DHT (NYSE:DHT) Stock Rating Lowered by Zacks Investment Research

DHT (NYSE:DHT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Thursday, Zacks.com reports.

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. “

A number of other research firms also recently issued reports on DHT. Evercore ISI restated a “buy” rating and set a $8.00 price objective on shares of DHT in a report on Thursday, August 8th. ValuEngine upgraded shares of DHT from a “hold” rating to a “buy” rating in a report on Monday, September 30th. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. DHT has a consensus rating of “Buy” and an average target price of $7.25.

NYSE DHT opened at $7.47 on Thursday. DHT has a 52-week low of $3.60 and a 52-week high of $7.88. The company has a 50-day simple moving average of $6.05 and a 200 day simple moving average of $5.63. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.98 and a current ratio of 1.29. The company has a market capitalization of $1.02 billion, a PE ratio of 102.43, a price-to-earnings-growth ratio of 6.94 and a beta of 0.50.

DHT (NYSE:DHT) last posted its quarterly earnings data on Tuesday, August 6th. The shipping company reported ($0.03) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.03). DHT had a negative net margin of 0.54% and a positive return on equity of 1.10%. The business had revenue of $61.20 million during the quarter, compared to the consensus estimate of $56.37 million. During the same quarter last year, the company posted ($0.20) earnings per share. The firm’s quarterly revenue was up 77.9% compared to the same quarter last year. As a group, analysts forecast that DHT will post 0.21 EPS for the current fiscal year.

Large investors have recently modified their holdings of the business. Royal Bank of Canada boosted its position in DHT by 581.6% during the second quarter. Royal Bank of Canada now owns 4,546 shares of the shipping company’s stock worth $27,000 after purchasing an additional 3,879 shares during the period. Founders Capital Management boosted its position in DHT by 100.0% during the third quarter. Founders Capital Management now owns 5,000 shares of the shipping company’s stock worth $30,000 after purchasing an additional 2,500 shares during the period. Point72 Hong Kong Ltd bought a new position in DHT during the second quarter worth about $51,000. Meeder Asset Management Inc. boosted its position in DHT by 2,556.2% during the second quarter. Meeder Asset Management Inc. now owns 11,156 shares of the shipping company’s stock worth $66,000 after purchasing an additional 10,736 shares during the period. Finally, Bank of Montreal Can boosted its position in DHT by 551.5% during the second quarter. Bank of Montreal Can now owns 11,714 shares of the shipping company’s stock worth $69,000 after purchasing an additional 9,916 shares during the period. Hedge funds and other institutional investors own 42.72% of the company’s stock.

About DHT

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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