Analyst Consensus ?
ConsensusHold15 ratings
Bullish960.0%
Neutral533.3%
Bearish16.7%
DT Midstream, Inc. · DTM · FY2026 Q2 · Calendar Q3 2026
DT Midstream maintains 2026 guidance as backlog commercialization advances
DT Midstream's current analysis supports a constructive but execution-dependent outlook: demand from LNG, power generation and data centers is supporting contracted pipeline growth, while project timing, regulation and competition remain key tests.
Reported Before market openNYSEEnergy
$12.68B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$1.09
Consensus $1.17
EPS surprise
-6.8%
Reported versus consensus
Reported revenue
$343.0M
Consensus $325.8M
Revenue surprise
+5.3%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+0.6%
Event window
SPY move
+1.7%
Same window
Abnormal move
-1.1%
Stock minus SPY
Volume
2.4×
Versus trailing sessions
Subsequent drift
-3.7%
Up to 20 sessions
DTMSPY benchmark
Ask FN2 about DTM FY2026 Q2
Transcript, numbers and history already loaded
Why did DTM rise 0.6% after missing EPS estimates in FY2026 Q2?What changed in DTM's guidance and outlook in FY2026 Q2?Give me the bull and bear case for DTM after FY2026 Q2 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Management highlighted that 60% of the $3.4 billion organic backlog is commercialized, with more than 80% committed to pipeline projects. The quarter also included approximately $300 million of first-time FID organic growth projects, while 2026 guidance was reaffirmed.
Guidance delta
Maintained: 2026 guidance was reaffirmed.
Key takeaways
- Adjusted EBITDA was $305 million, slightly down year over year, while 2026 guidance was reaffirmed.
- LNG exports, power generation and data-center construction were cited as demand drivers for utilization and new contracts.
- New growth initiatives include a Haynesville LEAP expansion, Viking modernization and an Appalachia gathering expansion.
- The dividend remained $0.88 per share, with future growth tied to adjusted EBITDA.
Management priorities
- Commercialize the MIST expansion through binding open-season agreements.
- Advance LEAP, Viking and Appalachia expansion projects toward their stated in-service targets.
- Continue regulatory and commercialization work on Guardian and Midwestern projects.
- Convert contracted demand into growth while preserving balance-sheet strength.
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$124.34Current
$54Low
$120.77Average
$170High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 31, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Wells Fargo | Overweight | Overweight | Maintain | Oct 30, 2026 |
| Morgan Stanley | Overweight | Overweight | Maintain | Oct 21, 2026 |
| Barclays | Equal Weight | Equal Weight | Maintain | Oct 6, 2026 |
| Jefferies | Buy | Buy | Maintain | Sep 16, 2026 |
| Scotiabank | Sector Outperform | Sector Outperform | Maintain | Sep 10, 2026 |
| Wolfe Research | Outperform | Peer Perform | Upgrade | Aug 26, 2026 |
| Mizuho | Neutral | Neutral | Maintain | Jul 31, 2026 |
| JP Morgan | Neutral | Neutral | Maintain | Jul 8, 2026 |
| UBS | Buy | Buy | Maintain | May 15, 2026 |
| Citigroup | Buy | Buy | Maintain | May 4, 2026 |
| Goldman Sachs | Sell | Sell | Maintain | Apr 20, 2026 |
| Stifel | Hold | Buy | Downgrade | Feb 24, 2026 |
| B of A Securities | Buy | Buy | Maintain | Dec 11, 2025 |
| Raymond James | Outperform | Outperform | Maintain | Jan 28, 2025 |
| Credit Suisse | Neutral | Outperform | Downgrade | Mar 8, 2022 |
Named analyst price targets
Upside is calculated against the persisted current price $124.34. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Jefferies | Analyst unavailable | $150 | $119.09 | +20.6% | Oct 15, 2026 |
| Scotiabank | Analyst unavailable | $165 | $117.88 | +32.7% | Oct 15, 2026 |
| Goldman Sachs | John Mackay | $121 | $126.55 | -2.7% | Oct 14, 2026 |
| Barclays | Analyst unavailable | $142 | $122.12 | +14.2% | Oct 6, 2026 |
| Jefferies | Analyst unavailable | $145 | $125.08 | +16.6% | Sep 16, 2026 |
| Scotiabank | Analyst unavailable | $168 | $130.23 | +35.1% | Sep 10, 2026 |
| Wolfe Research | Keith Stanley | $145 | $126.74 | +16.6% | Aug 26, 2026 |
| Jefferies | Analyst unavailable | $155 | $136.77 | +24.7% | Jul 31, 2026 |
| Jefferies | Analyst unavailable | $170 | $145.29 | +36.7% | Jul 16, 2026 |
| Jefferies | Julien Dumoulin-Smith | $164 | $146.72 | +31.9% | Jul 8, 2026 |
| Scotiabank | Analyst unavailable | $176 | $151.12 | +41.5% | May 26, 2026 |
| Morgan Stanley | Robert Kad | $170 | $144.44 | +36.7% | May 12, 2026 |
| Jefferies | Julien Dumoulin-Smith | $166 | $147.99 | +33.5% | May 1, 2026 |
| Barclays | Analyst unavailable | $143 | $147.99 | +15.0% | May 1, 2026 |
| Raymond James | Analyst unavailable | $158 | $147.99 | +27.1% | Apr 30, 2026 |
| Goldman Sachs | Analyst unavailable | $127 | $134.24 | +2.1% | Apr 20, 2026 |
| Stifel Nicolaus | Analyst unavailable | $137 | $137.91 | +10.2% | Feb 23, 2026 |
| Wells Fargo | Analyst unavailable | $150 | $136.06 | +20.6% | Feb 22, 2026 |
| UBS | Manav Gupta | $152 | $131.91 | +22.2% | Feb 20, 2026 |
| Jefferies | Analyst unavailable | $148 | $132.33 | +19.0% | Feb 20, 2026 |
| Mizuho Securities | Analyst unavailable | $129 | $133.21 | +3.7% | Feb 17, 2026 |
| Morgan Stanley | Robert Kad | $139 | $131.4 | +11.8% | Feb 10, 2026 |
| Jefferies | Analyst unavailable | $141 | $125.47 | +13.4% | Jan 30, 2026 |
| Barclays | Analyst unavailable | $119 | $118.19 | -4.3% | Jan 14, 2026 |
| Jefferies | Analyst unavailable | $125 | $109.49 | +0.5% | Nov 3, 2025 |
| Stifel Nicolaus | Analyst unavailable | $119 | $109.91 | -4.3% | Oct 14, 2025 |
| Barclays | Analyst unavailable | $114 | $114.01 | -8.3% | Oct 8, 2025 |
| UBS | Analyst unavailable | $128 | $113.36 | +2.9% | Oct 3, 2025 |
| Mizuho Securities | Analyst unavailable | $108 | $104.14 | -13.1% | Aug 29, 2025 |
| Morgan Stanley | Robert Kad | $115 | $107.21 | -7.5% | Jun 3, 2025 |
| Williams Trading | Analyst unavailable | $110 | $101 | -11.5% | Mar 24, 2025 |
| Stifel Nicolaus | Selman Akyok | $89 | $89.3 | -28.4% | Oct 30, 2024 |
| Barclays | Q3 EBITDA | $85 | $81.48 | -31.6% | Oct 3, 2024 |
| Mizuho Securities | Robert Mosca | $72 | $74.22 | -42.1% | Jul 30, 2024 |
| Barclays | Theresa Chen | $72 | $71.1 | -42.1% | Jul 17, 2024 |
| Wells Fargo | Michael Blum | $77 | $66.86 | -38.1% | Jun 4, 2024 |
| Barclays | Theresa Chen | $66 | $63.42 | -46.9% | Apr 5, 2024 |
| Goldman Sachs | John MacKay | $46 | $52.43 | -63.0% | Feb 16, 2024 |
| Citigroup | Spiro Dounis | $54 | $50.45 | -56.6% | Jul 10, 2023 |
| Wells Fargo | Analyst unavailable | $62 | $54.9 | -50.1% | Dec 16, 2022 |
| Barclays | Analyst unavailable | $62 | $57.29 | -50.1% | Aug 16, 2022 |
| Mizuho Securities | Analyst unavailable | $58 | $53.89 | -53.4% | Aug 4, 2022 |
| Mizuho Securities | Analyst unavailable | $57 | $53.2 | -54.2% | May 10, 2022 |
| Wells Fargo | Analyst unavailable | $59 | $54.2 | -52.5% | Apr 28, 2022 |
| Morgan Stanley | Analyst unavailable | $60 | $54.77 | -51.7% | Apr 26, 2022 |
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Start freeCompany context
Snapshot as of publicationDT Midstream, Inc. is a U.S.-based company offering a comprehensive suite of natural gas infrastructure and related services. The organization's operations are divided into two primary divisions: Pipeline and Gathering. It is responsible for the development, ownership, and management of an interconnected network of assets. This portfolio includes both interstate and intrastate pipelines, natural gas storage facilities, lateral pipelines, gathering systems, specialized treatment plants, and various compression and surface equipment.…
Historical context
All DTM earningsEnergy peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| CVX Chevron Corporation | FY2026 Q3 · Calendar Q4 2026 | — | +1.8% | Chevron highlights record production, AI value and expansion plans |
| XOM Exxonmobil Holdings Corporation | FY2026 Q3 · Calendar Q4 2026 | — | +1.6% | ExxonMobil emphasizes project execution and shareholder returns |
| IMO Imperial Oil Limited | FY2026 Q3 · Calendar Q4 2026 | — | +4.1% | Imperial Oil leans on downstream strength and low-carbon growth |
| CCJ Cameco Corporation | FY2026 Q3 · Calendar Q4 2026 | — | -9.8% | Cameco keeps nuclear-demand outlook intact as costs and execution stay in focus |
| BP BP p.l.c. | FY2026 Q3 · Calendar Q4 2026 | — | +0.8% | BP Q3 profit rises as debt falls; safety risks persist |
| FSLR First Solar, Inc. | FY2026 Q3 · Calendar Q4 2026 | +13.5% | -1.4% | First Solar: Margin gains offset lower volume outlook |
Latest beats and misses
Who reports nextBeat on EPS
- REGNFY2026 Q3 · October 30, 2026+21.6% EPS+13.3% move
- WYFY2026 Q3 · October 29, 2026+128.3% EPS+3.0% move
- LNTFY2026 Q3 · October 29, 2026+16.0% EPS+1.4% move
- MTZFY2026 Q3 · October 29, 2026+0.3% EPS+0.8% move
- ERIEFY2026 Q3 · October 29, 2026+2.1% EPS+5.3% move
- IRFY2026 Q3 · October 29, 2026+18.5% EPS+0.2% move
Get the DTM recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-08-13T20:11:06.128412+00:00
- FN2 earnings calendar · 2026-09-04T01:23:15.205020+00:00
- Polygon adjusted daily market bars · 2026-10-31T02:20:41.313588+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-31T02:20:41.310805+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-31. For educational purposes only; not investment advice.