Millennium Management LLC Raises Position in Dorian LPG Ltd. $LPG

Key Points

• Millennium Management LLC significantly increased its stake in Dorian LPG Ltd. by acquiring 971,419 shares, raising its ownership to approximately 2.33%, valued at $22.28 million.
• Dorian LPG recently reported a net revenue decline of 26.3% year-over-year, with earnings per share (EPS) of $0.27, which missed consensus estimates of $0.61 by $0.34.
• The company declared a quarterly dividend of $0.60 per share, providing an annualized dividend yield of 7.6% for its investors.

Millennium Management LLC grew its holdings in shares of Dorian LPG Ltd. (NYSE:LPG - Free Report) by 3,728.9% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 997,470 shares of the shipping company's stock after purchasing an additional 971,419 shares during the period. Millennium Management LLC owned approximately 2.33% of Dorian LPG worth $22,283,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in LPG. Northern Trust Corp increased its position in Dorian LPG by 20.1% during the 4th quarter. Northern Trust Corp now owns 418,569 shares of the shipping company's stock worth $10,201,000 after purchasing an additional 70,046 shares during the period. D. E. Shaw & Co. Inc. grew its holdings in shares of Dorian LPG by 13.3% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 52,740 shares of the shipping company's stock worth $1,285,000 after acquiring an additional 6,200 shares during the period. Deutsche Bank AG grew its holdings in shares of Dorian LPG by 57.8% in the 4th quarter. Deutsche Bank AG now owns 33,926 shares of the shipping company's stock worth $827,000 after acquiring an additional 12,429 shares during the period. Janus Henderson Group PLC grew its holdings in shares of Dorian LPG by 4.6% in the 4th quarter. Janus Henderson Group PLC now owns 39,655 shares of the shipping company's stock worth $966,000 after acquiring an additional 1,736 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Dorian LPG by 4.0% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 20,689 shares of the shipping company's stock worth $504,000 after acquiring an additional 797 shares during the period. Institutional investors and hedge funds own 62.50% of the company's stock.

Insider Buying and Selling at Dorian LPG

In other Dorian LPG news, COO Alexander C. Hadjipateras sold 5,000 shares of the stock in a transaction on Tuesday, September 16th. The stock was sold at an average price of $32.38, for a total transaction of $161,900.00. Following the transaction, the chief operating officer owned 89,440 shares of the company's stock, valued at $2,896,067.20. This represents a 5.29% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. 13.60% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. Wall Street Zen upgraded Dorian LPG from a "sell" rating to a "hold" rating in a report on Sunday, June 1st. Jefferies Financial Group upped their price target on Dorian LPG from $33.00 to $35.00 and gave the stock a "buy" rating in a report on Friday, July 11th. Finally, Zacks Research cut Dorian LPG from a "strong-buy" rating to a "hold" rating in a report on Tuesday, September 9th. Two analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat.com, Dorian LPG currently has a consensus rating of "Moderate Buy" and a consensus price target of $35.00.

Dorian LPG Price Performance

LPG stock traded up $0.24 on Thursday, reaching $32.27. The company had a trading volume of 388,054 shares, compared to its average volume of 522,569. Dorian LPG Ltd. has a 1 year low of $16.66 and a 1 year high of $37.16. The company has a debt-to-equity ratio of 0.47, a quick ratio of 3.30 and a current ratio of 3.32. The company's fifty day moving average is $30.38 and its 200 day moving average is $25.13. The company has a market cap of $1.38 billion, a P/E ratio of 28.06 and a beta of 0.82.

Dorian LPG (NYSE:LPG - Get Free Report) last posted its earnings results on Friday, August 1st. The shipping company reported $0.27 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.61 by ($0.34). Dorian LPG had a net margin of 15.15% and a return on equity of 5.24%. The company had revenue of $84.21 million during the quarter, compared to analysts' expectations of $86.53 million. During the same period in the previous year, the company posted $1.26 EPS. Dorian LPG's quarterly revenue was down 26.3% compared to the same quarter last year. On average, research analysts forecast that Dorian LPG Ltd. will post 2.6 earnings per share for the current year.

Dorian LPG Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 27th. Shareholders of record on Tuesday, August 12th were paid a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 7.4%. The ex-dividend date of this dividend was Tuesday, August 12th.

Dorian LPG Profile

Dorian LPG Ltd., together with its subsidiaries, engages in the transportation of liquefied petroleum gas through its LPG tankers worldwide. It owns and operates twenty-five very large gas carriers. The company was incorporated in 2013 and is headquartered in Stamford, Connecticut.