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DHT Holdings
(NYSE:DHT)
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Rating:78Outperform
Price Target:
$18.50
â–²(0.27% 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 and revenue growth
Very high trailing-twelve-month margins combined with ~13.6% TTM revenue growth demonstrate durable earnings power and operational efficiency. Strong margins create a buffer against freight volatility, supporting sustained cash generation and capacity to fund dividends or reinvestment over the next several months.
Negative Factors
Negative free cash flow despite solid OCF
Persistent negative free cash flow signals that capex, dry-dock costs or working capital are consuming cash despite strong operating earnings. If this pattern continues, it can constrain dividends, limit buybacks or force additional financing, weakening financial flexibility over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
High profitability and revenue growth
Very high trailing-twelve-month margins combined with ~13.6% TTM revenue growth demonstrate durable earnings power and operational efficiency. Strong margins create a buffer against freight volatility, supporting sustained cash generation and capacity to fund dividends or reinvestment over the next several months.
Read all positive factors
DHT Holdings (DHT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.99B
Dividend Yield7.92%
Average Volume (3M)3.54M
Price to Earnings (P/E)9.0
Beta (1Y)0.55
Revenue Growth4.66%
EPS Growth85.89%
CountryUS
Employees737
SectorEnergy
Sector Strength52
IndustryMarine Shipping
Share Statistics
EPS (TTM)2.06
Shares Outstanding161,041,640
10 Day Avg. Volume2,455,105
30 Day Avg. Volume3,535,788
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$21.00Price Target Upside13.82% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)3.29
Revenue Forecast (FY)$738.29M
DHT Holdings Business Overview & Revenue Model
Company Description
DHT Holdings, Inc., through its subsidiaries, owns and operates crude oil tankers primarily in Monaco, Singapore, Norway, and India. The company also offers technical management services. As of December 15, 2025, it had a fleet of 22 very large cr...
How the Company Makes Money
DHT makes money by earning charter revenue from operating its VLCC fleet transporting crude oil. Its primary revenue stream is hire income under charter arrangements, which can include spot-market exposure (voyage/spot-equivalent earnings driven b...
DHT Holdings Earnings Call Summary
Earnings Call Date:May 05, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 05, 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
Positive
18.45
Price Trends
17.58
Positive
17.51
Positive
15.23
Positive
Market Momentum
0.19
Negative
56.10
Neutral
77.12
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DHT, the sentiment is Positive. The current price of 18.45 is above the 20-day moving average (MA) of 17.80, above the 50-day MA of 17.58, and above the 200-day MA of 15.23, indicating a bullish trend. The MACD of 0.19 indicates Negative momentum. The RSI at 56.10 is Neutral, neither overbought nor oversold. The STOCH value of 77.12 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 | $4.09B | 7.39 | 15.85% | 2.16% | -2.77% | 1.00% | |
86 Outperform | $2.66B | 6.21 | 21.40% | 2.64% | -2.29% | 31.43% | |
83 Outperform | $4.63B | 8.47 | 27.13% | 9.03% | 14.50% | 69.57% | |
78 Outperform | $2.99B | 9.02 | 29.14% | 7.97% | 4.66% | 85.89% | |
76 Outperform | $1.90B | 9.77 | 17.91% | 8.72% | 36.27% | 109.57% | |
75 Outperform | $1.34B | 13.27 | 8.94% | 1.20% | -1.33% | 28.23% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% |
* Energy Sector Average
DHT
DHT Holdings
18.55
8.36
82.09%
STNG
Scorpio Tankers
78.53
34.07
76.64%
TNK
Teekay Tankers
78.18
33.77
76.03%
NVGS
Navigator Holdings
21.91
5.99
37.63%
LPG
Dorian LPG
45.70
19.40
73.78%
INSW
International Seaways
94.55
58.18
160.00%
DHT Holdings Corporate Events
DHT Holdings Completes 2026 VLCC Fleet Renewal Milestones
Jul 27, 2026
On July 24, 2026, DHT Holdings, Inc. announced key milestones in its ongoing fleet renewal program, underscoring a strategic push to modernize and improve efficiency. The company reported delivery of DHT Impala, a VLCC newbuilding from Hyundai Sam...
DHT Holdings Posts Strong Q2 2026 TCEs and Secures Three-Year Charter for VLCC DHT Jaguar
Jul 14, 2026
DHT Holdings, Inc., a Bermuda-based crude oil tanker company listed on the NYSE, operates a fleet of VLCCs that transport oil for global energy customers across key shipping routes. The group manages its operations from centers in Monaco, Norway, ...
DHT Holdings Advances VLCC Fleet Upgrades and Secures Charter Continuity
Jun 29, 2026
On June 29, 2026, DHT Holdings announced design upgrades for two Hyundai-built newbuilding VLCCs to improve trading eligibility and commercial flexibility. The DHT Impala is now scheduled for delivery in late July 2026 with the upgrade fully integ...
DHT Holdings Shareholders Approve Director Election and Auditor at 2026 Annual Meeting
Jun 22, 2026
DHT Holdings, Inc., the Bermuda-based crude oil tanker owner listed on the NYSE, reported the outcomes of its 2026 Annual Meeting of Shareholders held on June 18, 2026. Investors representing about 63.03% of the company’s outstanding common ...
DHT Holdings Orders New Hanwha-Built VLCC for 2028 Delivery
Jun 12, 2026
On June 3, 2026, DHT Holdings announced an agreement with South Korean shipbuilder Hanwha Ocean Co., Ltd. for the construction of a new VLCC, scheduled for delivery in August 2028 and designed as a sister ship to two Hanwha-built vessels delivered...
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...
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.