DT Midstream (DTM)

Q: What's priced into DT Midstream (DTM) stock?

Valuation is stretched, at a 22% premium to peers, while the expectations gap is modest. The evidence points to some execution weakness and a turbulent sector backdrop being reflected, but not the full combination of expensive valuation, weak execution, and sector turbulence.

Q: What does the DT Midstream (DTM) outlook hinge on?

The key company-specific test is whether DTM delivers its 2026 guidance and avoids another guidance cut. Sector bellwethers such as ENB, WMB, and KMI are also important: continued earnings strength could support the sector backdrop, while misses or lower guidance could weaken that tailwind.

NYSEEnergyOil & Gas MidstreamSnapshot 2026-10-23

$123.91+0.41%

Close 2026-10-23 · 1-day change

Investment OutlookAs of Oct 24, 2026

What could strengthen or challenge DT Midstream’s outlook?

The long-term thesis, the evidence coming in, and the environment around it. Thesis dated Jul 8, 2026.

Higher potential upsideImproving expectations

Next-FY EPS estimate change · 30 days

-0.7%

+10% or more+5%0%−5%−10% or less

5.00 → 4.97 EPS · FY ending Dec 31, 2027 · 8 analysts

Higher risk of downsideWeakening expectations

One observable signal. This measures changing earnings expectations, not the probability of a gain or loss.

How this is measured

Change in the same fiscal period’s mean EPS estimate from Sep 24, 2026 to Oct 24, 2026: (new ÷ prior − 1). Contributor count changed from 8 to 8; this is not the number of analysts revising. Source: FMP consensus snapshots. The ±10% axis is a display range.

Measure / period	Management expectations	Analyst expectations
Quarter ending 2026-12-30
Revenue	—	340.33M
EPS	—	1.193
Annual ending 2026-12-31
Revenue	—	1.35B
EPS	—	4.679
Annual ending 2027-12-31
Revenue	—	1.41B
EPS	—	4.971

Management figures unavailable.

What the Thesis Depends On

4 published thesis conditions, with dated milestones shown separately.

Key Factor	Why It Matters	Current Status	Break Condition	Latest Evidence
Increase cash from operations to at least $280 million	Cash from operations increased from $152 million to $280 million, supporting growth and dividends.	Intact	cash from operations falls below $280 million in 2026-Q1	Cash from operations: $222M FY2026-Q2; GAAP. Published target: >= $280 million. The stored target says 2026-Q1; this source reports FY2026-Q2. Fiscal/calendar alignment needs review. Source published Jul 30, 2026222,000,000 USD · source valueSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: stock_quarterly_financials_fmp. Reference: 2026-Q2. Source status: unverified. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.
Increase quarterly dividend to at least $0.88 per share	A primary condition in DT Midstream's published investment case. The stated target is >= $0.88 per share.	Intact	dividend per share falls below $0.88 in 2026-Q1	Dividend per share: $0.88 per share FY2026-Q2; GAAP. Published target: >= $0.88 per share. The stored target says 2026-Q1; this source reports FY2026-Q2. Fiscal/calendar alignment needs review. Source published Jul 30, 20260.88 USD/share · source valueSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: company_financial_results. Reference: d6a0f0a3-63a1-4b73-a010-ba901a4f2c4a. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.
Operating income improvement to at least $166 million	Operating income rose from $113 million to $166 million, showing better efficiency.	Intact	operating income falls below $166 million in 2026-Q1	Operating income: $173M FY2026-Q2; GAAP. Published target: >= $166 million. The stored target says 2026-Q1; this source reports FY2026-Q2. Fiscal/calendar alignment needs review. Source published Jul 30, 2026173,000,000 USD · source valueSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: company_financial_results. Reference: d6a0f0a3-63a1-4b73-a010-ba901a4f2c4a. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Stated as a priority in 4 of last 4 quarters. Operating income increased from $155 million in 2025-Q3 to $166 million in 2026-Q1, and cash from operations rose from $247 million in 2025-Q1 to $280 million in 2026-Q1. The trajectory shows steady improvement in profitability and cash generation consistent with management's focus. Delivery assessment Oct 24, 2026
Maintain valuation below PE 32.3	A supporting condition in DT Midstream's published investment case. The stated target is <= PE 32.3.	Intact	PE ratio rises above 32.3	P/E (TTM): 27.11x As of 2026-10-23; trailing twelve months. The target timing and basis require a separate assessment. Market data as of Oct 23, 202627.1138 ratio · calculatedLast status assessment Oct 24, 2026 Measurement source consolidated · TTM valuation Period ending Oct 23, 2026 Source: mart.stock_valuation_daily. Reference: DTM:2026-10-23. Source status: canonical calculation. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.

Stored thesis · Jul 8, 2026. Latest Evidence uses source-matched measurements where available, alongside the last thesis-monitor assessment. Source periods and assessment dates are shown separately. A new measurement does not automatically change the published status or verify an older target.

Incoming Evidence

Compare these dated observations with the operating requirements above

Expectations trend

Same fiscal period

FY2027 · fiscal year ending 2027-12-31 · fmp

FY2027 EPS$4.97

$5.12 → $4.97 · observed estimates

FY2027 revenue$1.41B

$1.40B → $1.41B · observed estimates

Exact estimates & source dates

One fiscal period and provider throughout. At least five contributors are required for each plotted metric; missing coverage stays a gap. Axes show the observed range. Counts measure coverage, not revisions.

FY2027 estimate observations · fmp
Snapshot	EPS	Revenue	EPS / revenue analysts
2026-07-24	$5.12	$1,403,398,735	7 / 6
2026-07-25	$4.99	$1,416,339,920	8 / 8
2026-07-26	$4.99	$1,416,339,920	8 / 8
2026-07-27	$4.98	$1,417,714,920	8 / 8
2026-07-28	$4.98	$1,417,714,920	8 / 8
2026-07-29	$4.98	$1,417,714,920	8 / 8
2026-07-30	$4.98	$1,417,714,920	8 / 8
2026-07-31	$5.11	$1,404,620,957	7 / 6
2026-08-01	$5.11	$1,404,620,957	7 / 6
2026-08-02	$4.97	$1,427,814,440	8 / 8
2026-08-03	$4.97	$1,427,814,440	8 / 8
2026-08-04	$5.10	$1,413,209,846	7 / 6
2026-08-05	$5.10	$1,413,209,846	7 / 6
2026-08-06	$4.94	$1,419,933,300	9 / 9
2026-08-07	$5.10	$1,413,209,846	7 / 6
2026-08-08	$4.94	$1,421,334,070	9 / 9
2026-08-09	$4.94	$1,421,334,070	9 / 9
2026-08-10	$4.94	$1,421,334,070	9 / 9
2026-08-11	$5.10	$1,413,209,846	7 / 6
2026-08-12	$5.10	$1,413,209,846	7 / 6
2026-08-13	$4.94	$1,421,334,070	9 / 9
2026-08-14	$5.10	$1,413,209,846	7 / 6
2026-08-15	$5.10	$1,413,209,846	7 / 6
2026-08-16	$5.10	$1,413,209,846	7 / 6
2026-08-17	$5.10	$1,413,209,846	7 / 6
2026-08-18	$5.10	$1,413,209,846	7 / 6
2026-08-19	$5.10	$1,413,209,846	7 / 6
2026-08-20	$5.01	$1,408,731,076	8 / 6
2026-08-21	$5.01	$1,408,731,076	8 / 6
2026-08-22	$5.01	$1,408,731,076	8 / 6
2026-08-23	$5.01	$1,408,731,076	8 / 6
2026-08-24	$5.01	$1,408,731,076	8 / 6
2026-08-25	$5.01	$1,408,731,076	8 / 6
2026-08-26	$5.01	$1,408,731,076	8 / 6
2026-08-27	$5.01	$1,408,731,076	8 / 6
2026-08-28	$5.01	$1,408,731,076	8 / 6
2026-08-29	$5.01	$1,408,731,076	8 / 6
2026-08-30	$5.01	$1,408,731,076	8 / 6
2026-08-31	$5.01	$1,408,731,076	8 / 6
2026-09-01	$5.01	$1,408,731,076	8 / 6
2026-09-02	$5.01	$1,408,731,076	8 / 6
2026-09-03	$5.01	$1,408,731,076	8 / 6
2026-09-04	$4.99	$1,408,731,076	8 / 6
2026-09-05	$4.99	$1,408,731,076	8 / 6
2026-09-06	$4.99	$1,408,731,076	8 / 6
2026-09-07	$4.99	$1,408,731,076	8 / 6
2026-09-08	$4.99	$1,408,731,076	8 / 6
2026-09-09	$4.99	$1,408,731,076	8 / 6
2026-09-10	$4.99	$1,408,731,076	8 / 6
2026-09-11	$5.00	$1,408,731,076	8 / 6
2026-09-12	$5.00	$1,408,731,076	8 / 6
2026-09-13	$5.00	$1,408,731,076	8 / 6
2026-09-14	$5.00	$1,408,731,076	8 / 6
2026-09-15	$5.00	$1,408,731,076	8 / 6
2026-09-16	$5.00	$1,408,731,076	8 / 6
2026-09-17	$5.00	$1,408,731,076	8 / 6
2026-09-18	$5.00	$1,408,731,076	8 / 6
2026-09-19	$5.00	$1,408,731,076	8 / 6
2026-09-20	$5.00	$1,408,731,076	8 / 6
2026-09-21	$5.00	$1,408,731,076	8 / 6
2026-09-22	$5.00	$1,408,731,076	8 / 6
2026-09-23	$5.00	$1,408,731,076	8 / 6
2026-09-24	$5.00	$1,408,731,076	8 / 6
2026-09-25	$5.00	$1,408,731,076	8 / 6
2026-09-26	$5.00	$1,408,731,076	8 / 6
2026-09-27	$5.00	$1,408,731,076	8 / 6
2026-09-28	$5.00	$1,408,731,076	8 / 6
2026-09-29	$5.00	$1,408,731,076	8 / 6
2026-09-30	$5.00	$1,408,731,076	8 / 6
2026-10-01	$5.00	$1,408,731,076	8 / 6
2026-10-02	$5.00	$1,408,731,076	8 / 6
2026-10-03	$5.00	$1,408,731,076	8 / 6
2026-10-04	$5.00	$1,408,731,076	8 / 6
2026-10-05	$5.00	$1,408,731,076	8 / 6
2026-10-06	$5.00	$1,410,253,341	8 / 6
2026-10-07	$5.00	$1,410,253,341	8 / 6
2026-10-08	$5.00	$1,410,253,341	8 / 6
2026-10-09	$4.96	$1,410,377,099	8 / 6
2026-10-10	$4.96	$1,410,377,099	8 / 6
2026-10-11	$4.96	$1,410,377,099	8 / 6
2026-10-12	$4.96	$1,410,377,099	8 / 6
2026-10-13	$4.96	$1,410,377,099	8 / 6
2026-10-14	$4.96	$1,410,377,099	8 / 6
2026-10-15	$4.96	$1,409,965,399	8 / 6
2026-10-16	$4.96	$1,409,965,399	8 / 6
2026-10-17	$4.96	$1,409,965,399	8 / 6
2026-10-18	$4.96	$1,410,065,399	8 / 6
2026-10-19	$4.96	$1,410,065,399	8 / 6
2026-10-20	$4.96	$1,410,065,399	8 / 6
2026-10-21	$4.96	$1,410,065,399	8 / 6
2026-10-22	$4.97	$1,412,369,332	8 / 6
2026-10-23	$4.97	$1,412,369,332	8 / 6
2026-10-24	$4.97	$1,412,369,332	8 / 6

Revenue and EPS estimates track expectations. They are not delivered results or like-for-like proof of a required annual path.

Compare required revenue and earnings

Analyst view

Monthly observations

Buy / Strong BuyHoldSell / Strong Sell

Exact monthly counts

Monthly rating snapshots · fmp. Missing snapshots are not zero.
Date	Buy*	Hold	Sell*
2026-05-01	7	8	1
2026-06-01	7	8	1
2026-07-01	7	8	1
2026-08-01	8	7	1
2026-09-01	9	6	1
2026-10-01	9	5	1

*Buy includes Strong Buy; Sell includes Strong Sell. Monthly counts describe the analyst mix, not the firms behind each recent action.

Latest: 9 Buy / Strong Buy · 5 Hold · 1 Sell / Strong Sell

0 upgrades0 downgrades2 maintains

Recent actions · Sep 25–Oct 24 · 2 recorded

Price-target changes

30 days

○ Previous · ● Latest · common dollar scale

ScotiabankOct 15 · prior Sep 10

$168.00 → $165.00-1.8%

JefferiesOct 15 · prior Sep 16

$145.00 → $150.00+3.4%

Goldman SachsOct 14 · prior Apr 20

$127.00 → $121.00-4.7%

BarclaysOct 6 · prior May 1

$143.00 → $142.00-0.7%

$0$92.40$184.80

1 raises · 3 cuts · 0 unchanged · 0 without a comparable prior

How this is measured

Sep 25, 2026–Oct 24, 2026. Each firm's latest positive target is paired only with its immediately prior positive target from the same provider, at most 180 days earlier. Unmatched observations have one dot; conflicting observations are not compared.

Outlook in Brief

The evidence, the remaining questions, and what comes next

What's improving

No recovery evidence is reported in the available driver assessments.

Still unresolved / key risks

Increase cash from operations to at least $280 millionCash from operations: $222M
Increase quarterly dividend to at least $0.88 per shareDividend per share: $0.88 per share
Operating income improvement to at least $166 millionOperating income: $173M
Maintain valuation below PE 32.3P/E (TTM): 27.11x

Next proof point

Oct 29, 2026

Look for updated results and guidance against the published targets, plus direct evidence for unresolved drivers.

Review earnings

Bottom line

4 of 4 published conditions remain under pressure or need verification. The next results need to address those conditions.

The dated weekly assessment and its assumptions are available in Read detailed Outlook.

Historical risk context

Observed price history; separate from operating scenarios

Price sensitivity

1.0%Typical daily move · historical

Downside history

-21.4%Maximum drawdown · trailing year

Read detailed Outlook Company context, assumptions & risks

DT Midstream outlook in detail

The weekly editorial context below is a separate assessment from the dated monitor evidence above. Recovery observations do not automatically change the published thesis. Unverified outside influences are hypotheses, not measured driver evidence.

Updated Oct 24, 2026

What kind of bet this is

DTM is a pipeline and energy infrastructure growth-and-income business, with a multi-year view tied to project execution and steady earnings growth. The thesis is intact, though recent performance is mixed and the evidence confidence is medium.

What's priced into DT Midstream

Valuation is stretched, at a 22% premium to peers, while the expectations gap is modest. The evidence points to some execution weakness and a turbulent sector backdrop being reflected, but not the full combination of expensive valuation, weak execution, and sector turbulence.

What the fundamentals likely do

Near term, a recent earnings miss and a run of consecutive misses raise the risk around the next report, despite a stated miss probability of 36%. Over the multi-year view, management is on track with its 2026 adjusted EBITDA guidance, dividend increases, and organic project expansion, including a larger project backlog.

What DT Midstream hinges on

The key company-specific test is whether DTM delivers its 2026 guidance and avoids another guidance cut. Sector bellwethers such as ENB, WMB, and KMI are also important: continued earnings strength could support the sector backdrop, while misses or lower guidance could weaken that tailwind.

Bottom line

The 1-3 year thesis remains intact, with project growth and dividend progress balanced against earnings execution risk and a stretched valuation. Not investment advice.

Not investment advice. Scores describe historical and current data; they are not forecasts of future returns. Consult a licensed advisor before making investment decisions.

Measure / period	Management expectations	Analyst expectations
Quarter ending 2026-12-30
Revenue	—	340.33M
EPS	—	1.193
Annual ending 2026-12-31
Revenue	—	1.35B
EPS	—	4.679
Annual ending 2027-12-31
Revenue	—	1.41B
EPS	—	4.971

Expectations trend

Same fiscal period

FY2027 · fiscal year ending 2027-12-31 · fmp

FY2027 EPS$4.97

$5.12 → $4.97 · observed estimates

FY2027 revenue$1.41B

$1.40B → $1.41B · observed estimates

Exact estimates & source dates

FY2027 estimate observations · fmp
Snapshot	EPS	Revenue	EPS / revenue analysts
2026-07-24	$5.12	$1,403,398,735	7 / 6
2026-07-25	$4.99	$1,416,339,920	8 / 8
2026-07-26	$4.99	$1,416,339,920	8 / 8
2026-07-27	$4.98	$1,417,714,920	8 / 8
2026-07-28	$4.98	$1,417,714,920	8 / 8
2026-07-29	$4.98	$1,417,714,920	8 / 8
2026-07-30	$4.98	$1,417,714,920	8 / 8
2026-07-31	$5.11	$1,404,620,957	7 / 6
2026-08-01	$5.11	$1,404,620,957	7 / 6
2026-08-02	$4.97	$1,427,814,440	8 / 8
2026-08-03	$4.97	$1,427,814,440	8 / 8
2026-08-04	$5.10	$1,413,209,846	7 / 6
2026-08-05	$5.10	$1,413,209,846	7 / 6
2026-08-06	$4.94	$1,419,933,300	9 / 9
2026-08-07	$5.10	$1,413,209,846	7 / 6
2026-08-08	$4.94	$1,421,334,070	9 / 9
2026-08-09	$4.94	$1,421,334,070	9 / 9
2026-08-10	$4.94	$1,421,334,070	9 / 9
2026-08-11	$5.10	$1,413,209,846	7 / 6
2026-08-12	$5.10	$1,413,209,846	7 / 6
2026-08-13	$4.94	$1,421,334,070	9 / 9
2026-08-14	$5.10	$1,413,209,846	7 / 6
2026-08-15	$5.10	$1,413,209,846	7 / 6
2026-08-16	$5.10	$1,413,209,846	7 / 6
2026-08-17	$5.10	$1,413,209,846	7 / 6
2026-08-18	$5.10	$1,413,209,846	7 / 6
2026-08-19	$5.10	$1,413,209,846	7 / 6
2026-08-20	$5.01	$1,408,731,076	8 / 6
2026-08-21	$5.01	$1,408,731,076	8 / 6
2026-08-22	$5.01	$1,408,731,076	8 / 6
2026-08-23	$5.01	$1,408,731,076	8 / 6
2026-08-24	$5.01	$1,408,731,076	8 / 6
2026-08-25	$5.01	$1,408,731,076	8 / 6
2026-08-26	$5.01	$1,408,731,076	8 / 6
2026-08-27	$5.01	$1,408,731,076	8 / 6
2026-08-28	$5.01	$1,408,731,076	8 / 6
2026-08-29	$5.01	$1,408,731,076	8 / 6
2026-08-30	$5.01	$1,408,731,076	8 / 6
2026-08-31	$5.01	$1,408,731,076	8 / 6
2026-09-01	$5.01	$1,408,731,076	8 / 6
2026-09-02	$5.01	$1,408,731,076	8 / 6
2026-09-03	$5.01	$1,408,731,076	8 / 6
2026-09-04	$4.99	$1,408,731,076	8 / 6
2026-09-05	$4.99	$1,408,731,076	8 / 6
2026-09-06	$4.99	$1,408,731,076	8 / 6
2026-09-07	$4.99	$1,408,731,076	8 / 6
2026-09-08	$4.99	$1,408,731,076	8 / 6
2026-09-09	$4.99	$1,408,731,076	8 / 6
2026-09-10	$4.99	$1,408,731,076	8 / 6
2026-09-11	$5.00	$1,408,731,076	8 / 6
2026-09-12	$5.00	$1,408,731,076	8 / 6
2026-09-13	$5.00	$1,408,731,076	8 / 6
2026-09-14	$5.00	$1,408,731,076	8 / 6
2026-09-15	$5.00	$1,408,731,076	8 / 6
2026-09-16	$5.00	$1,408,731,076	8 / 6
2026-09-17	$5.00	$1,408,731,076	8 / 6
2026-09-18	$5.00	$1,408,731,076	8 / 6
2026-09-19	$5.00	$1,408,731,076	8 / 6
2026-09-20	$5.00	$1,408,731,076	8 / 6
2026-09-21	$5.00	$1,408,731,076	8 / 6
2026-09-22	$5.00	$1,408,731,076	8 / 6
2026-09-23	$5.00	$1,408,731,076	8 / 6
2026-09-24	$5.00	$1,408,731,076	8 / 6
2026-09-25	$5.00	$1,408,731,076	8 / 6
2026-09-26	$5.00	$1,408,731,076	8 / 6
2026-09-27	$5.00	$1,408,731,076	8 / 6
2026-09-28	$5.00	$1,408,731,076	8 / 6
2026-09-29	$5.00	$1,408,731,076	8 / 6
2026-09-30	$5.00	$1,408,731,076	8 / 6
2026-10-01	$5.00	$1,408,731,076	8 / 6
2026-10-02	$5.00	$1,408,731,076	8 / 6
2026-10-03	$5.00	$1,408,731,076	8 / 6
2026-10-04	$5.00	$1,408,731,076	8 / 6
2026-10-05	$5.00	$1,408,731,076	8 / 6
2026-10-06	$5.00	$1,410,253,341	8 / 6
2026-10-07	$5.00	$1,410,253,341	8 / 6
2026-10-08	$5.00	$1,410,253,341	8 / 6
2026-10-09	$4.96	$1,410,377,099	8 / 6
2026-10-10	$4.96	$1,410,377,099	8 / 6
2026-10-11	$4.96	$1,410,377,099	8 / 6
2026-10-12	$4.96	$1,410,377,099	8 / 6
2026-10-13	$4.96	$1,410,377,099	8 / 6
2026-10-14	$4.96	$1,410,377,099	8 / 6
2026-10-15	$4.96	$1,409,965,399	8 / 6
2026-10-16	$4.96	$1,409,965,399	8 / 6
2026-10-17	$4.96	$1,409,965,399	8 / 6
2026-10-18	$4.96	$1,410,065,399	8 / 6
2026-10-19	$4.96	$1,410,065,399	8 / 6
2026-10-20	$4.96	$1,410,065,399	8 / 6
2026-10-21	$4.96	$1,410,065,399	8 / 6
2026-10-22	$4.97	$1,412,369,332	8 / 6
2026-10-23	$4.97	$1,412,369,332	8 / 6
2026-10-24	$4.97	$1,412,369,332	8 / 6

Revenue and EPS estimates track expectations. They are not delivered results or like-for-like proof of a required annual path.

Compare required revenue and earnings