DT Midstream's (DTM) Q3 earnings before interest, taxes, depreciation, and amortization is expected to decline sequentially because of "gathering" system maintenance, seasonally lower Northeast volumes and "flattish" Haynesville volumes, UBS Securities said.

The firm estimates Q3 EBITDA at $292 million, versus $305 million in Q2. Pipeline EBITDA is expected at $199 million, down 1% quarter over quarter, while gathering EBITDA is forecast at $94 million, down 11%, according to the report Wednesday.

DT Midstream is likely to tighten its 2026 EBITDA guidance with the Q3 results and provide updates on the closed binding MIST "open season," potential Millennium open seasons and the pace of converting "uncommitted projects" into its $3.4 billion "committed backlog," the report said.

The company is expected to release its Q3 results on Oct. 29.

UBS has a buy rating on DT Midstream with a price target of $170, while citing project execution delays, "cost escalation" and competition for power-generation and "behind the meter" opportunities as key downside risks.

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