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Wednesday, September 27, 2023

Here’s Why DHT Holdings, Inc. (DHT) Stock Rose on Monday

DHT Holdings, Inc. (DHT), a company that owns and operates crude oil tankers, has slightly increased by 0.0019% in aftermarket trading session. Consequently, DHT stock is trading at $5.38 at the time of the writing. On Monday, the stock closed the day at $5.38 after increasing by 3.66% during the regular trading session. The increase came as a result of the announcement of share buyback.

Why DHT Rose?

On Monday, DHT announced that the company had purchased 561,111 shares of its own. That comprises about 0.3% of its outstanding shares. The shares were purchased at the average share price of $5.2848 in the period from 2nd December 2021 to 3rd December 2021. The company further said that the shares have been retired upon receipt.

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Q3 2021 Operational Results

On 2nd November, DHT released the operational results for the third quarter of the fiscal year 2021. The quarter ended on 30th September. The company generated shipping revenue of $9.09 million against $142.19 million for the same period of 2020. The total operating expenses for the three months were $75.28 million against $85.3 million for the same period of 2020. The net loss for the period was $21.03 million (or $0.13 per basic and diluted share) against the net income of $50.79 million (or $0.32 and $0.31 per basic and diluted share) for the same period of 2020.

Q3 2021 Financial Results

Alongside the operational results, DHT also released the financial highlights of the quarter. The company had cash and cash equivalents of $64.48 million on 30th September. The total current assets stood at $118.5 million, while the total assets were placed at $1.61 billion on 30th September. On the said date, the current liabilities were $36.2 million, while the total liabilities were placed at $561.8 million.

Future Outlook for DHT

The last three months have seen DHT stock declined by more than 15%. Analysts, however, have placed a buy signal on the stock, the reason being the expected upcoming positive developments. Hence, potential investors should keep a close eye on the stock performance.

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