DHT (NYSE:DHT) Sets New 52-Week High - What's Next?

Key Points

• DHT shares reached a new 52-week high of $25.07, trading near $24.91 with roughly 5.5 million shares changing hands.
• Analyst sentiment is favorable, with an average “Moderate Buy” rating; BTIG Research raised its price target to $28, although the overall average target remains $21.
• DHT reported quarterly EPS of $1.22, exceeding estimates, while revenue surged 174.8% year over year. The company also increased its quarterly dividend to $1.22 per share, producing an annualized yield of about 19.6%.

Shares of DHT Holdings, Inc. (NYSE:DHT - Get Free Report) hit a new 52-week high during mid-day trading on Friday. The company traded as high as $25.07 and last traded at $24.9060, with a volume of 5515824 shares trading hands. The stock had previously closed at $23.71.

Analysts Set New Price Targets

Several research firms have recently issued reports on DHT. Weiss Ratings raised DHT from a "buy (b)" rating to a "buy (b+)" rating in a research note on Tuesday, September 8th. BTIG Research boosted their target price on DHT from $23.00 to $28.00 and gave the company a "buy" rating in a research report on Friday, September 18th. Three investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $21.00.

DHT Stock Performance

The stock has a market capitalization of $4.01 billion, a PE ratio of 8.47 and a beta of -0.03. The business's 50 day moving average is $20.74 and its 200 day moving average is $18.87. 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 posted its quarterly earnings data on Wednesday, August 5th. The shipping company reported $1.22 earnings per share for the quarter, topping analysts' consensus estimates of $1.18 by $0.04. The company had revenue of $254.96 million for the quarter, compared to analyst estimates of $247.17 million. DHT had a net margin of 65.52% and a return on equity of 39.40%. The firm's revenue for the quarter was up 174.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.35 EPS.

DHT Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, August 24th. Stockholders of record on Monday, August 17th were paid a dividend of $1.22 per share. This is a positive change from DHT's previous quarterly dividend of $0.64. This represents a $4.88 dividend on an annualized basis and a dividend yield of 19.6%. The ex-dividend date of this dividend was Monday, August 17th. DHT's payout ratio is currently 165.99%.

Insider Transactions at DHT

In related news, Director Svenn Edvardsen sold 341,007 shares of the business's stock in a transaction 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 completion of the transaction, the director owned 395,705 shares in the company, valued at $8,028,854.45. The trade was a 46.29% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Jon Eglin sold 25,000 shares of the business's stock in a transaction on Friday, September 4th. The shares were sold at an average price of $21.00, for a total value of $525,000.00. Following the transaction, the insider owned 274,622 shares of the company's stock, valued at approximately $5,767,062. The trade was a 8.34% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 583,803 shares of company stock valued at $11,843,097. Company insiders own 1.60% of the company's stock.

Institutional Trading of DHT

Hedge funds and other institutional investors have recently bought and sold shares of the business. Arrowstreet Capital Limited Partnership increased its holdings in DHT by 74.1% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 4,315,767 shares of the shipping company's stock worth $78,849,000 after purchasing an additional 1,836,892 shares during the period. Healthcare of Ontario Pension Plan Trust Fund raised its position in DHT by 1,072.1% during 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 in the last quarter. Bank of America Corp DE lifted its holdings in shares of DHT by 168.3% in the 1st quarter. Bank of America Corp DE now owns 1,186,289 shares of the shipping company's stock worth $21,674,000 after buying an additional 744,130 shares during the period. Acorn Financial Advisory Services Inc. ADV purchased a new stake in shares of DHT in the 1st quarter worth $13,123,000. Finally, WIT Partners Advisory Pte. Ltd. bought a new position in shares of DHT during the 1st quarter worth $5,163,000. Hedge funds and other institutional investors own 58.53% of the company's stock.

DHT Company Profile

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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