Zacks Investment Research Upgrades DHT (NYSE:DHT) to Strong-Buy

DHT (NYSE:DHT) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a report released on Monday, reports. The brokerage currently has a $8.25 price objective on the shipping company’s stock. Zacks Investment Research‘s price objective points to a potential upside of 11.49% from the stock’s current price.

According to Zacks, “DHT MARITIME INC., formerly Double Hull Tankers, Inc. operates a fleet of double-hull crude oil tankers on international routes. DHT’s modern fleet consists of three Very Large Crude Carriers, two Suezmax tankers and four Aframax tankers. DHT intends to pursue a strategy of providing shareholders with a stable and visible distribution and also position the Company to use its incremental cash flow to fund future growth opportunities. “

Other analysts also recently issued reports about the stock. ValuEngine raised shares of DHT from a “hold” rating to a “buy” rating in a report on Monday, September 30th. Evercore ISI reaffirmed a “buy” rating and set a $8.00 price objective on shares of DHT in a report on Thursday, August 8th. One analyst has rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $7.31.

DHT stock opened at $7.40 on Monday. The company has a quick ratio of 0.98, a current ratio of 1.29 and a debt-to-equity ratio of 0.95. The company has a market capitalization of $1.05 billion, a price-to-earnings ratio of -29.60, a P/E/G ratio of 1.61 and a beta of 0.50. DHT has a 12 month low of $3.60 and a 12 month high of $7.88. The firm has a 50 day moving average of $6.44 and a two-hundred day moving average of $5.78.

DHT (NYSE:DHT) last posted its earnings results on Tuesday, August 6th. The shipping company reported ($0.03) EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.03). The company had revenue of $61.20 million during the quarter, compared to the consensus estimate of $56.37 million. DHT had a negative net margin of 0.54% and a positive return on equity of 1.10%. The company’s revenue for the quarter was up 77.9% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.20) earnings per share. On average, research analysts expect that DHT will post 0.89 EPS for the current fiscal year.

Institutional investors have recently modified their holdings of the business. Convergence Investment Partners LLC bought a new position in DHT during the 3rd quarter worth approximately $98,000. Bowling Portfolio Management LLC bought a new position in DHT during the 3rd quarter worth approximately $1,499,000. Founders Capital Management boosted its stake in DHT by 100.0% during the 3rd quarter. Founders Capital Management now owns 5,000 shares of the shipping company’s stock worth $30,000 after acquiring an additional 2,500 shares during the last quarter. Royal Bank of Canada boosted its stake in DHT by 581.6% during the 2nd quarter. Royal Bank of Canada now owns 4,546 shares of the shipping company’s stock worth $27,000 after acquiring an additional 3,879 shares during the last quarter. Finally, United Services Automobile Association bought a new position in DHT during the 2nd quarter worth approximately $963,000. 42.90% of the stock is owned by hedge funds and other institutional investors.

DHT Company Profile

DHT Holdings, Inc, through its subsidiaries, owns and operates crude oil tankers primarily in Oslo, Norway and Singapore. As of March 18, 2019, it had a fleet of 27 very large crude carriers with a capacity of 8,360,850 deadweight tons. The company was founded in 2005 and is headquartered in Hamilton, Bermuda.

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