growth (read more) and ongoing free cash flow generation (read more) continue to drive a constructive outlook for midstream/MLP payouts.
Midstream/MLPs Enjoying Strong Performance in 2026 Dividend growth has been just one tailwind for the midstream/MLP space this year. Energy equities have seen broad strength with oil prices rallying and ongoing supply disruptions in the Middle East. Midstream also continues to benefit from the tailwinds related to growing natural gas demand in North America, with companies enjoying robust opportunities for natural gas infrastructure. The space broadly saw a strong 1Q26 earnings season, with many companies beating expectations and raising their financial guidance for the year.
Year-to-date through May 15, AMNA has gained 27.6%, AMZ has gained 25.1%, and AMZI is up 25.0% on a total-return basis. Even with these gains, yields remain healthy, particularly for the MLP indexes AMZ and AMZI. As of May 15, AMZ and AMZI were yielding 6.4% and 6.8% respectively, while AMNA was yielding 4.2%. Energy infrastructure’s capital appreciation, paired with the compelling, stable income it provides, has delivered robust returns so far this year.
Bottom Line Midstream/MLP dividend growth remains a reliable tailwind, reinforced by 1Q26 announcements. Consistent dividend growth supports generous yields and provides attractive returns for investors. Complementing this payout growth are equity repurchases, which will be discussed in detail next week. Stay tuned.
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Related Research:
Broad-Based Growth in 4Q25 Midstream/MLP Dividends
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