DTM

Conestoga Capital Advisors, an asset management company, released its second-quarter 2026 investor letter. A copy of the letter can be downloaded here. The letter reports a positive market shift towards Small Caps, with the Russell 2000 Index achieving its best first half since 1991 and the Russell 2000 Growth Index up 25.7% in Q2, fueled by AI enthusiasm and semiconductor stocks. However, market leadership was uneven, with high-beta stocks outperforming while quality companies lagged, affecting Conestoga’s strategies. Management is confident that speculative leadership won't endure as monetary policy tightens and expects high-quality growth businesses to regain prominence as market leadership broadens. The Conestoga SMid Cap Composite returned 7.04% (net) in the second quarter, underperforming the Russell 2500 Growth Index, which returned 24.02%. A combination of factor and sector-specific headwinds drove the underperformance, along with stock selection challenges, particularly within Technology and Industrials. In addition, please check the Strategy’s top five holdings to know its best picks in 2026. In its Q2 2026 investor letter, Conestoga Capital Advisors highlighted DT Midstream, Inc. (NYSE:DTM). DT Midstream, Inc. (NYSE:DTM), an energy infrastructure company that provides integrated natural gas services in the United States, was added to the firm’s SMid Cap Composite this quarter. On August 6, 2026, DT Midstream, Inc. (NYSE:DTM) closed at $132.92 per share, reflecting a market capitalization of $13.56 billion. DT Midstream, Inc. (NYSE:DTM) posted a one-month return of -8.44%, while its shares gained 27.10% over the past 52 weeks. Conestoga Capital Advisors stated the following regarding DT Midstream, Inc. (NYSE:DTM) in its Q2 2026 investor letter: DT Midstream, Inc. (NYSE:DTM) is not on our list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026. According to our database, 34 hedge fund portfolios held DT Midstream, Inc. (NYSE:DTM) at the end of the first quarter, the same as in the previous quarter. While we acknowledge the potential of DT Midstream, Inc. (NYSE:DTM) as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. In another article, we covered DT Midstream, Inc. (NYSE:DTM) and shared the list of most profitable natural gas stocks to buy. In addition, please check out our hedge fund investor letters Q2 2026 page for more investor letters from hedge funds and other leading investors. READ NEXT: 33 Stocks That Should Double in 3 Years and 15 Stocks That Will Make You Rich in 10 Years. Disclosure: None. This article is originally published at Insider Monkey.

3 Stocks Flashing Rare Buy Signals After the Market's Wildest Month DT Midstream (NYSE:DTM) said it reached final investment decisions on approximately $300 million of new organic growth projects during the second quarter, advancing expansions across its Haynesville, Midwest and Appalachian operations as natural-gas demand from LNG exports, power generation and data centers continues to support development activity. Executive Chairman and CEO David Slater said the company has now commercialized 60% of its $3.4 billion organic project backlog, with more than 80% of the commercialized backlog tied to pipeline projects. Management said the projects are supported by long-term contracts and durable customer demand. → Why SK hynix Could Be the Best AI Chip Stock to Buy Now The company reported second-quarter adjusted EBITDA of $305 million, down $3 million from the prior quarter. It reaffirmed its 2026 adjusted EBITDA guidance range and its early 2027 adjusted EBITDA outlook, though specific guidance figures were not discussed on the call. President and COO Chris Zona said the newly approved investments include an expansion of the company’s Haynesville system that will increase access to East Texas supply and add 200 million cubic feet per day of capacity to the LEAP pipeline. The expansion is backed by new long-term agreements with two producer customers and is expected to enter service in the second half of 2028. → Microsoft Just Flipped the AI Spending Narrative Overnight The project would bring LEAP’s total capacity to 2.3 billion cubic feet per day through a combination of incremental compression and looping. Slater said DT Midstream has been intentional about improving connectivity to Carthage, Texas, which it views as a potential landing point for Permian Basin gas moving eastward toward LNG and domestic demand markets. “We’re in a robust demand environment right now where all basins will need to grow,” Slater said, adding that he believes the market will require additional Permian and Haynesville production. → Carrier Earnings Could Send the Stock to a New All-Time High Other projects reaching FID include the first phase of modernization work on the Viking pipeline, serving the Twin Cities area of Minnesota. That work is intended to improve reliability and is expected to be in service in the fourth quarter of 2028. DT Midstream also signed a new long-term gathering agreement supporting a 100 million-cubic-feet-per-day expansion of its Appalachia Gathering System. The expansion is expected to be in service in the fourth quarter of 2027 and will deliver supply into the NEXUS and Texas Eastern systems. The company commercialized another NEXUS interconnect during the quarter with capacity of 380 million cubic feet per day. The interconnect will provide supply to a natural-gas-fired power generation facility supporting a new data center in Ohio. Combined with an interconnect disclosed in the first quarter, DT Midstream is adding more than 500 million cubic feet per day of demand pull to the NEXUS mainline, Zona said. Slater said NEXUS currently has capacity of about 1.4 billion cubic feet per day and is effectively fully contracted, although certain shorter-term contracts periodically roll over. He said the pipeline is positioned to add capacity through compression, noting that a planned compressor station was not built when the asset was originally developed but that the site and related infrastructure are in place. “The market is ripening,” Slater said, describing the company’s approach as strategic and patient as new demand emerges. Management also discussed potential expansions on its Midwestern Gas Transmission system, including the MIST project. Zona said MIST is expected to develop in multiple southbound and northbound phases, with the first phase potentially entering service as early as the end of 2029. The company is working toward binding precedent agreements, with a binding open season identified as the next commercial milestone. Slater said MIST could be similar to the company’s Guardian G3 project in both size and scale, though management did not provide project-specific capacity or capital estimates. He emphasized that Midwestern Gas Transmission’s ability to access multiple supply sources is a competitive advantage, including connections to Vector, Alliance, Rockies Express, Texas Gas Transmission and Tennessee Gas Pipeline. DT Midstream said it also sees future opportunities around Guardian, including potential demand tied to utilities and data center development in Wisconsin and Iowa. Management said the timing of any additional Guardian expansion will depend on utility regulatory processes in those markets. Pipeline segment results were $14 million lower than the first quarter, which CFO Jeff Jewell attributed to seasonally lower revenue from joint-venture pipelines and higher revenue on Stonewall in the prior period. Gathering segment results rose $11 million sequentially, helped by higher Blue Union volumes. Growth capital investment totaled $86 million in the second quarter, in line with the company’s plan. Jewell said growth capital spending is expected to increase over the remainder of 2026. The projects approved during the quarter raise committed capital to approximately $425 million in 2026 and about $560 million in 2027, according to Jewell. The company also said Moody’s raised its leverage downgrade threshold to 4.25 times on a proportionate basis from 4.0 times, while Fitch increased its threshold to 4.5 times on an on-balance-sheet basis from 4.0 times. DT Midstream’s board approved a quarterly dividend of $0.88 per share, unchanged from the previous quarter. The company said it remains committed to growing the dividend in line with adjusted EBITDA. DT Midstream Inc (NYSE: DTM) is a midstream energy company that owns and operates infrastructure for gathering, processing and treating hydrocarbons and produced water. Its core business activities encompass natural gas gathering, cryogenic processing, natural gas liquids (NGL) fractionation, and produced-water handling services. These integrated operations enable the company to capture and transport multiple hydrocarbon streams from wellhead to market and to provide essential water management solutions. The company’s asset footprint is concentrated in the Delaware Basin in West Texas and southeastern New Mexico, where it serves a diverse range of exploration and production customers. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "DT Midstream Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for July 2026.

DETROIT, July 30, 2026 (GLOBE NEWSWIRE) -- DT Midstream, Inc. (NYSE: DTM) today announced second quarter 2026 reported net income of $112 million, or $1.09 per diluted share and Operating Earnings of $112 million, or $1.09 per diluted share. Adjusted EBITDA for the quarter was $305 million. Reconciliations of Operating Earnings and Adjusted EBITDA (non-GAAP measures) to reported net income are included at the end of this news release. The company also announced that the DT Midstream Board of Directors declared a $0.88 per share dividend on its common stock payable October 15, 2026 to stockholders of record at the close of business September 21, 2026. “We delivered another strong quarter, with the business progressing in line with our full-year plan,” said David Slater, Executive Chairman and CEO. “We continue to advance our organic growth backlog, with $2 billion of projects now commercialized.” Slater noted the following significant business updates: Executed new long-term contracts supporting a Haynesville system expansion, including Phase 5 of LEAP, which will add 200 MMcf/d of capacity Reached a final investment decision on the first phase of Viking Gas Transmission modernization Filed the FERC 7(c) application for the Guardian Pipeline “G3” expansion project in late June “Our second quarter performance keeps us firmly on track to meet our financial goals for 2026 and we are reaffirming our 2026 Adjusted EBITDA guidance of $1.155 to $1.225 billion and our 2027 Adjusted EBITDA early outlook range of $1.225 to $1.295 billion,” said Jeff Jewell, Executive Vice President and CFO. The company has scheduled a conference call to discuss results for 9:00 a.m. ET (8:00 a.m. CT) today.  Investors, the news media and the public may listen to a live internet broadcast of the call at this link. The participant toll-free telephone dial-in number in the U.S. and Canada is 888.660.6232, and the toll number is 929.203.0890; the conference ID is 1318681. International access numbers are available here. The webcast will be archived on the DT Midstream website at investor.dtmidstream.com. About DT MidstreamDT Midstream (NYSE: DTM) is an owner, operator and developer of natural gas interstate and intrastate pipelines, storage and gathering systems, compression, treatment and surface facilities. The company transports clean natural gas for utilities, power plants, marketers, large industrial customers and energy producers across the Southern, Northeastern and Midwestern United States and Canada. The Detroit-based company offers a comprehensive, wellhead-to-market array of services, including natural gas transportation, storage and gathering. For more information, please visit the DT Midstream website at www.dtmidstream.com. Why DT Midstream Uses Operating Earnings, Adjusted EBITDA and Distributable Cash FlowUse of Operating Earnings Information – Operating Earnings exclude non-recurring items, certain mark-to-market adjustments and discontinued operations. DT Midstream management believes that Operating Earnings provide a more meaningful representation of the company’s earnings from ongoing operations and uses Operating Earnings as the primary performance measurement for external communications with analysts and investors. Internally, DT Midstream uses Operating Earnings to measure performance against budget and to report to the Board of Directors. Adjusted EBITDA is defined as GAAP net income attributable to DT Midstream before expenses for interest, taxes, depreciation and amortization, and gains or losses from financing activities, further adjusted to include the proportional share of net income from equity method investees (excluding interest, taxes, depreciation and amortization), and to exclude certain items the company considers non-routine. DT Midstream believes Adjusted EBITDA is useful to the company and external users of DT Midstream’s financial statements in understanding operating results and the ongoing performance of the underlying business because it allows management and investors to have a better understanding of actual operating performance unaffected by the impact of interest, taxes, depreciation, amortization and non-routine charges noted in the table below. We believe the presentation of Adjusted EBITDA is meaningful to investors because it is frequently used by analysts, investors and other interested parties in the midstream industry to evaluate a company’s operating performance without regard to items excluded from the calculation of such measure, which can vary substantially from company to company depending on accounting methods, book value of assets, capital structure and the method by which assets were acquired, among other factors. DT Midstream uses Adjusted EBITDA to assess the company’s performance by reportable segment and as a basis for strategic planning and forecasting. Distributable Cash Flow (DCF) is calculated by deducting earnings from equity method investees, depreciation and amortization attributable to noncontrolling interests, cash interest expense, maintenance capital investment (as defined below), and cash taxes from, and adding interest expense, income tax expense, depreciation and amortization, and dividends and distributions from equity method investees to, Net Income Attributable to DT Midstream, further adjusted for certain items we consider non-routine and other non-cash items. Maintenance capital investment is defined as the total capital expenditures used to maintain or preserve assets or fulfill contractual obligations that do not generate incremental earnings. We believe DCF is a meaningful performance measurement because it is useful to us and external users of our financial statements in estimating the ability of our assets to generate cash earnings after servicing our debt, paying cash taxes and making maintenance capital investments, which could be used for discretionary purposes such as common stock dividends, retirement of debt or expansion capital expenditures. Adjusted EBITDA and DCF are not measures calculated in accordance with GAAP and should be viewed as a supplement to and not a substitute for the results of operations presented in accordance with GAAP. There are significant limitations to using Adjusted EBITDA and DCF as a measure of performance, including the inability to analyze the effect of certain recurring and non-recurring items that materially affect our net income or loss. Additionally, because Adjusted EBITDA and DCF exclude some, but not all, items that affect net income and are defined differently by different companies in our industry, Adjusted EBITDA and DCF do not intend to represent net income attributable to DT Midstream, the most comparable GAAP measure, as an indicator of operating performance and are not necessarily comparable to similarly titled measures reported by other companies. In this release, DT Midstream provides 2026 and 2027 Adjusted EBITDA guidance. The reconciliation of net income to Adjusted EBITDA as projected for full-year 2026 and 2027 is not provided. DT Midstream does not forecast net income as it cannot, without unreasonable efforts, estimate or predict with certainty the components of net income. These components, net of tax, may include, but are not limited to, impairments of assets and other charges, divestiture costs, acquisition costs, or changes in accounting principles. All of these components could significantly impact such financial measures. At this time, DT Midstream is not able to estimate the aggregate impact, if any, of these items on future period reported earnings. Accordingly, DT Midstream is not able to provide a corresponding GAAP equivalent for Adjusted EBITDA. Forward-looking StatementsThis release contains statements which, to the extent they are not statements of historical or present fact, constitute “forward-looking statements” under the securities laws. These forward-looking statements are intended to provide management’s current expectations or plans for our future operating and financial performance, business prospects, outcomes of regulatory proceedings, market conditions, and other matters, based on what we believe to be reasonable assumptions and on information currently available to us. Forward-looking statements can be identified by the use of words such as “believe,” “expect,” “expectations,” “plans,” “strategy,” “prospects,” “estimate,” “project,” “target,” “anticipate,” “will,” “would,” “could,” “should,” “see,” “guidance,” “outlook,” “confident,” “may,” “continue,” “intend,” “goal,” “potential,” and other words of similar meaning. The absence of such words, expressions or statements, however, does not mean that the statements are not forward-looking. In particular, express or implied statements relating to future earnings, cash flow, results of operations, uses of cash, tax rates and other measures of financial performance, future actions, conditions or events, potential future plans, strategies or transactions of DT Midstream, and other statements that are not historical facts, are forward-looking statements. Forward-looking statements are not guarantees of future results and conditions, but rather are subject to numerous assumptions, risks, and uncertainties that may cause actual future results to be materially different from those contemplated, projected, estimated, or budgeted. Many factors may impact forward-looking statements of DT Midstream including, but not limited to, the following: changes in general economic conditions, including increases in interest rates and associated Federal Reserve policies, a potential economic recession, and the impact of inflation on our business; industry changes, including the impact of consolidations, alternative energy sources, technological advances, infrastructure constraints and changes in competition; changes in global trade policies and tariffs; global and domestic supply chain disruptions; actions taken by third-party operators, producers, processors, transporters and gatherers; changes in expected production from Expand Energy and other third parties in our areas of operation; demand for natural gas gathering, transmission, storage, transportation, sand mining, and water services; the availability and price of natural gas to the consumer compared to the price of alternative and competing fuels; our ability to successfully and timely implement our business plan; our ability to complete organic growth projects on time and on budget; our ability to finance, complete, or successfully integrate acquisitions; our ability to realize the anticipated benefits from acquisitions and our ability to manage the risks associated with acquisition activity; the price and availability of debt and equity financing; restrictions in our existing and any future credit facilities and indentures; the effectiveness of our information technology and operational technology systems and practices to detect and defend against evolving cyber attacks on United States critical infrastructure; changing laws regarding cybersecurity and data privacy, and any cybersecurity threat or event; operating hazards, environmental risks, and other risks incidental to gathering, storing and transporting natural gas; geologic and reservoir risks and considerations; natural disasters, adverse weather conditions, casualty losses and other matters beyond our control; the impact of outbreaks of illnesses, epidemics and pandemics, and any related economic effects; the impacts of geopolitical events, including the conflicts in Ukraine and the Middle East; labor relations and markets, including the ability to attract, hire and retain key employee and contract personnel; large customer defaults; changes in tax status, as well as changes in tax rates and regulations; the effects and associated cost of compliance with existing and future laws and governmental regulations, such as the Inflation Reduction Act and the One Big Beautiful Bill Act; changes in environmental laws, regulations or enforcement policies, including laws and regulations relating to pipeline safety, climate change and greenhouse gas emissions; changes in laws and regulations or enforcement policies, including those relating to construction and operation of new interstate gas pipelines, ratemaking to which our pipelines may be subject, or other non-environmental laws and regulations; our ability to qualify for federal income tax credits; our ability to develop low carbon business opportunities and deploy greenhouse gas reducing technologies; changes in insurance markets impacting costs and the level and types of coverage available; the timing and extent of changes in commodity prices; the success of our risk management strategies; the suspension, reduction or termination of our customers’ obligations under our commercial agreements; disruptions due to equipment interruption or failure at our facilities, or third-party facilities on which our business is dependent; the effects of future litigation; and the risks described in our Annual Report on Form 10-K for the year ended December 31, 2025 and our reports and registration statements filed from time to time with the SEC. The above list of factors is not exhaustive. New factors emerge from time to time. We cannot predict what factors may arise or how such factors may cause actual results to vary materially from those stated in forward-looking statements, see the discussion under the section entitled “Risk Factors” in our Annual Report for the year ended December 31, 2025, filed with the SEC on Form 10-K and any other reports filed with the SEC. Given the uncertainties and risk factors that could cause our actual results to differ materially from those contained in any forward-looking statement, you should not place undue reliance on any forward-looking statements. Any forward-looking statements speak only as of the date on which such statements are made. We are under no obligation to, and expressly disclaim any obligation to, update or alter our forward-looking statements, whether as a result of new information, subsequent events or otherwise. CONTACT: Investor Relations Todd Lohrmann, DT Midstream, 313.774.2424 [email protected]

This article first appeared on GuruFocus. Adjusted EBITDA: $305 million in Q2 2026, a $3 million decrease from the prior quarter. Pipeline Segment Results: $14 million lower than the prior quarter, driven by seasonally lower revenues from joint venture pipelines and higher revenue on Stonewall. Gathering Segment Results: $11 million greater than the prior quarter, reflecting higher volumes on Blue Union. Growth Capital Investment: $86 million in Q2 2026, in line with plan. Committed Capital (2026): Approximately $425 million. Committed Capital (2027): Approximately $560 million. Dividend: $0.88 per share for Q2 2026, unchanged from the prior quarter. Haynesville Gathering Volumes: Averaged 2.2 Bcf per day in Q2 2026, an all-time record throughput. Northeast Gathering Volumes: Averaged 1.38 Bcf per day in Q2 2026. Warning! GuruFocus has detected 7 Warning Sign with DTM. Is DTM fairly valued? Test your thesis with our free DCF calculator. Release Date: July 30, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. DT Midstream Inc (NYSE:DTM) achieved an all-time record quarterly throughput on its Haynesville system, averaging 2.2 Bcf per day. The company reached FID on approximately $300 million of new organic growth projects, including a LEAP pipeline expansion and Viking modernization. DT Midstream Inc (NYSE:DTM) commercialized a new 380 MMcf per day interconnect on NEXUS to supply a natural gas-fired power plant for a data center in Ohio. The company reaffirmed its 2026 adjusted EBITDA guidance and 2027 early outlook, reflecting confidence in its full-year plan. DT Midstream Inc (NYSE:DTM) reported a healthy balance sheet with Moody's and Fitch raising leverage downgrade thresholds, indicating strong financial stability. Second-quarter adjusted EBITDA of $305 million decreased by $3 million from the prior quarter, driven by seasonally lower revenues from joint venture pipelines. Pipeline segment results were $14 million lower than the prior quarter due to seasonal factors and higher revenue on Stonewall. Third-quarter 2026 expectations are for lower adjusted EBITDA than Q2, driven by maintenance on gathering networks and lower Northeast volumes from producer timing. Northeast gathering volumes are expected to decline in Q3 due to timing of producer activity, impacting near-term performance. Growth capital investment is expected to ramp up in the second half of 2026, increasing committed capital to $425 million in 2026 and $560 million in 2027. Here are the key highlights from the DT Midstream Inc (NYSE:DTM) Q2 2026 earnings call, focusing on the most significant Q&A exchanges. Q: Would you elaborate on the commercialization progress and process for MIST at this point, specifically on the size and scope of the phasing approach and how you see the competitive landscape evolving over the next few months?A: (David Slater, Executive Chairman and CEO) The customer need is the ultimate driver behind the commercialization timeline. The project seems to be phasing into a southerly and northerly expansion. (Christopher Zona, President and COO) It is a bit early to disclose size and scope. The first phase could be in service as early as the end of 2029, but that is dictated by customer needs. We are working on binding precedent agreements and remain very encouraged by the ongoing conversations. (David Slater) We have previously compared MIST to the G3 project in size and scale, but this is very fluid. Q: On the supply options for the MIST project, can you clarify to what extent you see MIST and Borealis as complementary versus competitive over the long-term?A: (David Slater, Executive Chairman and CEO) Midwestern is the "last mile" to the load center and has multiple supply sources (Vector, Alliance, REX, Texas Gas, Tennessee Gas), which is a key advantage. We are agnostic to the supply pathway. If Borealis commercializes, it adds supply to the southern end; a REX expansion puts supply in the middle; and a Vector expansion puts supply on the north end. This supply optionality is a feature that puts us in good standing with customers. Q: If Enbridge's Project Beacon to expand Algonquin into New England moves forward, does that materially increase the need for Millennium or another third-party pipeline option that sources gas from Appalachia?A: (David Slater, Executive Chairman and CEO) Beacon is sourcing its supply from Millennium at a point called Ramapo. We are very supportive of the Beacon project. As it commercializes, those shippers are speaking directly with Millennium to bring incremental supply to the receipt point. The two projects are very complementary, so the short answer is yes. Q: As Permian gas pipelines come online, could less Haynesville gas go to LNG, and does that change your outlook for getting to the full 4 Bcfd on LEAP over time?A: (David Slater, Executive Chairman and CEO) Our view on the Permian is supported by our actions to enhance connectivity to Carthage, which we believe will be a landing zone for Permian gas pushing east. The demand growth over the next 5 to 10 years is incredibly robust and will need both Permian and significant incremental Haynesville gas. This robust demand environment will drive opportunities across the entire pipeline ecosystem. Q: The '27 CapEx slide seems to point to a step change. How much of that is an acceleration of projects versus new opportunities?A: (David Slater, Executive Chairman and CEO) It is as simple as the projects we FID-ed. We give a 2-year forward detailed view of CapEx. What you are seeing on that slide is the portion of CapEx related to the projects we announced today and how much of that falls in 2026 and 2027. Q: Are you seeing any price-related curtailments in the Haynesville given current Henry Hub prices? And could you see potential for LEAP expansions beyond the 200 MMcf increments?A: (Christopher Zona, President and COO) I absolutely see potential for incremental LEAP expansions. The optionality from the supply side and the ability to expand in bite-size increments is very attractive to the market. On volumes, we see our run rates being flat going into Q3, and I don't see any material changes to that. Q: If I'm thinking about the possibility of a Guardian G4, could it look like G3 in terms of scope, CapEx, and EBITDA?A: (David Slater, Executive Chairman and CEO) I don't want to get ahead of it. The market share we were able to acquire through this round of expansions, I would expect we would be able to hold a similar market share in the next round. I can tell you that capital costs of projects are going up over time, not down. We will let the demand crystallize first. Q: On NEXUS, where is the pipe at capacity-wise, and how should we think about growth there?A: (David Slater, Executive Chairman and CEO) The capacity is about 1.4 Bcf per day, and it is effectively fully contracted today. NEXUS is in an enviable position as one of the only pipes with available capacity out of the Appalachia Basin. We can expand NEXUS quite easily with compression, as we did not construct one of the compressor stations when we built the asset. The market is ripening, and we want to be strategic and patient. Q: Following the recontracting of Midwestern, what percentage of the remaining portfolio is up for renewal over the next 12 to 24 months?A: (Christopher Zona, President and COO) I don't have that in front of me. However, in our last renewal period, we had many short-term contracts. After modernizing our tariff, we secured 5- to 25-year extensions. My expectation is that the market understands the value of that capacity, and I expect renewal tenor to continue to increase. (David Slater, Executive Chairman and CEO) The fact that one customer wanted a 25-year renewal is a strong indication of the value of these irreplaceable assets. Q: You mentioned a lot of supply for the Midwest projects is still TBD. Is there any opportunity for you to feed some of that with Haynesville supply?A: (David Slater, Executive Chairman and CEO) That is a very perceptive question. If forecasters are even close to right, 30 to 40 Bcf of demand will manifest in North America over the next 20 years. This will drive expansions on major interstate pipe freeways out of all basins. We obviously want to participate in that, either directly with our assets or with new projects. It is very early days, but it is one of my top priorities. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Wall Street expects a year-over-year increase in earnings on higher revenues when DT Midstream (DTM) reports results for the quarter ended June 2026. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates. The earnings report, which is expected to be released on July 30, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower. While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise. This natural gas pipeline operator is expected to post quarterly earnings of $1.14 per share in its upcoming report, which represents a year-over-year change of +9.6%. Revenues are expected to be $338.24 million, up 9.5% from the year-ago quarter. The consensus EPS estimate for the quarter has been revised 0.22% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period. Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts. Price, Consensus and EPS Surprise Estimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core. The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier. Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only. A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP. Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell). For DT Midstream, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -6.03%. On the other hand, the stock currently carries a Zacks Rank of #3. So, this combination makes it difficult to conclusively predict that DT Midstream will beat the consensus EPS estimate. Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number. For the last reported quarter, it was expected that DT Midstream would post earnings of $1.11 per share when it actually produced earnings of $1.27, delivering a surprise of +14.41%. Over the last four quarters, the company has beaten consensus EPS estimates three times. An earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss. That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported. DT Midstream doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release. National Fuel Gas (NFG), another stock in the Zacks Oil and Gas - Integrated - United States industry, is expected to report earnings per share of $1.47 for the quarter ended June 2026. This estimate points to a year-over-year change of -10.4%. Revenues for the quarter are expected to be $564.39 million, up 6.1% from the year-ago quarter. Over the last 30 days, the consensus EPS estimate for National Fuel Gas has been revised 0.8% up to the current level. Nevertheless, the company now has an Earnings ESP of +2.15%, reflecting a higher Most Accurate Estimate. When combined with a Zacks Rank of #3 (Hold), this Earnings ESP indicates that National Fuel Gas will most likely beat the consensus EPS estimate. Over the last four quarters, the company surpassed consensus EPS estimates three times. Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report DT Midstream, Inc. (DTM) : Free Stock Analysis Report National Fuel Gas Company (NFG) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

A week ago, DT Midstream, Inc. (NYSE:DTM) came out with a strong set of quarterly numbers that could potentially lead to a re-rate of the stock. It was overall a positive result, with revenues beating expectations by 6.3% to hit US$336m. DT Midstream reported statutory earnings per share (EPS) US$1.27, which was a notable 13% above what the analysts had forecast. Earnings are an important time for investors, as they can track a company's performance, look at what the analysts are forecasting for next year, and see if there's been a change in sentiment towards the company. So we collected the latest post-earnings statutory consensus estimates to see what could be in store for next year. AI is about to change healthcare. These 20 stocks are working on everything from early diagnostics to drug discovery. The best part - they are all under $10bn in marketcap - there is still time to get in early. Taking into account the latest results, the most recent consensus for DT Midstream from eight analysts is for revenues of US$1.37b in 2026. If met, it would imply an okay 7.3% increase on its revenue over the past 12 months. Statutory earnings per share are predicted to increase 4.1% to US$4.73. In the lead-up to this report, the analysts had been modelling revenues of US$1.34b and earnings per share (EPS) of US$4.71 in 2026. So it looks like there's been no major change in sentiment following the latest results, although the analysts have made a small lift in to revenue forecasts. Check out our latest analysis for DT Midstream Even though revenue forecasts increased, there was no change to the consensus price target of US$148, suggesting the analysts are focused on earnings as the driver of value creation. That's not the only conclusion we can draw from this data however, as some investors also like to consider the spread in estimates when evaluating analyst price targets. Currently, the most bullish analyst values DT Midstream at US$169 per share, while the most bearish prices it at US$127. With such a narrow range of valuations, the analysts apparently share similar views on what they think the business is worth. One way to get more context on these forecasts is to look at how they compare to both past performance, and how other companies in the same industry are performing. We can infer from the latest estimates that forecasts expect a continuation of DT Midstream'shistorical trends, as the 9.8% annualised revenue growth to the end of 2026 is roughly in line with the 8.4% annual growth over the past five years. Compare this with the broader industry, which analyst estimates (in aggregate) suggest will see revenues grow 1.4% annually. So although DT Midstream is expected to maintain its revenue growth rate, it's definitely expected to grow faster than the wider industry. The most obvious conclusion is that there's been no major change in the business' prospects in recent times, with the analysts holding their earnings forecasts steady, in line with previous estimates. Happily, they also upgraded their revenue estimates, and are forecasting them to grow faster than the wider industry. The consensus price target held steady at US$148, with the latest estimates not enough to have an impact on their price targets. Following on from that line of thought, we think that the long-term prospects of the business are much more relevant than next year's earnings. We have forecasts for DT Midstream going out to 2028, and you can see them free on our platform here. It is also worth noting that we have found 1 warning sign for DT Midstream that you need to take into consideration. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Find your next quality investment with Simply Wall St's easy and powerful screener, trusted by over 7 million individual investors worldwide. DT Midstream (DTM) has just reported first quarter 2026 earnings, with sales of US$336 million and net income of US$130 million, alongside a US$0.88 per share dividend and fresh pipeline expansion approvals. See our latest analysis for DT Midstream. Recent trading reflects that momentum is building, with a 22.32% year to date share price return and a very large 266.21% three year total shareholder return, supported by the earnings beat, dividend declaration and pipeline expansion approvals. If this type of pipeline growth story has your attention, it can be helpful to scan similar infrastructure names and see what stands out in the 35 power grid technology and infrastructure stocks With the share price up strongly and the latest results on the table, the key question is whether DTM’s current valuation still leaves room for upside, or if the market is already pricing in future growth. At a last close of $147.99 versus a blended fair value of $142.71, the most followed narrative sees DT Midstream priced a little ahead of its modeled worth, while still grounded in detailed assumptions about earnings, contracts and capital plans. Read the complete narrative. Want to see how this LNG demand view links to DT Midstream's revenue path, margin profile and future earnings base? The full narrative spells out the growth maths behind that fair value call. Result: Fair Value of $142.71 (OVERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, concentrated exposure to a few regions and customers, as well as the risk of underused assets if decarbonization accelerates, could quickly challenge the upbeat growth narrative. Find out about the key risks to this DT Midstream narrative. While the community narrative pegs DT Midstream at about 4% above its blended fair value of $142.71, the SWS DCF model points in a different direction. In that framework, DTM at $147.99 is around 11.7% below an estimated fair value of $167.60. This raises an obvious question: which story do you think is closer to reality? Look into how the SWS DCF model arrives at its fair value. Simply Wall St performs a discounted cash flow (DCF) on every stock in the world every day (check out DT Midstream for example). We show the entire calculation in full. You can track the result in your watchlist or portfolio and be alerted when this changes, or use our stock screener to discover 51 high quality undervalued stocks. If you save a screener we even alert you when new companies match - so you never miss a potential opportunity. The mixed signals on value, growth and risk can feel hard to balance. Move quickly to review the full picture and decide where you stand with 3 key rewards and 1 important warning sign Use DT Midstream as a starting point, then widen your net with a few focused stock lists so you are not missing other potential standout opportunities. Target reliable income by scanning companies that currently screen as 12 dividend fortresses and see which yields might fit your long term goals. Zero in on quality at a discount by reviewing the 51 high quality undervalued stocks and spotting businesses where fundamentals and pricing appear out of sync. Reduce sleepless nights by checking the 74 resilient stocks with low risk scores and focusing on companies that score well on financial strength and risk metrics. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include DTM. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]