DHT (NYSE:DHT) Reaches New 1-Year High - Here's Why

Key Points

• DHT shares reached a new 52-week high of $22.82, supported by strong tanker-market conditions and a “Moderate Buy” analyst consensus, although the average price target of $19.33 is below the current share price.
• DHT reported quarterly EPS of $1.22, exceeding estimates, while revenue rose 174.8% year over year to $254.96 million. The company also increased its quarterly dividend to $1.22 per share, implying a 22% annualized yield.
• Insiders sold 553,803 shares worth approximately $11.2 million over the past three months, even as institutional investors continued to hold a majority stake of 58.53%.

DHT Holdings, Inc. (NYSE:DHT - Get Free Report) shares reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $22.82 and last traded at $22.1460, with a volume of 6056749 shares changing hands. The stock had previously closed at $22.15.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings raised shares of DHT from a "buy (b)" rating to a "buy (b+)" rating in a research report on Tuesday, September 8th. Three analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $19.33.

DHT Trading Down 0.0%

The firm has a 50-day moving average of $19.12 and a two-hundred day moving average of $18.31. The firm has a market capitalization of $3.57 billion, a P/E ratio of 7.53 and a beta of -0.09. The company has a current ratio of 3.64, a quick ratio of 3.32 and a debt-to-equity ratio of 0.29.

DHT (NYSE:DHT - Get Free Report) last issued its earnings results on Wednesday, August 5th. The shipping company reported $1.22 earnings per share for the quarter, beating analysts' consensus estimates of $1.18 by $0.04. DHT had a net margin of 65.52% and a return on equity of 39.40%. The firm had revenue of $254.96 million for the quarter, compared to analyst estimates of $247.17 million. During the same quarter last year, the business posted $0.35 earnings per share. The company's quarterly revenue was up 174.8% on a year-over-year basis.

DHT Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, August 24th. Shareholders of record on Monday, August 17th were issued a dividend of $1.22 per share. This represents a $4.88 dividend on an annualized basis and a dividend yield of 22.0%. The ex-dividend date was Monday, August 17th. This is a positive change from DHT's previous quarterly dividend of $0.64. DHT's dividend payout ratio (DPR) is currently 165.99%.

Insiders Place Their Bets

In related news, CFO Laila Halvorsen sold 50,000 shares of the business's stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $20.00, for a total value of $1,000,000.00. Following the completion of the sale, the chief financial officer directly owned 161,011 shares of the company's stock, valued at $3,220,220. The trade was a 23.70% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Svenn Edvardsen sold 341,007 shares of the business's stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $20.29, for a total value of $6,919,032.03. Following the sale, the director owned 395,705 shares of the company's stock, valued at approximately $8,028,854.45. This represents a 46.29% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 553,803 shares of company stock valued at $11,169,297.

Institutional Trading of DHT

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Caitong International Asset Management Co. Ltd grew its holdings in shares of DHT by 568.0% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 3,554 shares of the shipping company's stock valued at $43,000 after buying an additional 3,022 shares during the last quarter. Western Wealth Management LLC acquired a new stake in shares of DHT in the 1st quarter worth about $46,000. Leonteq Securities AG acquired a new stake in shares of DHT in the 4th quarter worth about $59,000. Triumph Capital Management lifted its position in DHT by 155.0% in the 2nd quarter. Triumph Capital Management now owns 3,697 shares of the shipping company's stock valued at $61,000 after acquiring an additional 2,247 shares in the last quarter. Finally, Integrated Wealth Concepts LLC bought a new position in DHT in the 2nd quarter valued at about $83,000. Institutional investors own 58.53% of the company's stock.

About DHT

DHT Holdings, Inc NYSE: DHT is a maritime transportation company that owns and operates crude oil tankers. Its fleet is primarily composed of very large crude carriers (VLCCs), which transport crude oil in international seaborne trade.

The company provides tanker transportation services to energy companies, commodity traders and other customers through a combination of voyage charters, time charters and related commercial arrangements. Its vessels serve major global crude oil trade routes linking oil-producing regions with refineries and consuming markets.

DHT was established in 2005 and is headquartered in Hamilton, Bermuda, with operations and commercial activities supported through international offices.

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