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

DHT Holdings, Inc. (NYSE:DHT)’s stock price gapped down before the market opened on Friday . The stock had previously closed at $10.37, but opened at $10.07. DHT shares last traded at $10.22, with a volume of 192,031 shares traded.

Analyst Ratings Changes

A number of brokerages have weighed in on DHT. Stifel Nicolaus reduced their price objective on DHT from $13.00 to $11.00 and set a “hold” rating for the company in a research note on Wednesday, October 23rd. Fearnley Fonds upgraded shares of DHT to a “strong-buy” rating in a research note on Friday, September 27th. BTIG Research began coverage on shares of DHT in a research note on Tuesday, October 15th. They issued a “buy” rating and a $16.00 price objective on the stock. StockNews.com upgraded shares of DHT from a “sell” rating to a “hold” rating in a research note on Thursday, November 14th. Finally, Jefferies Financial Group restated a “buy” rating and issued a $14.00 price target on shares of DHT in a research report on Wednesday, November 13th. Two research analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, DHT currently has an average rating of “Moderate Buy” and a consensus price target of $14.50.

DHT Price Performance

The company has a current ratio of 2.41, a quick ratio of 1.97 and a debt-to-equity ratio of 0.35. The company has a market cap of $1.65 billion, a price-to-earnings ratio of 10.22 and a beta of -0.36. The company’s 50 day moving average price is $10.92 and its 200 day moving average price is $11.24.

DHT (NYSE:DHT) last issued its earnings results on Tuesday, November 12th. The shipping company reported $0.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.20 by $0.02. The business had revenue of $92.64 million during the quarter, compared to the consensus estimate of $87.51 million. DHT had a return on equity of 15.58% and a net margin of 27.72%. The company’s revenue for the quarter was up 4.0% on a year-over-year basis. During the same period in the prior year, the business posted $0.19 EPS. Equities research analysts forecast that DHT Holdings, Inc. will post 1 earnings per share for the current year.

DHT Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 22nd will be issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 8.60%. The ex-dividend date is Friday, November 22nd. DHT’s dividend payout ratio (DPR) is currently 108.00%.

Hedge Funds Weigh In On DHT

A number of institutional investors and hedge funds have recently made changes to their positions in DHT. Pekin Hardy Strauss Inc. boosted its holdings in DHT by 1.5% during the third quarter. Pekin Hardy Strauss Inc. now owns 69,000 shares of the shipping company’s stock worth $761,000 after buying an additional 1,000 shares in the last quarter. The Manufacturers Life Insurance Company boosted its stake in shares of DHT by 2.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 48,435 shares of the shipping company’s stock worth $560,000 after acquiring an additional 1,172 shares in the last quarter. Stifel Financial Corp boosted its stake in shares of DHT by 7.7% during the 3rd quarter. Stifel Financial Corp now owns 21,272 shares of the shipping company’s stock worth $235,000 after acquiring an additional 1,514 shares in the last quarter. ProShare Advisors LLC grew its holdings in shares of DHT by 7.2% in the 1st quarter. ProShare Advisors LLC now owns 24,358 shares of the shipping company’s stock worth $280,000 after acquiring an additional 1,640 shares during the period. Finally, MQS Management LLC increased its stake in DHT by 7.3% in the 2nd quarter. MQS Management LLC now owns 24,423 shares of the shipping company’s stock valued at $283,000 after purchasing an additional 1,662 shares in the last quarter. 58.53% of the stock is owned by institutional investors and hedge funds.

DHT Company Profile

DHT Holdings, Inc, through its subsidiaries, owns and operates crude oil tankers primarily in Monaco, Singapore, and Norway. The company also offers technical management services. As of March 15, 2024, it had a fleet of 24 very large crude carriers. The company was incorporated in 2005 and is headquartered in Hamilton, Bermuda.