DHT (NYSE:DHT) Stock Price Down 5.4% – Here’s Why

DHT Holdings, Inc. (NYSE:DHT)’s stock price dropped 5.4% on Thursday . The stock traded as low as $16.90 and last traded at $16.7630. 412,582 shares changed hands during mid-day trading, a decline of 89% from the average session volume of 3,898,071 shares. The stock had previously closed at $17.72.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the stock. BTIG Research boosted their price target on shares of DHT from $18.00 to $23.00 and gave the stock a “buy” rating in a research note on Wednesday, April 22nd. Wall Street Zen raised DHT from a “buy” rating to a “strong-buy” rating in a report on Saturday, May 9th. Evercore cut DHT from an “outperform” rating to an “in-line” rating and set a $19.00 price target for the company. in a report on Wednesday, April 22nd. Finally, Weiss Ratings upgraded DHT from a “buy (b)” rating to a “buy (b+)” rating in a research note on Tuesday, June 23rd. Three analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $19.33.

DHT Trading Down 6.1%

The business has a fifty day simple moving average of $17.71 and a 200 day simple moving average of $16.55. The stock has a market cap of $2.68 billion, a price-to-earnings ratio of 8.08 and a beta of -0.11. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.62 and a current ratio of 1.83.

DHT (NYSE:DHT) last released its quarterly earnings results on Tuesday, May 5th. The shipping company reported $0.64 earnings per share for the quarter, topping analysts’ consensus estimates of $0.62 by $0.02. The company had revenue of $157.20 million during the quarter, compared to analysts’ expectations of $152.15 million. DHT had a return on equity of 27.54% and a net margin of 58.54%.The business’s revenue for the quarter was up 134.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.27 earnings per share.

DHT Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, May 28th. Shareholders of record on Thursday, May 21st were issued a $0.64 dividend. This is a positive change from DHT’s previous quarterly dividend of $0.41. The ex-dividend date was Thursday, May 21st. This represents a $2.56 dividend on an annualized basis and a yield of 15.4%. DHT’s payout ratio is currently 124.27%.

Institutional Investors Weigh In On DHT

Several hedge funds have recently modified their holdings of the company. Western Wealth Management LLC purchased a new position in shares of DHT during the first quarter valued at approximately $46,000. EverSource Wealth Advisors LLC grew its stake in DHT by 91.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,334 shares of the shipping company’s stock worth $36,000 after acquiring an additional 1,596 shares during the period. Caitong International Asset Management Co. Ltd raised its holdings in DHT by 568.0% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 3,554 shares of the shipping company’s stock valued at $43,000 after acquiring an additional 3,022 shares during the last quarter. Sound Income Strategies LLC acquired a new position in DHT in the 4th quarter valued at $58,000. Finally, PNC Financial Services Group Inc. lifted its stake in shares of DHT by 32.0% during the 1st quarter. PNC Financial Services Group Inc. now owns 4,846 shares of the shipping company’s stock worth $89,000 after purchasing an additional 1,175 shares during the period. 58.53% of the stock is owned by institutional investors and hedge funds.

DHT Company Profile

DHT Holdings, Inc (NYSE: DHT) is a Bermuda-based independent crude oil tanker company that provides seaborne transportation of crude oil on a worldwide basis. The company’s core business involves the ownership and operation of a modern fleet of Very Large Crude Carriers (VLCCs) and Suezmax tankers, which are chartered to oil producers, trading houses and national oil companies. Through spot charters, time-charters and tanker pooling arrangements, DHT connects crude oil exporters with refining hubs in Asia, Europe, North America and other global markets.

Founded in 2005 and listed on the New York Stock Exchange later that year, DHT has grown its presence in the maritime sector by focusing on operational efficiency and disciplined capital management.