DT Midstream, Inc. research snapshot
DTM AI stock analysis reads DT Midstream as a high-quality, fee-based natural gas midstream business with a dominant contracted pipeline segment, long-term firm contracts, and a growing backlog that the company says now totals about $2 billion of commercialized projects. The stock traded near $138.00 at the latest verified close used here (July 31, 2026), with a market capitalization of about $14.08 billion and a TTM earnings multiple near 30x. Q2 2026 Adjusted EBITDA came in at $305 million and the company reaffirmed its 2026 and 2027 Adjusted EBITDA guidance. The analysis is not a certain price prediction. This is informational research and not investment advice.
Current price
$138.00
Market cap
$14.08 billion
AI score
71 / 100
Rating
High-quality contracted pipeline moat, but near-term momentum is weak and valuation still leaves limited room for error
Trend status
Above the 200-day average but below the 20-day and 50-day averages after the Q2 pullback; short-term trend turned down
Data cutoff (updated monthly)
August 4, 2026
Informational use only. This page is not investment advice.
| Dimension | Conclusion | Confidence |
|---|---|---|
| Business quality | DTM owns and operates natural gas pipelines, storage, and gathering systems across the Southern, Northeastern, and Midwestern United States and Canada. Roughly 92% of Pipeline revenue and 57% of Gathering revenue come from firm service contracts. | High |
| Moat | The moat comes from regulated and contracted pipeline assets, a strategic geographic footprint, long-term customer relationships, and high barriers to building new infrastructure. | Medium-high |
| Management | David Slater and Jeff Jewell have delivered consistent EBITDA and dividend growth, investment-grade ratings from all three major agencies, and disciplined backlog execution since the spin-off. | Medium-high |
| Financial trend | FY2025 revenue was $1.243 billion and net income was $441 million. TTM revenue through June 2026 was about $1.31 billion and TTM net income was about $468 million. H1 2026 Adjusted EBITDA was $613 million, up from $557 million in H1 2025. | High |
| Valuation | At roughly $138.00, DTM traded near 30x TTM earnings and 29x TTM free cash flow. The dividend yield was about 2.55%. The multiple is above its 5-year average and leaves limited room for misses. | Medium |
| Technical trend | DTM is below its 20-day and 50-day moving averages after the Q2 pullback but remains above the 200-day average. RSI near 39.6 and a negative MACD point to weak near-term momentum. | Medium |
| Risk level | Key risks are customer concentration, large capital project execution, regulatory and permitting delays, natural gas demand and power and data center load trends, interest rates, and valuation. | Medium-high |
| AI confidence | High confidence for the business model, latest filings, market cap math, and major risk categories. Lower confidence for future returns and near-term technical levels. | High data confidence |
| Investment certainty | Medium certainty. The business is stable and contracted, but the current price still embeds high expectations. | Medium |
DTM AI stock forecast
The DTM AI stock forecast uses scenario ranges around the $138.00 cutoff price. It does not claim that AI can predict a specific future price. The bullish case requires continued backlog execution, strong LNG, power, and data center demand, and sustained premium multiples. The base case assumes steady Adjusted EBITDA growth and moderate multiple compression. The bearish case assumes project delays, weaker volumes, or a reset in valuation multiples.
$158 to $178
More likely if DTM executes its roughly $2 billion commercialized backlog and new projects such as LEAP Phase 5, Viking modernization, and Guardian G3, demand from LNG, power, and data centers keeps volumes growing, and the stock retains a high-20s to low-30s earnings multiple.
$125 to $145
More likely if Adjusted EBITDA grows toward the midpoint of the reaffirmed $1.155 to $1.225 billion 2026 guidance and then in the low to mid single digits, DCF coverage stays healthy, and investors value DTM near a mid-20s earnings multiple.
$90 to $105
More likely if the largest customer reduces volumes, project permitting is delayed, the cost of capital rises, or the market resets DTM toward a low-20s earnings multiple.
DTM AI technical analysis
DTM AI technical analysis starts from the $138.00 close used for this August 3, 2026 static page. Public technical sources showed the stock below its 20-day and 50-day moving averages after the Q2 pullback, but still above the 200-day average. RSI was near 39.6, MACD was below zero, and the daily indicator consensus leaned bearish. Because this page does not fetch request-time market data, traders should confirm levels on a live chart before acting.
| Level | Value | Why it matters |
|---|---|---|
| Current price | $138.00 | Latest verified close used for this page as of the July 31, 2026 market close. |
| Near support | $136 to $138 | Support zone formed by a combination of trend lines reported by ChartMill at the cutoff. |
| Secondary support | $130.96 | Support from a weekly time frame trend line, near the 200-day moving average around $131. |
| Major support | $127 to $130 | A deeper support zone below the secondary level that would become important if $131 fails. |
| Near resistance | $141 to $144 | Resistance zone formed by trend lines and the 20-day and 50-day moving averages around $143.5 to $144. |
| Secondary resistance | $148 | Resistance from a horizontal line in the daily time frame reported by ChartMill. |
| Major resistance | $151 to $153 | Resistance zone near the $151.12 to $151.13 area and the $152.88 52-week high. A sustained breakout above this zone needs volume confirmation. |
| 50-day moving average | About $143.94 | Public technical sources showed DTM below its 50-day moving average around the cutoff, a short-term negative signal. |
| 200-day moving average | About $131.12 | Public technical sources showed DTM still above its rising 200-day moving average, supporting the longer trend. |
| Momentum | RSI near 39.6, MACD below zero | RSI is in neutral-to-weak territory. MACD is below zero and the daily indicator consensus leans bearish, with the daily chart showing a multiple top pattern. |
| Volume | About 730,000 to 770,000 shares daily | Average daily volume is moderate for a mid-cap name. Volume increased in the last few sessions, which adds weight to the pullback. |
| Volatility | ATR around 2.5% of price | Position sizing should allow for normal daily movement around the cutoff price. |
| Invalidation | Close below $136, then $131 | A close below the $136 to $138 near-support zone would weaken the near-term setup. A break below the $131 area would challenge the intermediate trend. |
DTM AI trading strategy
The DTM AI trading strategy is a rules-based framework, not personalized advice. It combines filing-backed business evidence, technical confirmation, position sizing, and clear invalidation levels.
Look for DTM to reclaim the $141 to $144 zone and hold above the 50-day area near $144 before treating the uptrend as restored, with a confirmed break above $148 and then $151 to $153 on rising volume.
A failed reclaim or a daily close back below $136 should reduce confidence in the setup.
If DTM stabilizes near the $136 to $138 support zone or near the 200-day area around $131 without a thesis break, compare the stabilization with dividend yield, earnings growth, and backlog execution.
Do not average down solely because DTM is a stable midstream name. Define maximum loss and review valuation first.
Track quarterly earnings, Adjusted EBITDA, DCF, dividend coverage, backlog progress, the Guardian G3 permitting process, customer contract renewals, and LNG, power, and data center demand updates.
Lower the rating if earnings growth slows while the stock still trades at a premium multiple.
Investment research summary
DT Midstream charges utilities, producers, power generators, and industrial customers for natural gas transportation, storage, and gathering services through long-term firm contracts.
The moat is a mix of regulated pipeline assets, strategic footprint, contract length, high replacement costs, and customer lock-in. About 92% of Pipeline revenue and 57% of Gathering revenue are under firm contracts.
The thesis can fail if the largest customer reduces volumes, major projects face permitting delays, natural gas demand disappoints, interest rates stay higher for longer, or the market stops paying a premium multiple.
David Slater and the leadership team have delivered EBITDA growth, dividend increases, investment-grade ratings from all three major agencies, and backlog execution. Capital allocation has prioritized organic growth, dividends, and balance sheet strength.
DTM sits at the intersection of stable natural gas demand, power generation, data center load growth, and LNG export infrastructure. The demand for reliable pipeline capacity is long-term, but regulatory and environmental challenges remain.
At roughly 30x TTM earnings and 29x TTM free cash flow, the price leaves limited room for execution misses. A fair setup needs either durable growth or a better entry price.
Source-backed data
Every metric below includes a source and last verification date.
| Metric | Value | Source | Last verified |
|---|---|---|---|
| DTM price | $138.00 close as of July 31, 2026 | StockAnalysis.com quote, cross-validated with MarketBeat and ChartMill | August 3, 2026 |
| Market capitalization | $14.08 billion, verified as $138.00 x 102.02M shares | financial_rigor.py market cap verification | August 3, 2026 |
| Shares outstanding | 102.02 million | StockAnalysis.com share statistics | August 3, 2026 |
| FY2025 revenue | $1.243 billion | DT Midstream 2025 Form 10-K and StockAnalysis | August 3, 2026 |
| FY2025 net income | $441 million | DT Midstream 2025 Form 10-K and StockAnalysis | August 3, 2026 |
| TTM revenue through June 2026 | $1.31 billion | StockAnalysis.com financials, period ending June 30, 2026 | August 3, 2026 |
| TTM net income through June 2026 | $468 million | StockAnalysis.com financials, period ending June 30, 2026 | August 3, 2026 |
| TTM diluted EPS | $4.56 | StockAnalysis.com statistics and financials | August 3, 2026 |
| Q2 2026 results | Net income $112 million ($1.09 per diluted share), Adjusted EBITDA $305 million | DT Midstream Q2 2026 earnings release | August 3, 2026 |
| H1 2026 results | Net income $242 million ($2.36 per diluted share), Adjusted EBITDA $613 million, DCF $448 million | DT Midstream Q2 2026 earnings release | August 3, 2026 |
| 2026 guidance | Adjusted EBITDA $1.155 to $1.225 billion, reaffirmed in Q2 2026 | DT Midstream Q2 2026 earnings release | August 3, 2026 |
| 2027 outlook | Adjusted EBITDA $1.225 to $1.295 billion, reaffirmed | DT Midstream Q2 2026 earnings release | August 3, 2026 |
| Organic growth backlog | About $2 billion of projects now commercialized, plus roughly $300 million in new organic growth projects | DT Midstream Q2 2026 earnings release and earnings call | August 3, 2026 |
| TTM segment revenue | Pipeline $710 million, Gathering $614 million | StockAnalysis.com financials | August 3, 2026 |
| Firm contract coverage | Approximately 92% of Pipeline revenue and 57% of Gathering revenue under firm contracts in FY2025 | DT Midstream 2025 Form 10-K | August 3, 2026 |
| Operating cash flow and free cash flow | TTM operating cash flow $937 million, free cash flow $480 million | StockAnalysis.com cash flow statement | August 3, 2026 |
| Cash and debt | Cash and investments $172 million, total debt $3.37 billion at June 30, 2026 | StockAnalysis.com balance sheet | August 3, 2026 |
| Dividend | Quarterly dividend $0.88 per share, annualized $3.52 per share, 2.55% yield | DT Midstream Q2 2026 earnings release and StockAnalysis | August 3, 2026 |
| Customer concentration | Expand Energy accounted for approximately 45% of 2025 operating revenues | DT Midstream 2025 Form 10-K risk factors | August 3, 2026 |
| Analyst consensus | Moderate Buy, 14 analysts, average price target $154.08 (high $176, low $127) | MarketBeat analyst ratings | August 3, 2026 |
| Valuation math | 30.26x TTM PE, 29.22x forward PE, 29.33x P/FCF, 2.55% dividend yield, 9.90% ROE, 2.95x PB | financial_rigor.py and StockAnalysis statistics | August 3, 2026 |
| Moving averages and momentum | 20-day MA about $143.52, 50-day MA about $143.94, 200-day MA about $131.12, RSI near 39.6 | ChartMill technical snapshot | August 3, 2026 |
| 52-week range | $99.81 to $152.88 | StockAnalysis.com quote and statistics | August 3, 2026 |
| Three-scenario valuation | Bull $158 to $178, base $125 to $145, bear $90 to $105, from financial_rigor.py at 11%/6%/2% EPS growth and 28x/24x/19x exit PE | financial_rigor.py three-scenario model | August 3, 2026 |
This DTM AI stock analysis is an informational tool for research and education only. It is not investment advice, a recommendation, or a guarantee of future performance. Forecast ranges are scenarios based on available data as of August 3, 2026 and can be wrong.
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