Hafnia Limited (NYSE:HAFN) Sees Significant Drop in Short Interest

Key Points

• Hafnia Limited experienced a 27.9% decrease in short interest in August, bringing the total to 3,390,000 shares.
• Fearnley Fonds downgraded Hafnia from a "strong-buy" to a "hold" rating, maintaining an average price target of $6.50.
• The company reported a quarterly revenue of $346.56 million, significantly exceeding analyst estimates of $249.42 million.

Hafnia Limited (NYSE:HAFN - Get Free Report) was the recipient of a large decrease in short interest in August. As of August 31st, there was short interest totaling 3,390,000 shares, a decrease of 27.9% from the August 15th total of 4,700,000 shares. Based on an average daily trading volume, of 1,320,000 shares, the days-to-cover ratio is presently 2.6 days. Approximately 1.4% of the company's shares are short sold. Approximately 1.4% of the company's shares are short sold. Based on an average daily trading volume, of 1,320,000 shares, the days-to-cover ratio is presently 2.6 days.

Institutional Trading of Hafnia

Hedge funds have recently made changes to their positions in the company. SBI Securities Co. Ltd. boosted its stake in shares of Hafnia by 53.9% during the second quarter. SBI Securities Co. Ltd. now owns 5,129 shares of the company's stock valued at $26,000 after purchasing an additional 1,796 shares in the last quarter. Naviter Wealth LLC acquired a new stake in shares of Hafnia during the first quarter valued at about $42,000. Avantax Advisory Services Inc. acquired a new stake in shares of Hafnia during the first quarter valued at about $47,000. Sierra Capital LLC acquired a new position in shares of Hafnia in the second quarter worth approximately $50,000. Finally, Smith Anglin Financial LLC bought a new stake in Hafnia in the first quarter valued at approximately $52,000.

Hafnia Stock Performance

HAFN stock traded down $0.22 during trading hours on Friday, hitting $6.06. 1,043,334 shares of the stock were exchanged, compared to its average volume of 1,239,764. The company has a current ratio of 1.21, a quick ratio of 1.09 and a debt-to-equity ratio of 0.27. The firm has a market capitalization of $3.07 billion, a P/E ratio of 7.13 and a beta of 0.93. The company has a 50-day simple moving average of $5.76 and a two-hundred day simple moving average of $5.11. Hafnia has a 12 month low of $3.61 and a 12 month high of $7.57.

Hafnia (NYSE:HAFN - Get Free Report) last issued its quarterly earnings results on Wednesday, August 27th. The company reported $0.15 EPS for the quarter, topping analysts' consensus estimates of $0.14 by $0.01. Hafnia had a return on equity of 18.74% and a net margin of 37.26%.The company had revenue of $346.56 million for the quarter, compared to analysts' expectations of $249.42 million.

Hafnia Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Thursday, September 4th were paid a dividend of $0.121 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 8.0%. The ex-dividend date of this dividend was Thursday, September 4th. Hafnia's dividend payout ratio (DPR) is presently 56.47%.

Wall Street Analyst Weigh In

Separately, Fearnley Fonds cut shares of Hafnia from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, September 3rd. One research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $6.50.

About Hafnia

Hafnia Limited owns and operates oil product tankers in Bermuda. It operates through Long Range II, Long Range I, Medium Range (MR), Handy size, and Specialized segments. The company transports clean and dirty, refined oil products, vegetable oil, and easy chemicals to national and international oil companies, and chemical companies, as well as trading and utility companies; and owns and operates 200 vessels.