DHT (NYSE:DHT) Shares Gap Up – Here’s Why

DHT Holdings, Inc. (NYSE:DHT)’s stock price gapped up before the market opened on Friday. The stock had previously closed at $23.43, but opened at $24.28. DHT shares last traded at $23.7810, with a volume of 1,733,846 shares traded.

Analyst Upgrades and Downgrades

DHT has been the topic of several recent research reports. Weiss Ratings raised shares of DHT from a “buy (b+)” rating to a “buy (a)” rating in a report on Thursday, October 8th. BTIG Research lifted their price target on shares of DHT from $23.00 to $28.00 and gave the company a “buy” rating in a research report on Friday, September 18th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $21.00.

DHT Price Performance

The firm has a market cap of $3.82 billion, a P/E ratio of 8.07 and a beta of -0.03. The company has a debt-to-equity ratio of 0.29, a current ratio of 3.64 and a quick ratio of 3.32. The company’s 50-day moving average is $21.43 and its two-hundred day moving average is $19.12.

DHT (NYSE:DHT) last released its earnings results on Wednesday, August 5th. The shipping company reported $1.22 EPS for the quarter, beating the consensus estimate of $1.18 by $0.04. DHT had a net margin of 65.52% and a return on equity of 39.40%. The firm had revenue of $254.96 million for the quarter, compared to analyst estimates of $247.17 million. During the same period last year, the firm earned $0.35 EPS. The business’s quarterly revenue was up 174.8% compared to the same quarter last year.

DHT Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, August 24th. Stockholders of record on Monday, August 17th were issued a dividend of $1.22 per share. This is a boost from DHT’s previous quarterly dividend of $0.64. The ex-dividend date of this dividend was Monday, August 17th. This represents a $4.88 dividend on an annualized basis and a dividend yield of 20.6%. DHT’s payout ratio is currently 165.99%.

Insider Buying and Selling at DHT

In related news, insider Jon Eglin sold 25,000 shares of DHT stock in a transaction that occurred 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 directly owned 274,622 shares of the company’s stock, valued at $5,767,062. This trade represents a 8.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Sophie Rossini sold 33,000 shares of DHT stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $20.04, for a total transaction of $661,320.00. Following the completion of the transaction, the director directly owned 78,543 shares in the company, valued at $1,574,001.72. This trade represents a 29.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 583,803 shares of company stock worth $11,843,097 in the last three months. Company insiders own 1.60% of the company’s stock.

Institutional Investors Weigh In On DHT

Large investors have recently modified their holdings of the business. Arrowstreet Capital Limited Partnership increased its stake in shares of DHT by 74.1% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 4,315,767 shares of the shipping company’s stock valued at $78,849,000 after purchasing an additional 1,836,892 shares during the last quarter. Bank of America Corp DE lifted its position in shares of DHT by 168.3% during 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 last quarter. Healthcare of Ontario Pension Plan Trust Fund lifted its position in shares of 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 worth $21,235,000 after buying an additional 1,063,134 shares during the last quarter. Empowered Funds LLC lifted its position in shares of DHT by 6.0% during the 1st quarter. Empowered Funds LLC now owns 773,163 shares of the shipping company’s stock worth $14,126,000 after buying an additional 43,514 shares during the last quarter. Finally, Congress Asset Management Co. boosted its stake in DHT by 20.7% in the third quarter. Congress Asset Management Co. now owns 588,373 shares of the shipping company’s stock valued at $13,280,000 after buying an additional 101,020 shares in the last quarter. Institutional investors and hedge funds 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.