DHT (NYSE:DHT) Sets New 52-Week High – Should You Buy?

DHT Holdings, Inc. (NYSE:DHT)’s stock price hit a new 52-week high during mid-day trading on Friday . The company traded as high as $20.61 and last traded at $20.57, with a volume of 1845961 shares trading hands. The stock had previously closed at $19.80.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on DHT. Wall Street Zen raised shares of DHT from a “buy” rating to a “strong-buy” rating in a report on Saturday, May 9th. Weiss Ratings upgraded shares of DHT from a “buy (b)” rating to a “buy (b+)” rating in a research report on Friday, August 7th. Three analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $19.33.

DHT Stock Performance

The company has a quick ratio of 3.32, a current ratio of 3.64 and a debt-to-equity ratio of 0.29. The business has a 50 day moving average price of $18.30 and a two-hundred day moving average price of $17.76. The stock has a market cap of $3.18 billion, a P/E ratio of 6.71 and a beta of -0.11.

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

DHT Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 24th. Shareholders of record on Monday, August 17th will be issued a dividend of $1.22 per share. This is an increase from DHT’s previous quarterly dividend of $0.64. The ex-dividend date of this dividend is Monday, August 17th. This represents a $4.88 dividend on an annualized basis and a yield of 24.7%. DHT’s payout ratio is 165.99%.

Insider Activity

In related news, CFO Laila Cecilie Halvorsen sold 50,000 shares of the company’s stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $20.00, for a total transaction of $1,000,000.00. Following the completion of the transaction, the chief financial officer owned 161,011 shares in the company, valued at approximately $3,220,220. This represents a 23.70% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jon Stephen Eglin sold 50,000 shares of the company’s stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $19.99, for a total transaction of $999,500.00. Following the transaction, the insider owned 324,622 shares of the company’s stock, valued at approximately $6,489,193.78. This represents a 13.35% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 129,796 shares of company stock worth $2,555,195 over the last quarter. Insiders own 1.60% of the company’s stock.

Institutional Trading of DHT

Institutional investors and hedge funds have recently bought and sold shares of the stock. Arrowstreet Capital Limited Partnership boosted its holdings in shares of DHT by 74.1% during 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. Marex Group plc increased its holdings in shares of DHT by 5,860.2% in the fourth quarter. Marex Group plc now owns 1,084,752 shares of the shipping company’s stock worth $13,245,000 after purchasing an additional 1,066,552 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund lifted its position in shares of DHT by 1,072.1% in the first 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 in the last quarter. Qube Research & Technologies Ltd boosted its stake in DHT by 706.0% during the second quarter. Qube Research & Technologies Ltd now owns 1,077,704 shares of the shipping company’s stock valued at $11,650,000 after buying an additional 943,990 shares during the last quarter. Finally, Bank of America Corp DE grew its holdings in 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 valued at $21,674,000 after buying an additional 744,130 shares in the last quarter. 58.53% of the stock is currently owned by institutional investors.

About DHT

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.