15 Small-Cap Energy Stocks Hedge Funds Are Buying

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8. DT Midstream Inc. (NYSE:DTM)

Market Capitalization as of April 25: $10.03 billion

Number of Hedge Fund Holders: 40

DT Midstream Inc. (NYSE:DTM) provides integrated natural gas services in the US. The company operates in two segments: Pipeline and Gathering. It serves natural gas producers, local distribution companies, electric power generators, industrials, and national marketers.

In 2024, DT Midstream’s Pipeline segment’s adjusted EBITDA grew by 7% year-over-year, which contributed to the company’s overall adjusted EBITDA of $969 million, which itself was a record high. This was fueled by new LEAP (Louisiana Energy Access Project) expansions and higher storage revenue. In 2025, the Pipeline segment anticipates 18% growth from the original 2024 guidance.

The company recently completed the Midwest pipeline acquisition (One Oak), which expanded its FERC interstate natural gas pipeline network. DT Midstream Inc.’s (NYSE:DTM) overall project backlog has increased by ~$1 billion to $2.3 billion for the 2025-2029 period, with pipeline projects comprising ~70% of this opportunity set.

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