Dorian LPG (NYSE:LPG) Shares Gap Down - Here's What Happened

Key Points

• Dorian LPG shares opened sharply lower, falling from a prior close of $45.32 to $43.09 before last trading at $43.78.
• Analyst sentiment remains cautiously positive: the stock has a “Moderate Buy” consensus rating and a $55 average price target, despite recent upgrades, downgrades and reaffirmations.
• The company reported strong quarterly results, with EPS of $1.89 and revenue of $153.27 million, while revenue more than doubled year over year. Dorian LPG also announced a $1.00 special dividend payable August 12 to shareholders of record July 27.

Dorian LPG Ltd. (NYSE:LPG - Get Free Report)'s share price gapped down prior to trading on Monday . The stock had previously closed at $45.32, but opened at $43.09. Dorian LPG shares last traded at $43.78, with a volume of 90,252 shares changing hands.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. Weiss Ratings upgraded Dorian LPG from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Thursday, May 28th. Freedom Capital lowered shares of Dorian LPG from a "strong-buy" rating to a "hold" rating in a research note on Friday, May 22nd. Dnb Carnegie upgraded shares of Dorian LPG from a "strong sell" rating to a "hold" rating in a report on Monday, May 18th. Pareto Securities reaffirmed a "buy" rating on shares of Dorian LPG in a research note on Thursday, May 21st. Finally, Jefferies Financial Group lifted their price objective on shares of Dorian LPG from $42.00 to $55.00 and gave the company a "buy" rating in a report on Friday, May 22nd. Three equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $55.00.

Dorian LPG Stock Performance

The company has a market cap of $1.88 billion, a P/E ratio of 9.66 and a beta of 0.66. The firm has a 50 day moving average of $41.28 and a 200-day moving average of $36.32. The company has a quick ratio of 2.65, a current ratio of 2.67 and a debt-to-equity ratio of 0.40.

Dorian LPG (NYSE:LPG - Get Free Report) last issued its earnings results on Tuesday, May 19th. The shipping company reported $1.89 earnings per share for the quarter, beating analysts' consensus estimates of $1.41 by $0.48. Dorian LPG had a return on equity of 18.01% and a net margin of 40.22%.The business had revenue of $153.27 million during the quarter, compared to analyst estimates of $128.87 million. During the same period in the previous year, the company posted $0.25 EPS. Dorian LPG's revenue was up 102.0% on a year-over-year basis.

Dorian LPG Dividend Announcement

The company also recently disclosed a special dividend, which will be paid on Wednesday, August 12th. Investors of record on Monday, July 27th will be issued a $1.00 dividend. The ex-dividend date is Monday, July 27th. Dorian LPG's payout ratio is presently 21.98%.

Insider Activity

In other Dorian LPG news, insider Tim Truels Hansen sold 20,000 shares of the stock in a transaction dated Tuesday, June 30th. The shares were sold at an average price of $35.38, for a total transaction of $707,600.00. Following the transaction, the insider directly owned 157,842 shares in the company, valued at $5,584,449.96. This represents a 11.25% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Ted Kalborg sold 15,373 shares of the firm's stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $45.06, for a total transaction of $692,707.38. Following the transaction, the director directly owned 66,348 shares in the company, valued at $2,989,640.88. This trade represents a 18.81% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 13.60% of the company's stock.

Hedge Funds Weigh In On Dorian LPG

A number of hedge funds and other institutional investors have recently modified their holdings of LPG. Tudor Investment Corp ET AL boosted its position in Dorian LPG by 425.4% during the 3rd quarter. Tudor Investment Corp ET AL now owns 256,216 shares of the shipping company's stock valued at $7,635,000 after acquiring an additional 207,450 shares in the last quarter. SG Americas Securities LLC raised its position in shares of Dorian LPG by 212.7% in the 4th quarter. SG Americas Securities LLC now owns 53,071 shares of the shipping company's stock worth $1,292,000 after acquiring an additional 36,101 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its stake in shares of Dorian LPG by 227.7% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 215,568 shares of the shipping company's stock worth $7,247,000 after purchasing an additional 149,787 shares during the last quarter. Unison Advisors LLC bought a new stake in Dorian LPG during the fourth quarter valued at about $711,000. Finally, Persistent Asset Partners Ltd bought a new stake in Dorian LPG during the fourth quarter valued at about $1,098,000. 62.50% of the stock is currently owned by institutional investors.

Dorian LPG Company Profile

Dorian LPG Ltd., incorporated in Bermuda and headquartered in Greenwich, Connecticut, is a leading owner and operator of modern very large gas carriers (VLGCs). The company specializes in the maritime transportation of liquefied petroleum gas (LPG), primarily propane and butane, for energy producers, commodity traders and trading houses around the world.

Dorian LPG's fleet comprises over 30 state-of-the-art VLGCs, each designed for fuel efficiency and environmental performance. These vessels operate under medium- and long-term time charter agreements, providing predictable employment and supporting a stable charter revenue profile through contracts with major international energy companies.

The company serves global energy markets by transporting LPG cargoes along major trade routes linking production centers in the Middle East, U.S.

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