DHT (NYSE:DHT) Reaches New 1-Year High - Still a Buy?

Key Points

• DHT shares reached a new 52-week high of $26.91 before trading lower, with the stock down 6.2% in the session. Analysts maintain a “Moderate Buy” consensus, though the $21 average price target is below recent trading levels.
• DHT reported quarterly EPS of $1.22, topping estimates of $1.18, while revenue surged 174.8% year over year to $254.96 million.
• The company more than doubled its quarterly dividend to $1.22, implying a $4.88 annualized payout and a 19.6% yield. However, insiders sold roughly $11.8 million of shares during the quarter.

Shares of DHT Holdings, Inc. (NYSE:DHT - Get Free Report) reached a new 52-week high during trading on Thursday. The company traded as high as $26.91 and last traded at $24.9540, with a volume of 8,695,711 shares. The stock had previously closed at $26.59.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on DHT shares. BTIG Research lifted their price objective on shares of DHT from $23.00 to $28.00 and gave the company a "buy" rating in a report on Friday, September 18th. Weiss Ratings upgraded shares of DHT from a "buy (b+)" rating to a "buy (a)" rating in a research note on Thursday, October 8th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, DHT presently has an average rating of "Moderate Buy" and a consensus target price of $21.00.

DHT Trading Down 6.2%

The firm has a market cap of $4.02 billion, a price-to-earnings ratio of 9.11 and a beta of -0.03. The company has a fifty day moving average price of $21.33 and a 200-day moving average price of $19.09. 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 announced its quarterly earnings results on Wednesday, August 5th. The shipping company reported $1.22 earnings per share for the quarter, beating the consensus estimate of $1.18 by $0.04. DHT had a return on equity of 39.40% and a net margin of 65.52%. The firm had revenue of $254.96 million during the quarter, compared to analyst estimates of $247.17 million. During the same quarter in the previous year, the business earned $0.35 EPS. DHT's revenue for the quarter was up 174.8% compared to the same quarter last year.

DHT Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 24th. Investors of record on Monday, August 17th were given a $1.22 dividend. The ex-dividend date was Monday, August 17th. This is a positive change from DHT's previous quarterly dividend of $0.64. This represents a $4.88 annualized dividend and a yield of 19.6%. DHT's dividend payout ratio (DPR) is currently 165.99%.

Insider Buying and Selling at DHT

In other DHT news, Director Erik Lind sold 30,000 shares of the company's stock in a transaction dated Tuesday, September 15th. The shares were sold at an average price of $22.46, for a total value of $673,800.00. Following the transaction, the director owned 132,294 shares of the company's stock, valued at $2,971,323.24. This represents a 18.48% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Laila Halvorsen sold 50,000 shares of the stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $20.00, for a total transaction of $1,000,000.00. Following the transaction, the chief financial officer directly owned 161,011 shares of the company's stock, valued at approximately $3,220,220. This trade represents a 23.70% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 583,803 shares of company stock worth $11,843,097. Insiders own 1.60% of the company's stock.

Institutional Investors Weigh In On DHT

Large investors have recently added to or reduced their stakes in the business. Arrowstreet Capital Limited Partnership grew its stake in DHT by 74.1% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 4,315,767 shares of the shipping company's stock valued at $78,849,000 after acquiring an additional 1,836,892 shares during the last quarter. Bank of America Corp DE boosted its stake in shares of DHT by 168.3% during the first quarter. Bank of America Corp DE now owns 1,186,289 shares of the shipping company's stock valued at $21,674,000 after acquiring an additional 744,130 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund raised its stake in DHT by 1,072.1% in the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,162,300 shares of the shipping company's stock valued at $21,235,000 after purchasing an additional 1,063,134 shares during the last quarter. Empowered Funds LLC lifted its holdings in DHT by 6.0% in the 1st quarter. Empowered Funds LLC now owns 773,163 shares of the shipping company's stock valued at $14,126,000 after purchasing an additional 43,514 shares in the last quarter. Finally, Acorn Financial Advisory Services Inc. ADV acquired a new stake in shares of DHT during the 1st quarter worth about $13,123,000. 58.53% of the stock is owned by hedge funds and other institutional investors.

About DHT

DHT Holdings, Inc NYSE: DHT is a maritime transportation company that owns and operates crude oil tankers. The company primarily focuses on very large crude carriers (VLCCs), which transport substantial volumes of crude oil between major production and refining regions around the world.

DHT provides ocean transportation services through a combination of time charters, voyage charters and pool arrangements. Its vessels serve the international energy industry by moving crude oil from exporting regions to refineries and storage facilities in global markets.

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