DHT (NYSE:DHT) Shares Gap Up – Here’s Why

DHT Holdings, Inc. (NYSE:DHT) gapped up prior to trading on Tuesday . The stock had previously closed at $9.33, but opened at $9.80. DHT shares last traded at $9.89, with a volume of 712,088 shares.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on DHT shares. StockNews.com upgraded shares of DHT from a “sell” rating to a “hold” rating in a report on Thursday, November 14th. BTIG Research initiated coverage on DHT in a report on Tuesday, October 15th. They issued a “buy” rating and a $16.00 price target for the company. Stifel Nicolaus reduced their price objective on DHT from $13.00 to $11.00 and set a “hold” rating on the stock in a report on Wednesday, October 23rd. Jefferies Financial Group reiterated a “buy” rating and issued a $14.00 target price on shares of DHT in a report on Wednesday, November 13th. Finally, Fearnley Fonds upgraded DHT to a “strong-buy” rating in a research note on Friday, September 27th. Three investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, DHT currently has a consensus rating of “Moderate Buy” and a consensus price target of $13.54.

DHT Price Performance

The firm has a 50-day simple moving average of $9.75 and a 200-day simple moving average of $10.64. The firm has a market cap of $1.62 billion, a P/E ratio of 10.07 and a beta of -0.38. The company has a current ratio of 2.41, a quick ratio of 1.97 and a debt-to-equity ratio of 0.35.

DHT (NYSE:DHT) last posted its earnings results on Tuesday, November 12th. The shipping company reported $0.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.02. The company had revenue of $92.64 million for the quarter, compared to analyst estimates of $87.51 million. DHT had a return on equity of 15.58% and a net margin of 27.72%. The firm’s quarterly revenue was up 4.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.19 earnings per share. As a group, analysts forecast that DHT Holdings, Inc. will post 1 EPS for the current year.

DHT Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Friday, November 22nd were given a dividend of $0.22 per share. The ex-dividend date of this dividend was Friday, November 22nd. This represents a $0.88 dividend on an annualized basis and a yield of 8.74%. DHT’s payout ratio is 88.00%.

Hedge Funds Weigh In On DHT

Several institutional investors and hedge funds have recently bought and sold shares of the company. Principal Financial Group Inc. grew its stake in DHT by 21.0% during the 3rd quarter. Principal Financial Group Inc. now owns 98,565 shares of the shipping company’s stock worth $1,087,000 after buying an additional 17,094 shares during the last quarter. Franklin Resources Inc. grew its stake in shares of DHT by 8.4% during the third quarter. Franklin Resources Inc. now owns 51,870 shares of the shipping company’s stock worth $588,000 after acquiring an additional 4,000 shares during the last quarter. Sanctuary Advisors LLC acquired a new position in shares of DHT during the third quarter valued at about $134,000. Virtu Financial LLC purchased a new position in shares of DHT in the 3rd quarter valued at approximately $149,000. Finally, Hohimer Wealth Management LLC purchased a new stake in DHT during the 3rd quarter worth approximately $173,000. 58.53% of the stock is owned by hedge funds and other institutional investors.

About DHT

DHT Holdings, Inc, through its subsidiaries, owns and operates crude oil tankers primarily in Monaco, Singapore, and Norway. The company also offers technical management services. As of March 15, 2024, it had a fleet of 24 very large crude carriers. The company was incorporated in 2005 and is headquartered in Hamilton, Bermuda.