Hafnia (NYSE:HAFN) Reaches New 52-Week High - Here's What Happened

Key Points

• Hafnia shares reached a new 52-week high of $10.12, rising 2.9% from the prior close amid increased trading activity.
• Analyst sentiment is bullish: Hafnia has a consensus “Buy” rating and an average price target of $12.00, with BTIG Research raising its target from $10.00 to $12.00.
• The company exceeded quarterly earnings expectations, reporting $0.56 in EPS versus $0.54 expected, and increased its quarterly dividend to $0.5003 per share—an annualized yield of about 20.1%.

Hafnia Limited (NYSE:HAFN - Get Free Report) shares hit a new 52-week high during mid-day trading on Wednesday. The company traded as high as $10.12 and last traded at $10.1060, with a volume of 605931 shares. The stock had previously closed at $9.67.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the stock. BTIG Research boosted their price target on shares of Hafnia from $10.00 to $12.00 and gave the stock a "buy" rating in a research report on Friday, September 18th. Weiss Ratings upgraded Hafnia from a "hold (c+)" rating to a "buy (b-)" rating in a report on Monday, September 21st. Wall Street Zen cut shares of Hafnia from a "strong-buy" rating to a "buy" rating in a report on Saturday. Finally, Pareto Securities raised shares of Hafnia from a "hold" rating to a "buy" rating in a research note on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $12.00.

Hafnia Trading Up 2.9%

The company has a debt-to-equity ratio of 0.25, a current ratio of 1.66 and a quick ratio of 1.49. The firm has a fifty day simple moving average of $8.39 and a 200-day simple moving average of $8.00. The firm has a market cap of $5.10 billion, a P/E ratio of 7.54 and a beta of 0.65.

Hafnia (NYSE:HAFN - Get Free Report) last released its quarterly earnings data on Saturday, August 29th. The company reported $0.56 EPS for the quarter, beating the consensus estimate of $0.54 by $0.02. Hafnia had a return on equity of 26.74% and a net margin of 56.72%.The firm had revenue of $834.53 million during the quarter, compared to the consensus estimate of $394.57 million.

Hafnia Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 18th. Shareholders of record on Tuesday, September 8th were paid a dividend of $0.5003 per share. This is a boost from Hafnia's previous quarterly dividend of $0.2877. The ex-dividend date was Tuesday, September 8th. This represents a $2.00 dividend on an annualized basis and a yield of 20.1%. Hafnia's dividend payout ratio (DPR) is presently 151.52%.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of HAFN. Engineers Gate Manager LP grew its holdings in shares of Hafnia by 45.1% during the second quarter. Engineers Gate Manager LP now owns 199,008 shares of the company's stock valued at $1,321,000 after buying an additional 61,859 shares during the last quarter. Squarepoint Ops LLC acquired a new stake in shares of Hafnia in the 2nd quarter worth about $410,000. TD Waterhouse Canada Inc. raised its holdings in shares of Hafnia by 9.5% in the 2nd quarter. TD Waterhouse Canada Inc. now owns 89,597 shares of the company's stock worth $588,000 after acquiring an additional 7,782 shares during the last quarter. BTG Pactual Asset Management US LLC bought a new position in Hafnia in the 2nd quarter valued at about $1,719,000. Finally, Public Employees Retirement System of Ohio bought a new position in Hafnia in the 2nd quarter valued at about $2,307,000.

About Hafnia

Hafnia Limited is a global maritime transportation company focused on the ownership and operation of product tankers. The company transports refined petroleum products, chemicals, and vegetable and animal oils for energy companies, commodity traders, and industrial customers.

Its activities include commercial management, chartering, vessel operations, and technical management. Hafnia operates across major international shipping routes and serves customers in key energy and commodity markets worldwide.

Hafnia is headquartered in Singapore and is part of the BW Group.

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