DHT (NYSE:DHT) Issues Earnings Results

Key Points

• DHT exceeded quarterly expectations, reporting $1.22 in earnings per share versus the $1.15 consensus estimate and revenue of $254.96 million versus $247.17 million expected.
• Revenue surged 174.8% year over year, while net margin reached 58.54% and return on equity was 27.54%.
• Analysts maintain a “Moderate Buy” consensus rating with an average price target of $19.33; DHT shares recently traded at $17.94, and institutional investors own 58.53% of the stock.

DHT (NYSE:DHT - Get Free Report) announced its quarterly earnings data on Wednesday. The shipping company reported $1.22 earnings per share for the quarter, beating analysts' consensus estimates of $1.15 by $0.07, FiscalAI reports. The company had revenue of $254.96 million for the quarter, compared to analyst estimates of $247.17 million. DHT had a return on equity of 27.54% and a net margin of 58.54%.The firm's revenue for the quarter was up 174.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.35 EPS.

DHT Price Performance

DHT stock traded down $0.20 on Wednesday, reaching $17.94. The company had a trading volume of 4,295,991 shares, compared to its average volume of 2,639,140. DHT has a 1 year low of $10.69 and a 1 year high of $20.55. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.62 and a current ratio of 1.83. The company's fifty day moving average is $17.70 and its 200 day moving average is $17.33. The company has a market cap of $2.89 billion, a P/E ratio of 8.71 and a beta of -0.11.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. BTIG Research increased their target price on shares of DHT from $18.00 to $23.00 and gave the company a "buy" rating in a report on Wednesday, April 22nd. Weiss Ratings downgraded DHT from a "buy (b+)" rating to a "buy (b)" rating in a research note on Thursday, July 23rd. Evercore cut DHT from an "outperform" rating to an "in-line" rating and set a $19.00 price objective for the company. in a report on Wednesday, April 22nd. Finally, Wall Street Zen raised DHT from a "buy" rating to a "strong-buy" rating in a report on Saturday, May 9th. Three investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, DHT presently has a consensus rating of "Moderate Buy" and a consensus target price of $19.33.

Institutional Trading of DHT

Institutional investors and hedge funds have recently made changes to their positions in the stock. EverSource Wealth Advisors LLC grew its holdings in shares of DHT by 91.8% during the second quarter. EverSource Wealth Advisors LLC now owns 3,334 shares of the shipping company's stock worth $36,000 after buying an additional 1,596 shares in the last quarter. Sunbelt Securities Inc. purchased a new position in shares of DHT during the third quarter valued at approximately $60,000. Zions Bancorporation National Association UT acquired a new stake in DHT during the fourth quarter worth approximately $65,000. Xponance LLC acquired a new stake in DHT during the fourth quarter worth approximately $128,000. Finally, Quadrature Capital Ltd purchased a new stake in DHT in the 4th quarter worth approximately $135,000. 58.53% of the stock is currently owned by hedge funds and other institutional investors.

DHT Company Profile

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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