DHT (NYSE:DHT) Hits New 52-Week High – Still a Buy?

Shares of DHT Holdings, Inc. (NYSE:DHT) reached a new 52-week high on Friday . The company traded as high as $21.00 and last traded at $21.0030, with a volume of 427185 shares traded. The stock had previously closed at $20.19.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on DHT. Weiss Ratings lowered shares of DHT from a “buy (b+)” rating to a “buy (b)” rating in a research note on Monday, August 24th. Wall Street Zen raised shares of DHT from a “buy” rating to a “strong-buy” rating in a research note on Saturday, May 9th. Three investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $19.33.

DHT Stock Performance

The company has a market cap of $3.34 billion, a P/E ratio of 7.05 and a beta of -0.09. The firm has a 50 day moving average of $18.42 and a 200-day moving average of $18.08. The company has a quick ratio of 3.32, a current ratio of 3.64 and a debt-to-equity ratio of 0.29.

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

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 paid a dividend of $1.22 per share. This is an increase from DHT’s previous quarterly dividend of $0.64. This represents a $4.88 annualized dividend and a dividend yield of 23.5%. The ex-dividend date was Monday, August 17th. DHT’s payout ratio is 165.99%.

Insider Activity

In related news, CFO Laila Halvorsen sold 50,000 shares of the company’s stock in a transaction dated Thursday, August 20th. The shares were sold at an average price of $20.00, for a total value of $1,000,000.00. Following the completion of the sale, the chief financial officer directly owned 161,011 shares of the company’s stock, valued at $3,220,220. This represents a 23.70% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jeremy Kramer sold 29,796 shares of the stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $18.65, for a total transaction of $555,695.40. Following the transaction, the director owned 71,332 shares in the company, valued at approximately $1,330,341.80. The trade was a 29.46% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 528,803 shares of company stock valued at $10,644,297. Company insiders own 1.60% of the company’s stock.

Institutional Investors Weigh In On DHT

Several large investors have recently modified their holdings of DHT. EverSource Wealth Advisors LLC boosted its stake in shares of DHT by 91.8% during the second quarter. EverSource Wealth Advisors LLC now owns 3,334 shares of the shipping company’s stock valued at $36,000 after purchasing an additional 1,596 shares in the last quarter. Caitong International Asset Management Co. Ltd raised its stake in DHT by 568.0% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 3,554 shares of the shipping company’s stock worth $43,000 after buying an additional 3,022 shares in the last quarter. Western Wealth Management LLC purchased a new stake in DHT during the first quarter worth $46,000. Leonteq Securities AG purchased a new stake in DHT during the fourth quarter worth $59,000. Finally, Sunbelt Securities Inc. purchased a new stake in DHT during the third quarter worth $60,000. Institutional investors own 58.53% of the company’s stock.

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.