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Dorian LPG (LPG)
NYSE:LPG
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Dorian LPG
(NYSE:LPG)
Rating:80Outperform
Price Target:―
Dorian LPG (LPG) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.05B
Dividend Yield7.76%
Average Volume (3M)676.92K
Price to Earnings (P/E)11.9
Beta (1Y)1.03
Revenue Growth-24.25%
EPS Growth-48.08%
CountryUS
Employees577
SectorEnergy
Sector Strength56
IndustryOil & Gas Midstream
Share Statistics
EPS (TTM)0.25
Shares Outstanding42,647,720
10 Day Avg. Volume695,944
30 Day Avg. Volume676,919
Financial Highlights & Ratios
PEG Ratio0.03
Price to Book (P/B)0.87
Price to Sales (P/S)0.00
P/FCF Ratio8.36
Enterprise Value/Market Cap1.17
Enterprise Value/Revenue0.60
Enterprise Value/Gross Profit5.58
Enterprise Value/Ebitda0.89
Forecast
1Y Price Target
$29.00Price Target Upside12.58% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering0
Dorian LPG Business Overview & Revenue Model
Company DescriptionDorian LPG Ltd. is a leading liquefied petroleum gas (LPG) shipping company primarily engaged in the transportation of LPG across the globe. Operating within the maritime transportation sector, Dorian LPG owns and manages a fleet of modern Very Large Gas Carriers (VLGCs), offering efficient and reliable shipping services to major energy companies, traders, and other significant players in the LPG industry.
How the Company Makes MoneyDorian LPG generates revenue by providing shipping services for liquefied petroleum gas through its fleet of Very Large Gas Carriers (VLGCs). The company earns money primarily from time charters and spot market voyages. In time charters, Dorian LPG leases its vessels to customers for a fixed period, providing steady and predictable income. In the spot market, the company offers its vessels for single voyages, which can offer higher earnings potential based on market conditions but also carry more risk. Additionally, Dorian LPG may engage in partnerships or joint ventures with other shipping or energy companies to optimize fleet utilization and expand service offerings. Key factors influencing its earnings include global LPG demand, shipping rates, fuel costs, and regulatory changes impacting maritime operations.
Dorian LPG Earnings Call Summary
Earnings Call Date:May 22, 2025
(Q4-2025)
| % Change Since: 13.68%|
Next Earnings Date:Jul 30, 2025
Earnings Call Sentiment Neutral
The earnings call reflects a balance between positive financial management, record LPG production, and strategic initiatives against the backdrop of market challenges due to U.S.-China trade tensions and increased operating expenses.Q4-2025 Updates
Positive Updates
Strong Dividend Payout
Dorian LPG paid a dividend of $0.50 per share totaling $21.3 million, reflecting a commitment to returning capital to shareholders. In the past fiscal year, over $155 million in dividends were distributed.
Robust Cash Position and Liquidity
Reported $317 million in free cash at the end of March 31, 2025. Cash flow from operations more than doubled from $24 million to $50.3 million quarter-over-quarter.
Record U.S. LPG Production
U.S. LPG production hit a quarterly record in Q1 2025, producing 0.5 million tonnes above the previous quarter.
Positive Forward Bookings
Forward bookings for the quarter ending June 30, 2025, are promising, with an estimated 79% of pool’s available days fixed at a TCE of roughly $42,000 per day.
Environmental and Operational Initiatives
Investments in energy-saving devices and performance optimization are progressing. Plans to convert some VLGCs to facilitate the carriage of ammonia, with 4 vessels to have this capability by 2025.
Negative Updates
Challenging LPG Product Market
Reported TCE revenue per available day was marginally lower than the prior quarter’s results, reflecting the challenging LPG product market.
Impact of U.S.-China Trade Tensions
The trade war between the U.S. and China, including tariffs on LPG, caused volatility and disruptions in the market, leading to immediate market disruptions.
Increased Operating Expenses
Daily OpEx for the quarter was $11,000 a day, excluding dry-docking related expenses, which was up from the prior quarter due to increased crew, spare, and storage costs.
Company Guidance
During the Dorian LPG Fourth Quarter and Full Year 2025 Earnings Conference Call, several key metrics and guidance were discussed. The company declared a dividend of $0.50 per share, totaling $21.3 million, reflecting a commitment to shareholder returns. Over the fiscal year, they paid over $155 million in dividends. Dorian LPG reported $317 million in free cash at the end of March 2025, with cash flow from operations more than doubling to $50.3 million quarter-over-quarter. The debt balance stood at $557.4 million, with a net debt to total capitalization ratio of 15%. The company also disclosed a target cash cost per day of approximately $26,000 for the coming year, excluding capital expenditures. Operationally, they plan eight dry dockings in 2025. The Helios Pool achieved a Time Charter Equivalent (TCE) of $33,200 per day, with forward bookings for the following quarter estimated at $42,000 per day. These metrics illustrate the company's financial stability and strategic focus on operational efficiency and market adaptability amidst volatile conditions.Dorian LPG Financial Statement Overview
Summary
Dorian LPG demonstrates strong financial health with high profitability, effective cash conversion, and a solid equity position. Although revenue decline in the latest period warrants attention, the company's low leverage and strong cash flow provide a stable foundation for future growth, positioning it well within the fossil fuels industry.Income Statement
The company shows strong profitability with a high gross profit margin of 52.7% and a net profit margin of 38.5% for TTM (Trailing-Twelve-Months). Revenue growth was robust between 2022 and 2023, with a 42% increase, though it slightly decreased in the subsequent year. EBIT and EBITDA margins are also strong at 43.1% and 58.0%, respectively, indicating efficient operations. However, the declining revenue trend from 2023 to 2024 TTM could be a concern if it continues.85
Very Positive
Balance Sheet
The balance sheet reflects a solid equity position with an equity ratio of 58.7% for TTM. The debt-to-equity ratio is low at 0.21, indicating limited leverage and prudent financial management. Return on equity stands at a robust 15.1%. While the company has reduced its debt significantly, maintaining a strong cash position, the declining asset base needs monitoring.78
Positive
Cash Flow
The cash flow statement shows strong operational cash flow with an impressive operating cash flow to net income ratio of 1.7 for TTM, highlighting effective cash conversion. Free cash flow growth is substantial, with free cash flow almost tripling from 2022 to 2024. However, negative investing cash flow indicates high capital expenditures, which may need to be scrutinized for returns.82
Very Positive
| Breakdown | TTM | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 418.84M | 560.72M | 389.75M | 274.22M | 315.94M | 333.43M |
| Gross Profit | 220.65M | 365.24M | 228.05M | 112.99M | 147.71M | 182.58M |
| EBITDA | 243.08M | 397.50M | 261.76M | 151.57M | 197.84M | 216.09M |
| Net Income | 161.32M | 307.45M | 172.44M | 71.94M | 92.56M | 111.84M |
Balance Sheet | ||||||
| Total Assets | 1.82B | 1.84B | 1.61B | 1.58B | 1.67B | 1.63B |
| Cash, Cash Equivalents and Short-Term Investments | 324.53M | 294.04M | 236.76M | 79.33M | 63.31M | 30.84M |
| Total Debt | 733.51M | 797.34M | 670.84M | 609.14M | 661.84M | 696.09M |
| Total Liabilities | 751.55M | 814.12M | 687.21M | 634.79M | 694.91M | 712.69M |
| Stockholders Equity | 1.07B | 1.02B | 920.15M | 946.83M | 977.05M | 912.68M |
Cash Flow | ||||||
| Free Cash Flow | 246.07M | 355.59M | 95.51M | 161.09M | 149.01M | 4.86M |
| Operating Cash Flow | 276.65M | 388.45M | 118.70M | 170.60M | 169.04M | 8.88M |
| Investing Cash Flow | -28.99M | -34.80M | 68.77M | 1.02M | -33.14M | -4.52M |
| Financing Cash Flow | -141.41M | -219.72M | -35.18M | -174.48M | -114.65M | -67.01M |
Dorian LPG Technical Analysis
Positive
25.76
Price Trends
22.74
Positive
21.84
Positive
24.06
Positive
Market Momentum
0.78
Positive
64.37
Neutral
45.44
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For LPG, the sentiment is Positive. The current price of 25.76 is above the 20-day moving average (MA) of 24.26, above the 50-day MA of 22.74, and above the 200-day MA of 24.06, indicating a bullish trend. The MACD of 0.78 indicates Positive momentum. The RSI at 64.37 is Neutral, neither overbought nor oversold. The STOCH value of 45.44 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for LPG.
Dorian LPG Peers Comparison
Overall Rating
UnderperformOutperform
Sector (68)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | $1.05B | 11.93 | 8.71% | 7.76% | -24.25% | -48.08% | |
79 Outperform | $989.06M | 11.24 | 7.38% | 1.40% | 6.38% | 9.47% | |
76 Outperform | $1.45B | 4.64 | 18.57% | 11.55% | -21.27% | -34.25% | |
75 Outperform | $1.76B | 9.88 | 17.04% | 5.48% | -5.32% | 5.51% | |
72 Outperform | $1.16B | 11.46 | 12.69% | 13.33% | -3.95% | -2.25% | |
68 Neutral | $15.14B | 9.91 | 6.38% | 5.21% | 4.16% | -67.19% | |
50 Neutral | $118.73M | 33.55 | -6.93% | 0.66% | -2.03% | -348.43% |
* Energy Sector Average
Performance Comparison
LPG
Dorian LPG
25.76
-13.29
-34.03%
DHT
DHT Holdings
10.95
0.79
7.78%
MMLP
Martin Midstream
3.04
-0.19
-5.88%
TNK
Teekay Tankers
43.29
-20.08
-31.69%
NVGS
Navigator Holdings
15.16
-2.31
-13.22%
FLNG
FLEX LNG
22.51
-1.45
-6.05%
Dorian LPG Corporate Events
DividendsBusiness Operations and Strategy
Dorian LPG Announces Irregular Cash Dividend Declaration
Neutral
May 2, 2025
On May 2, 2025, Dorian LPG Ltd. announced that its Board of Directors declared an irregular cash dividend of $0.50 per share, totaling approximately $21.3 million, payable on May 30, 2025, to shareholders of record as of May 16, 2025. This decision reflects the company’s financial strategy and operational considerations, impacting stakeholders by providing a direct return on investment, while highlighting the company’s discretion in future dividend declarations based on various financial and operational factors.
Spark’s Take on LPG Stock
According to Spark, TipRanks’ AI Analyst, LPG is a Outperform.
Dorian LPG’s overall score reflects a strong financial foundation, attractive valuation, and a cautiously optimistic earnings outlook. While the company faces revenue decline and geopolitical risks, its low leverage and strategic initiatives in fuel efficiency and fleet capabilities provide resilience. Technical indicators suggest some short-term strength but potential long-term challenges.
To see Spark’s full report on LPG stock, click here.
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.