DT Midstream jumps ahead of April 30 earnings after Morgan Stanley upgrade
DT Midstream shares rose about 3% on April 28, 2026 as investors positioned ahead of the company’s Q1 2026 earnings release scheduled for April 30. The move follows a recent Morgan Stanley rating upgrade to Equalweight and a higher $165 price target tied to expectations for faster EBITDA growth from a growing project backlog.
1. What’s moving the stock
DT Midstream (DTM) traded higher Tuesday, April 28, 2026, extending recent momentum as the market looks ahead to the company’s first-quarter 2026 earnings report due before the open on Thursday, April 30, 2026. With no same-day company release, the move is consistent with pre-earnings positioning combined with lingering impact from a recent analyst upgrade that reset expectations for the pace of growth over the next several years. (investor.dtmidstream.com)
2. The catalyst investors are keying on
A Morgan Stanley note published within the past week upgraded DT Midstream to Equalweight from Underweight and lifted the price target to $165 from $139, pointing to stronger growth visibility supported by a larger project backlog and an expectation for faster EBITDA growth than the company’s long-term framework. That change in tone has helped support incremental buying into the late-April earnings window. (investing.com)
3. Context: backlog and cash-return narrative remains supportive
DT Midstream recently highlighted record 2025 results, a dividend increase (to $0.88 per share quarterly, paid April 15, 2026), and a larger multi-year project backlog, alongside 2026 and 2027 adjusted EBITDA guidance. Investors have been treating that combination—visible contracted projects plus rising shareholder returns—as a setup for another solid quarterly update when the company reports on April 30. (investor.dtmidstream.com)