Key Highlights

  • DT Midstream (NYSE:DTM) traded at USD 124.64, up 0.59%, on October 26, 2026, with a USD 12.72 billion market value, P/E of 27.34, trailing EPS of USD 4.56 and a 2.79% yield.
  • That price is about 18% below the 52-week high of USD 152.88 and about 18.7% above the low of USD 104.99, simple arithmetic on published prices.
  • Second quarter adjusted EBITDA was USD 305 million, and 2026 guidance of USD 1.155 billion to USD 1.225 billion was reaffirmed, with an early 2027 range of USD 1.225 billion to USD 1.295 billion.
  • Third quarter results of DT Midstream (NYSE:DTM) are due before the market opens on October 29, 2026, and about USD 2 billion of organic growth projects are now commercialized.

The Gap to the High

DT Midstream earned USD 112 million, or USD 1.09 per share, in the second quarter, which missed a consensus of USD 1.15 according to published estimates. Net income fell from USD 130 million in the first quarter, while adjusted EBITDA slipped to USD 305 million from USD 308 million. The multiple of 27.34 times trailing earnings is high for a pipeline company, so the market is paying for growth rather than current profit. Jefferies raised its target to USD 150 from USD 145 on about October 14 with a Buy rating, which shows some analysts see upside, while Barclays holds Equal Weight at USD 142 and Scotiabank trimmed to USD 165.

Growth Projects and Gas Demand

New long-term contracts will expand the Haynesville system, including Phase 5 of LEAP adding 200 million cubic feet per day of capacity. The company also took a final investment decision on the first phase of the Viking Gas Transmission modernization and filed a FERC application in late June for the Guardian Pipeline G3 expansion. Jefferies cited rising gas demand from utilities and data centers. The midpoint of the 2027 range is about 6% above the 2026 midpoint, simple arithmetic on company figures, and the company said the business is on plan. Crude near USD 102 matters little to fee income but supports producer cash flow and drilling.

Risks and What to Watch

DT Midstream has less direct oil leverage than any producer on this board, so an oil rally mostly helps sentiment. Risks include permitting delays, contract renewals and a valuation that leaves little room for a miss. The dividend is USD 0.88 per quarter, USD 3.52 a year, with the last ex-dividend date on September 21. Management said the year is progressing in line with plan, according to CEO David Slater. The October 29 report will show whether quarterly EBITDA moves toward the guidance range. A second quarter EBITDA of USD 305 million annualizes to about USD 1.22 billion, simple arithmetic, which sits at the top of the range. Any shortfall would pressure a premium multiple.

Where Things Stand

The stock trades about 18% below its high because earnings missed in the second quarter and a 27 times multiple needs growth proof, which answers the headline. DT Midstream (NYSE:DTM) is a low oil leverage name that benefits from gas demand and fee contracts, not from crude itself. The balance of evidence is favorable on contracted growth but rich on valuation. The next catalyst is the October 29 results release before the open.