Dht Holdings (DHT)
NYSE:DHT
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DHT Holdings
(NYSE:DHT)
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Rating:78Outperform
Price Target:
$21.50
â–²(17.36% Upside)
Action:Reiterated
Date:05/09/26
The score is driven primarily by strong profitability and a supportive balance sheet, tempered by negative free cash flow. Valuation is a major positive (low P/E and high dividend yield), while technicals and the latest earnings call both indicate constructive momentum and solid near-term visibility, with geopolitical and dry-dock timing as notable risks.
Positive Factors
High profitability & margins
Sustained exceptionally high TTM margins indicate strong earnings power per voyage and efficient cost structure. Durable margin strength improves ability to fund dividends, service debt and invest in fleet renewal even if rates moderate, supporting long-term shareholder returns and ROE.
Negative Factors
Negative free cash flow
Persistent negative free cash flow reduces internal funding capacity for dividends, capex and debt repayment unless asset sales or higher OCF occur. Over multiple quarters this constrains strategic flexibility and raises reliance on external financing or vessel disposals to sustain payouts.
Read all positive and negative factors
Positive Factors
Negative Factors
High profitability & margins
Sustained exceptionally high TTM margins indicate strong earnings power per voyage and efficient cost structure. Durable margin strength improves ability to fund dividends, service debt and invest in fleet renewal even if rates moderate, supporting long-term shareholder returns and ROE.
Read all positive factors
DHT Holdings (DHT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.80B
Dividend Yield6.12%
Average Volume (3M)3.12M
Price to Earnings (P/E)4.5
Beta (1Y)0.49
Revenue Growth4.66%
EPS Growth85.89%
CountryUS
Employees924
SectorEnergy
Sector Strength52
IndustryOil & Gas Midstream
Share Statistics
EPS (TTM)2.06
Shares Outstanding161,041,640
10 Day Avg. Volume2,913,417
30 Day Avg. Volume3,121,421
Financial Highlights & Ratios
PEG Ratio0.55
Price to Book (P/B)1.73
Price to Sales (P/S)3.95
P/FCF Ratio-58.93
Enterprise Value/Market Cap1.14
Enterprise Value/Revenue5.62
Enterprise Value/Gross Profit11.83
Enterprise Value/Ebitda7.06
Forecast
1Y Price Target
$23.00Price Target Upside25.55% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)2.96
Revenue Forecast (FY)$687.65M
DHT Holdings Business Overview & Revenue Model
Company Description
DHT Holdings, Inc., through its subsidiaries, owns and operates crude oil tankers primarily in Monaco, Singapore, and Norway. As of March 17, 2022, it had a fleet of 26 very large crude carriers with a capacity of 8,043,657 deadweight tons. The co...
How the Company Makes Money
DHT makes money by chartering out its crude oil tankers (primarily VLCCs) to customers who need to move crude oil between producing regions and consuming/refining regions. Revenue is generated mainly from (1) spot market voyages and (2) time-chart...
DHT Holdings Earnings Call Summary
Earnings Call Date:May 05, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 12, 2026
Earnings Call Sentiment Positive
The call conveys a broadly positive operational and financial picture: strong TCE earnings, high adjusted EBITDA margin, robust liquidity, disciplined capital allocation (100% ordinary net income dividend policy) and successful fleet renewal with newbuilding deliveries and favorable chartering activity. Offsetting risks are primarily external: regional geopolitical volatility that has introduced route-specific risk premiums and transactional uncertainty, limited immediate external acquisition opportunities as sellers retain tonnage amid strong freight, and some non-recurring OPEX items. On balance, the highlights substantially outweigh the lowlights.Positive Updates
Strong Quarterly Financial Performance
Q1 2026 TCE-based revenues of $157.0M and adjusted EBITDA of $133.0M (EBITDA margin ≈ 84.7%). Reported net income of $164.5M ($1.02 per share), with ordinary net income after adjustments of $103.4M ($0.64 per share). The $61.1M difference between reported net income and ordinary net income is attributable to a $60.0M gain on sale of DHT Europe and DHT China plus a $1.1M non-cash fair value gain on interest rate derivatives.
Negative Updates
Geopolitical Risk and Market Volatility
Conflict-related disruptions in the Middle East generated elevated risk premiums and route-specific earnings dispersion. Management cited ~57 VLCCs reportedly inside the Gulf with cargo waiting to exit, creating uncertainty on timing for normalization and potential short-term supply imbalances.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Quarterly Financial Performance
Q1 2026 TCE-based revenues of $157.0M and adjusted EBITDA of $133.0M (EBITDA margin ≈ 84.7%). Reported net income of $164.5M ($1.02 per share), with ordinary net income after adjustments of $103.4M ($0.64 per share). The $61.1M difference between reported net income and ordinary net income is attributable to a $60.0M gain on sale of DHT Europe and DHT China plus a $1.1M non-cash fair value gain on interest rate derivatives.
Read all positive updates
Company Guidance
DHT's forward-looking guidance emphasized breakevens, booking coverage and liquidity: P&L breakeven for the last three quarters of 2026 is estimated at $29,700/day and cash breakeven at $23,400/day (a $6,300/day discretionary cash flow gap retained for corporate purposes); for Q2 2026 the company expects 997 time‑charter days at an average $73,900/day and 1,025 spot days (88% already booked) at an average $168,300/day (spot P&L breakeven for the quarter is estimated to be < $0 because time‑charter earnings are expected to exceed forecasted costs); DHT reiterated its capital allocation (100% of ordinary net income as dividends and a $0.64/share Q1 dividend), flagged total liquidity of $350M (cash $126M, $230M availability under two RCFs; post‑April repayment current RCF availability reported at $285.8M), financial leverage ~16.8% (market values) with net debt ~$16.5M per vessel, plans for delivery of the fourth Antelope newbuilding this summer, a 2026 dry‑dock program of seven vessels, and expected sale proceeds/capital gain on the last older ship (DHT Bauhinia) of ~$50.5M/~$34.2M; additionally five older ships are on 1‑year charters averaging ~$101,000/day.DHT Holdings Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
74
Positive
Cash Flow
55
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 566.07M | 497.20M | 571.77M | 560.56M | 454.14M | 295.85M |
| Gross Profit | 268.69M | 189.75M | 313.56M | 210.56M | 71.58M | -3.00M |
| EBITDA | 450.13M | 331.91M | 324.35M | 304.01M | 212.02M | 143.22M |
| Net Income | 331.49M | 211.09M | 181.38M | 161.35M | 61.52M | -11.52M |
Balance Sheet | ||||||
| Total Assets | 1.79B | 1.60B | 1.49B | 1.49B | 1.51B | 1.61B |
| Cash, Cash Equivalents and Short-Term Investments | 126.25M | 79.03M | 78.14M | 74.74M | 125.95M | 60.37M |
| Total Debt | 506.26M | 428.74M | 413.58M | 430.14M | 396.69M | 525.58M |
| Total Liabilities | 552.31M | 469.69M | 443.89M | 460.56M | 434.99M | 562.00M |
| Stockholders Equity | 1.23B | 1.13B | 1.04B | 1.03B | 1.07B | 1.05B |
Cash Flow | ||||||
| Free Cash Flow | -130.94M | -33.29M | 201.62M | 123.18M | 117.76M | -114.04M |
| Operating Cash Flow | 316.18M | 276.65M | 298.65M | 251.41M | 127.91M | 60.56M |
| Investing Cash Flow | -245.07M | -172.55M | -97.03M | -124.98M | 110.52M | -86.51M |
| Financing Cash Flow | -25.37M | -103.36M | -197.91M | -177.76M | -173.34M | 17.97M |
DHT Holdings Technical Analysis
Neutral
18.32
Price Trends
17.43
Negative
16.00
Positive
13.75
Positive
Market Momentum
-0.01
Positive
47.78
Neutral
16.10
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DHT, the sentiment is Neutral. The current price of 18.32 is above the 20-day moving average (MA) of 17.75, above the 50-day MA of 17.43, and above the 200-day MA of 13.75, indicating a neutral trend. The MACD of -0.01 indicates Positive momentum. The RSI at 47.78 is Neutral, neither overbought nor oversold. The STOCH value of 16.10 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for DHT.
DHT Holdings Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
88 Outperform | $4.15B | 4.07 | 15.85% | 3.19% | -2.77% | 1.00% | |
85 Outperform | $4.13B | 3.15 | 27.13% | 6.12% | 14.50% | 69.57% | |
84 Outperform | $2.67B | 4.15 | 21.40% | 3.72% | -2.29% | 31.43% | |
78 Outperform | $2.80B | 4.47 | 29.14% | 6.12% | 4.66% | 85.89% | |
75 Outperform | $1.69B | 8.85 | 8.94% | 1.27% | -1.33% | 28.23% | |
74 Outperform | $1.99B | 4.50 | 17.91% | 13.08% | 36.27% | 110.33% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% |
* Energy Sector Average
DHT
DHT Holdings
17.38
6.76
63.61%
STNG
Scorpio Tankers
80.21
41.40
106.69%
TNK
Teekay Tankers
77.21
33.25
75.64%
NVGS
Navigator Holdings
23.13
9.38
68.22%
LPG
Dorian LPG
46.46
26.79
136.19%
INSW
International Seaways
83.52
49.03
142.16%
DHT Holdings Corporate Events
DHT Holdings Posts Strong Q1 2026 on VLCC Market Strength, Vessel Sales and Fleet Renewal
May 5, 2026
On May 5, 2026, DHT Holdings reported first-quarter 2026 results marked by a sharp earnings jump, with shipping revenues rising to $186.3 million and adjusted EBITDA reaching $133.3 million, driven by strong VLCC spot rates averaging $91,700 per d...
DHT Holdings Sets June 18, 2026 Shareholder Meeting to Elect Director and Ratify Auditor
May 5, 2026
DHT Holdings, Inc., a Bermuda-based foreign private issuer, has filed its Form 6-K for May 2026 with the U.S. Securities and Exchange Commission, detailing materials for its upcoming annual meeting of shareholders. The filing underscores the compa...
DHT Holdings Reports Strong VLCC Earnings Momentum Into Early Q2 2026
Apr 16, 2026
DHT Holdings, Inc., a Bermuda-based crude oil tanker owner specializing in VLCCs and listed on the NYSE, operates a globally trading fleet managed through offices in Monaco, Norway, Singapore, and India. The company is known for combining spot mar...
DHT Holdings Files 2025 Form 20-F with U.S. SEC
Mar 19, 2026
On March 19, 2026, DHT Holdings, Inc. announced that it has filed its 2025 annual report on Form 20-F with the U.S. Securities and Exchange Commission. The filing includes the company’s audited financial statements and is now accessible to i...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.