Hafnia (NYSE:HAFN) Issues Quarterly Earnings Results

Key Points

• Hafnia reported quarterly earnings of $0.15 EPS, exceeding analyst estimates of $0.14 EPS by $0.01, with revenue significantly surpassing expectations at $346.56 million.
• The company's stock has been upgraded to a "strong-buy" rating by Fearnley Fonds, with a consensus target price of $6.50.
• Institutional investment in Hafnia has increased, with Canada Pension Plan Investment Board enhancing its position by 9.8% in the last quarter.

Hafnia (NYSE:HAFN - Get Free Report) announced its quarterly earnings data on Wednesday. The company reported $0.15 earnings per share for the quarter, beating the consensus estimate of $0.14 by $0.01, Zacks reports. Hafnia had a return on equity of 18.74% and a net margin of 37.26%.The business had revenue of $346.56 million during the quarter, compared to analyst estimates of $249.42 million.

Hafnia Price Performance

NYSE:HAFN traded down $0.01 during trading hours on Friday, hitting $6.14. 1,323,146 shares of the company's stock traded hands, compared to its average volume of 1,349,133. The firm has a market cap of $3.11 billion, a P/E ratio of 7.22 and a beta of 0.91. Hafnia has a 52 week low of $3.61 and a 52 week high of $8.20. The business's fifty day simple moving average is $5.47 and its two-hundred day simple moving average is $4.97. The company has a quick ratio of 1.12, a current ratio of 1.21 and a debt-to-equity ratio of 0.27.

Hafnia Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 10th. Investors of record on Thursday, September 4th will be paid a dividend of $0.121 per share. The ex-dividend date of this dividend is Thursday, September 4th. This represents a $0.48 annualized dividend and a yield of 7.9%. Hafnia's dividend payout ratio (DPR) is currently 48.24%.

Wall Street Analysts Forecast Growth

Separately, Fearnley Fonds raised Hafnia to a "strong-buy" rating in a report on Tuesday, May 6th. One analyst has rated the stock with a Strong Buy rating and one has issued a Buy rating to the company. Based on data from MarketBeat, Hafnia currently has an average rating of "Strong Buy" and an average price target of $6.50.

Institutional Investors Weigh In On Hafnia

Several large investors have recently added to or reduced their stakes in the business. Orion Porfolio Solutions LLC bought a new stake in Hafnia during the second quarter valued at $112,000. State of Wyoming bought a new stake in Hafnia during the second quarter valued at $57,000. Balyasny Asset Management L.P. boosted its stake in Hafnia by 98.5% during the second quarter. Balyasny Asset Management L.P. now owns 83,364 shares of the company's stock valued at $416,000 after buying an additional 41,369 shares during the period. Canada Pension Plan Investment Board boosted its stake in Hafnia by 9.8% during the second quarter. Canada Pension Plan Investment Board now owns 677,261 shares of the company's stock valued at $3,403,000 after buying an additional 60,210 shares during the period. Finally, The Manufacturers Life Insurance Company boosted its stake in Hafnia by 41.5% during the second quarter. The Manufacturers Life Insurance Company now owns 42,881 shares of the company's stock valued at $215,000 after buying an additional 12,586 shares during the period.

Hafnia Company Profile

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.