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

Key Points

• Hafnia shares reached a new 52-week high of $11.12, trading around $10.92 and up from the prior close of $10.61.
• Analyst sentiment is positive, with an average “Buy” rating and a consensus price target of $12.00 after several firms upgraded or raised their targets.
• Hafnia reported quarterly EPS of $0.56, exceeding expectations, and increased its quarterly dividend to $0.5003 per share, implying an annualized yield of about 18.4%.

Hafnia Limited (NYSE:HAFN - Get Free Report) shares hit a new 52-week high during trading on Wednesday. The stock traded as high as $11.12 and last traded at $10.9150, with a volume of 1,341,510 shares. The stock had previously closed at $10.61.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. BTIG Research lifted their price objective on Hafnia from $10.00 to $12.00 and gave the company a "buy" rating in a research report on Friday, September 18th. Wall Street Zen lowered Hafnia from a "strong-buy" rating to a "buy" rating in a research report on Saturday, September 26th. Pareto Securities upgraded Hafnia from a "hold" rating to a "buy" rating in a research note on Tuesday, September 29th. Finally, Weiss Ratings upgraded Hafnia from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Monday, September 21st. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, Hafnia presently has an average rating of "Buy" and a consensus target price of $12.00.

Hafnia Stock Up 2.7%

The stock's 50 day simple moving average is $9.49 and its two-hundred day simple moving average is $7.93. The firm has a market cap of $5.58 billion, a P/E ratio of 8.25 and a beta of 0.52. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.66 and a quick ratio of 1.49.

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

Hafnia Increases Dividend

The business also recently disclosed 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. The ex-dividend date was Tuesday, September 8th. This is a positive change from Hafnia's previous quarterly dividend of $0.2877. This represents a $2.00 dividend on an annualized basis and a yield of 18.4%. Hafnia's dividend payout ratio (DPR) is presently 151.52%.

Hedge Funds Weigh In On Hafnia

Several institutional investors and hedge funds have recently modified their holdings of HAFN. Bank of America Corp DE boosted its stake in Hafnia by 175.0% in the 1st quarter. Bank of America Corp DE now owns 571,705 shares of the company's stock worth $4,345,000 after purchasing an additional 363,821 shares in the last quarter. Public Employees Retirement System of Ohio bought a new position in shares of Hafnia in the second quarter worth approximately $2,307,000. BTG Pactual Asset Management US LLC bought a new position in shares of Hafnia in the second quarter worth approximately $1,719,000. Segall Bryant & Hamill LLC bought a new position in shares of Hafnia in the first quarter worth approximately $1,859,000. Finally, CWA Asset Management Group LLC grew its holdings in shares of Hafnia by 46.6% during the third quarter. CWA Asset Management Group LLC now owns 739,605 shares of the company's stock valued at $7,352,000 after buying an additional 235,043 shares during the last quarter.

Hafnia Company Profile

Hafnia Limited is a global owner and operator of product tankers that transport refined petroleum products, chemicals, and vegetable oils. The company provides maritime transportation services to energy companies, commodity traders, and industrial customers through a fleet of vessels serving international shipping routes.

In addition to owning and operating tankers, Hafnia offers commercial management, chartering, pool management, and technical and operational services. Its activities span the transportation of clean petroleum products, including gasoline, diesel, and jet fuel, as well as other liquid cargoes.

Hafnia is headquartered in Singapore and operates internationally, with activities and offices serving major energy and shipping 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.