DHT (NYSE:DHT) Hits New 1-Year High - Should You Buy?

Key Points

• DHT shares hit a new 52-week high of $20.61 and last traded near $20.57, above the $19.33 consensus analyst price target. Analysts’ overall rating remains “Moderate Buy.”
• DHT reported quarterly EPS of $1.22, topping estimates, while revenue rose 174.8% year over year to $254.96 million. The company also increased its quarterly dividend to $1.22 per share, implying a 24.3% yield, though its payout ratio is elevated at 165.99%.
• Insiders sold 129,796 shares worth approximately $2.56 million during the last quarter, reducing their holdings, while institutional investors own 58.53% of the stock.

DHT Holdings, Inc. (NYSE:DHT - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $20.61 and last traded at $20.57, with a volume of 1845961 shares trading hands. The stock had previously closed at $19.80.

Analysts Set New Price Targets

A number of brokerages have issued reports on DHT. Wall Street Zen raised DHT from a "buy" rating to a "strong-buy" rating in a report on Saturday, May 9th. Weiss Ratings raised shares of DHT from a "buy (b)" rating to a "buy (b+)" rating in a research note on Friday, August 7th. Three investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, DHT has a consensus rating of "Moderate Buy" and a consensus target price of $19.33.

DHT Stock Up 1.4%

The stock has a fifty day moving average of $18.25 and a 200-day moving average of $17.74. The company has a current ratio of 3.64, a quick ratio of 3.32 and a debt-to-equity ratio of 0.29. The firm has a market capitalization of $3.23 billion, a price-to-earnings ratio of 6.83 and a beta of -0.11.

DHT (NYSE:DHT - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The shipping company reported $1.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.18 by $0.04. DHT had a return on equity of 39.40% and a net margin of 65.52%.The business had revenue of $254.96 million during the quarter, compared to analyst estimates of $247.17 million. During the same period in the previous year, the company earned $0.35 EPS. The firm's revenue was up 174.8% on a year-over-year basis.

DHT Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, August 24th. Stockholders of record on Monday, August 17th will be paid a dividend of $1.22 per share. This represents a $4.88 annualized dividend and a dividend yield of 24.3%. This is an increase from DHT's previous quarterly dividend of $0.64. The ex-dividend date of this dividend is Monday, August 17th. DHT's payout ratio is currently 165.99%.

Insider Activity at DHT

In related news, insider Jon Stephen Eglin sold 50,000 shares of the business's stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $19.99, for a total transaction of $999,500.00. Following the transaction, the insider directly owned 324,622 shares of the company's stock, valued at approximately $6,489,193.78. The trade was a 13.35% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Jeremy Kramer sold 29,796 shares of the business's stock in a transaction on Friday, August 7th. The shares were sold at an average price of $18.65, for a total value of $555,695.40. Following the completion of the sale, the director owned 71,332 shares of the company's stock, valued at $1,330,341.80. This trade represents a 29.46% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 129,796 shares of company stock worth $2,555,195. 1.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. EverSource Wealth Advisors LLC boosted its holdings in DHT by 91.8% in the second quarter. EverSource Wealth Advisors LLC now owns 3,334 shares of the shipping company's stock valued at $36,000 after acquiring an additional 1,596 shares during the last quarter. Caitong International Asset Management Co. Ltd increased its position in shares of DHT by 568.0% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 3,554 shares of the shipping company's stock valued at $43,000 after acquiring an additional 3,022 shares during the last quarter. Western Wealth Management LLC purchased a new position in DHT in the first quarter valued at about $46,000. Leonteq Securities AG purchased a new position in shares of DHT in the fourth quarter worth about $59,000. Finally, Sunbelt Securities Inc. purchased a new position in DHT during the third quarter valued at approximately $60,000. Institutional investors own 58.53% of the company's stock.

About DHT

DHT Holdings, Inc NYSE: DHT is a Bermuda-based independent crude oil tanker company that provides seaborne transportation of crude oil on a worldwide basis. The company's core business involves the ownership and operation of a modern fleet of Very Large Crude Carriers (VLCCs) and Suezmax tankers, which are chartered to oil producers, trading houses and national oil companies. Through spot charters, time-charters and tanker pooling arrangements, DHT connects crude oil exporters with refining hubs in Asia, Europe, North America and other global markets.

Founded in 2005 and listed on the New York Stock Exchange later that year, DHT has grown its presence in the maritime sector by focusing on operational efficiency and disciplined capital management.

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