DHT (NYSE:DHT) Sets New 12-Month High - Here's What Happened

Key Points

• DHT shares reached a new 52-week high of $23.59, supported by bullish analyst coverage. BTIG Research raised its price target from $23 to $28, while the stock has a consensus “Moderate Buy” rating.
• DHT reported strong quarterly results, with EPS of $1.22 beating estimates and revenue rising 174.8% year over year to $254.96 million.
• The company increased its quarterly dividend to $1.22 per share, equivalent to a 20.9% annualized yield, although insiders sold approximately $11.8 million of stock over the past 90 days.

DHT Holdings, Inc. (NYSE:DHT - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Thursday. The stock traded as high as $23.59 and last traded at $23.4680, with a volume of 1775927 shares. The stock had previously closed at $22.57.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. Weiss Ratings raised shares of DHT from a "buy (b)" rating to a "buy (b+)" rating in a research report on Tuesday, September 8th. BTIG Research increased their price target on shares of DHT from $23.00 to $28.00 and gave the company a "buy" rating in a report on Friday, September 18th. Three equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $21.00.

DHT Stock Performance

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 firm has a market capitalization of $3.76 billion, a price-to-earnings ratio of 7.95 and a beta of -0.09. The stock has a fifty day moving average price of $20.10 and a 200-day moving average price of $18.59.

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

DHT Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, August 24th. Investors of record on Monday, August 17th were issued a dividend of $1.22 per share. The ex-dividend date of this dividend was Monday, August 17th. This represents a $4.88 annualized dividend and a yield of 20.9%. This is an increase from DHT's previous quarterly dividend of $0.64. DHT's payout ratio is 165.99%.

Insider Activity

In other DHT news, insider Jon Eglin sold 50,000 shares of the company's stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $19.99, for a total transaction of $999,500.00. Following the sale, the insider directly owned 324,622 shares of the company's stock, valued at approximately $6,489,193.78. This represents a 13.35% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Svenn Edvardsen sold 341,007 shares of the firm's stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $20.29, for a total transaction of $6,919,032.03. Following the sale, the director directly owned 395,705 shares of the company's stock, valued at approximately $8,028,854.45. The trade was a 46.29% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 583,803 shares of company stock worth $11,843,097 over the last ninety days. Corporate insiders own 1.60% of the company's stock.

Institutional Investors Weigh In On DHT

A number of large investors have recently bought and sold shares of DHT. Caitong International Asset Management Co. Ltd boosted its stake in DHT by 568.0% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 3,554 shares of the shipping company's stock worth $43,000 after purchasing an additional 3,022 shares in the last quarter. Western Wealth Management LLC bought a new stake in shares of DHT during the first quarter worth $46,000. Triumph Capital Management increased its stake 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 valued at $61,000 after buying an additional 2,247 shares in the last quarter. Integrated Wealth Concepts LLC acquired a new stake in shares of DHT in the second quarter valued at $83,000. Finally, Harbour Investments Inc. increased its stake in shares of DHT by 16.0% in the fourth quarter. Harbour Investments Inc. now owns 7,237 shares of the shipping company's stock valued at $88,000 after buying an additional 1,000 shares in the last quarter. 58.53% of the stock is currently owned by 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.