Hafnia (NYSE:HAFN) Sees Large Volume Increase – Time to Buy?

Hafnia Limited (NYSE:HAFN) saw strong trading volume on Tuesday . 1,219,103 shares changed hands during trading, an increase of 41% from the previous session’s volume of 863,324 shares.The stock last traded at $5.53 and had previously closed at $5.29.

Wall Street Analyst Weigh In

Separately, Jefferies Financial Group dropped their price target on shares of Hafnia from $8.00 to $6.50 and set a “buy” rating on the stock in a research note on Tuesday, December 17th.

Hafnia Stock Performance

The company has a market capitalization of $2.84 billion and a PE ratio of 3.30. The firm’s 50-day simple moving average is $5.68 and its 200-day simple moving average is $6.98. The company has a current ratio of 1.70, a quick ratio of 1.52 and a debt-to-equity ratio of 0.34.

Hafnia Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 17th. Shareholders of record on Friday, December 6th were issued a dividend of $0.379 per share. The ex-dividend date was Friday, December 6th. This represents a $1.52 annualized dividend and a yield of 27.02%. Hafnia’s payout ratio is currently 88.82%.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. DekaBank Deutsche Girozentrale raised its holdings in Hafnia by 10.5% in the third quarter. DekaBank Deutsche Girozentrale now owns 3,056,334 shares of the company’s stock worth $21,350,000 after purchasing an additional 290,000 shares in the last quarter. Mirabella Financial Services LLP bought a new position in shares of Hafnia during the 3rd quarter worth approximately $3,175,000. Marshall Wace LLP purchased a new stake in Hafnia during the second quarter valued at approximately $1,025,000. Bank of Montreal Can purchased a new stake in shares of Hafnia during the 3rd quarter valued at $3,774,000. Finally, Glenorchy Capital Ltd acquired a new stake in Hafnia in the third quarter worth about $726,000.

Hafnia Company Profile

Hafnia Limited owns and operates oil product tankers in Bermuda. It operates through Long Range II, Long Range I, Medium Range (MR), Handy size, and Specialized segments. The company transports clean and dirty, refined oil products, vegetable oil, and easy chemicals to national and international oil companies, and chemical companies, as well as trading and utility companies; and owns and operates 200 vessels.