Hafnia (NYSE:HAFN) Sees Strong Trading Volume - Still a Buy?

Key Points

• Analyst sentiment is moderately bullish: Hafnia has a consensus “Moderate Buy” rating and a $12.00 target price, despite Pareto Securities downgrading the stock to “Hold.”
• Trading activity increased 52% as shares fell 3.6% to about $8.76, while the company reported quarterly earnings of $0.56 per share, exceeding estimates of $0.54.
• Hafnia raised its quarterly dividend to $0.5003 per share, implying an annualized yield of roughly 22.8%; however, its payout ratio is elevated at 151.52%.

Shares of Hafnia Limited (NYSE:HAFN - Get Free Report) saw an uptick in trading volume on Thursday . Approximately 2,629,335 shares changed hands during trading, an increase of 52% from the previous session's volume of 1,727,766 shares.The stock last traded at $8.7560 and had previously closed at $9.10.

Analysts Set New Price Targets

Several research firms have weighed in on HAFN. Pareto Securities lowered shares of Hafnia to a "hold" rating in a research note on Wednesday, May 27th. Weiss Ratings upgraded shares of Hafnia from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Monday. BTIG Research lifted their price target on shares of Hafnia from $10.00 to $12.00 and gave the company a "buy" rating in a report on Friday, September 18th. Finally, Wall Street Zen raised shares of Hafnia from a "buy" rating to a "strong-buy" rating in a research report on Sunday, August 30th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, Hafnia has a consensus rating of "Moderate Buy" and a consensus target price of $12.00.

Hafnia Trading Down 3.6%

The firm has a market cap of $4.50 billion, a P/E ratio of 6.65 and a beta of 0.65. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.49 and a current ratio of 1.66. The firm has a fifty day moving average of $8.25 and a 200-day moving average of $7.95.

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

Hafnia Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 18th. Stockholders of record on Tuesday, September 8th were issued a dividend of $0.5003 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 22.8%. This is a boost from Hafnia's previous quarterly dividend of $0.29. The ex-dividend date of this dividend was Tuesday, September 8th. Hafnia's dividend payout ratio is presently 151.52%.

Hedge Funds Weigh In On Hafnia

Several hedge funds and other institutional investors have recently made changes to their positions in the business. MHR Fund Management LLC raised its stake in Hafnia by 7.6% during the 4th quarter. MHR Fund Management LLC now owns 18,496,652 shares of the company's stock valued at $98,587,000 after acquiring an additional 1,309,938 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its stake in shares of Hafnia by 0.5% in the first quarter. Arrowstreet Capital Limited Partnership now owns 10,797,281 shares of the company's stock worth $82,532,000 after purchasing an additional 54,525 shares in the last quarter. Assenagon Asset Management S.A. acquired a new position in shares of Hafnia during the first quarter valued at $32,205,000. Bank of New York Mellon Corp increased its holdings in shares of Hafnia by 1.3% during the first quarter. Bank of New York Mellon Corp now owns 1,681,217 shares of the company's stock valued at $12,777,000 after purchasing an additional 22,351 shares during the period. Finally, Bank of America Corp DE raised its stake in shares of Hafnia by 175.0% during the first quarter. Bank of America Corp DE now owns 571,705 shares of the company's stock valued at $4,345,000 after purchasing an additional 363,821 shares in the last quarter.

Hafnia Company Profile

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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