Citi Raises Price Target on DT Midstream, Inc. (DTM)

DT Midstream, Inc. (NYSE:DTM) is one of the 13 best oil and gas storage stocks to buy according to hedge funds.

On February 24, Citi increased the price target on DT Midstream, Inc. (NYSE:DTM) from $130 to $156, while maintaining its Buy rating. The firm noted that the company’s updated investment outlook came in ahead of expectations, and management’s remarks reflected a more confident stance on growth prospects.

DT Midstream, Inc. (NYSE:DTM) indicated that expansion is likely to outpace 7% annualized growth rate through the remainder of the decade. Additionally, the company revealed that its project pipeline is several times larger than the already announced $3.4 billion capital plan, which is roughly half approved.

On February 23, Wells Fargo increased the price target for DT Midstream, Inc. (NYSE:DTM) from $133 to $150, maintaining an Overweight rating on the stock. The firm pointed to the company’s $3.4 billion demand backlog, which was in line with consensus estimates. Moreover, the management indicated that their shadow backlog stands at “multiples of this.” The firm noted:

“DT has the most upside torque to new projects given its smaller size.”

DT Midstream, Inc. (NYSE:DTM) is a natural gas company that offers integrated natural gas solutions within the U.S. market. It builds and operates interstate and intrastate pipelines, storage facilities, and natural gas gathering lateral pipelines. The company also operates gas gathering systems and is involved in the transportation of natural gas for end-users.

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