DHT (NYSE:DHT) Reaches New 12-Month High - Time to Buy?

Key Points

• DHT shares reached a new 52-week high of $23.56, while BTIG Research raised its price target from $23 to $28 and maintained a Buy rating. Overall analyst sentiment is “Moderate Buy,” though the average target price is $21.
• DHT reported quarterly EPS of $1.22, beating estimates, while revenue surged 174.8% year over year to $254.96 million. The company also increased its quarterly dividend to $1.22, implying a 21.8% annualized yield.
• Insiders sold more than 583,000 shares worth $11.8 million over the past three months, including significant sales by the CFO and a director. Hedge funds and other institutions own approximately 58.5% of the stock.

DHT Holdings, Inc. (NYSE:DHT - Get Free Report)'s share price hit a new 52-week high on Tuesday . The company traded as high as $23.56 and last traded at $22.42, with a volume of 4426978 shares traded. The stock had previously closed at $23.27.

Analyst Upgrades and Downgrades

DHT has been the topic of a number of analyst reports. BTIG Research lifted their price objective on shares of DHT from $23.00 to $28.00 and gave the stock a "buy" rating in a report on Friday. Weiss Ratings raised DHT from a "buy (b)" rating to a "buy (b+)" rating in a research report on Tuesday, September 8th. Three investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $21.00.

DHT Stock Down 3.7%

The stock's 50-day moving average price is $19.55 and its two-hundred day moving average price is $18.41. The company has a current ratio of 3.64, a quick ratio of 3.32 and a debt-to-equity ratio of 0.29. The stock has a market capitalization of $3.61 billion, a P/E ratio of 7.63 and a beta of -0.09.

DHT (NYSE:DHT - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The shipping company reported $1.22 EPS for the quarter, topping 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 company had revenue of $254.96 million for the quarter, compared to analysts' expectations of $247.17 million. During the same quarter in the previous year, the firm posted $0.35 EPS. DHT's revenue was up 174.8% on a year-over-year basis.

DHT Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 24th. Investors of record on Monday, August 17th were issued a $1.22 dividend. This is an increase from DHT's previous quarterly dividend of $0.64. The ex-dividend date of this dividend was Monday, August 17th. This represents a $4.88 annualized dividend and a yield of 21.8%. DHT's payout ratio is 165.99%.

Insider Activity

In other news, CFO Laila Halvorsen sold 50,000 shares of the business's stock in a transaction that occurred on Thursday, August 20th. The shares were sold at an average price of $20.00, for a total value of $1,000,000.00. Following the sale, the chief financial officer owned 161,011 shares of the company's stock, valued at $3,220,220. The trade was a 23.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Svenn Edvardsen sold 341,007 shares of the company'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 transaction of $6,919,032.03. Following the sale, the director owned 395,705 shares in the company, valued at $8,028,854.45. The trade was a 46.29% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 583,803 shares of company stock valued at $11,843,097.

Hedge Funds Weigh In On DHT

Several hedge funds have recently made changes to their positions in DHT. BlueCrest Capital Management Ltd bought a new stake in shares of DHT during the 2nd quarter valued at $237,000. Integrated Wealth Concepts LLC bought a new position in DHT in the 2nd quarter worth about $83,000. Raiffeisen Bank International AG grew its holdings in DHT by 42.4% during the 2nd quarter. Raiffeisen Bank International AG now owns 110,031 shares of the shipping company's stock valued at $1,819,000 after buying an additional 32,765 shares in the last quarter. AXQ Capital LP bought a new stake in shares of DHT during the second quarter valued at about $641,000. Finally, Triumph Capital Management lifted its holdings in shares of DHT by 155.0% in the second quarter. Triumph Capital Management now owns 3,697 shares of the shipping company's stock worth $61,000 after buying an additional 2,247 shares in the last quarter. 58.53% of the stock is currently owned by hedge funds and other institutional investors.

DHT Company Profile

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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