Hafnia (NYSE:HAFN) Sees Unusually-High Trading Volume – Here’s Why

Shares of Hafnia Limited (NYSE:HAFN) saw an uptick in trading volume on Thursday. Approximately 2,075,246 shares changed hands during mid-day trading, an increase of 11% from the previous session’s volume of 1,874,719 shares. The stock last traded at $10.3450 and had previously closed at $10.64.

Wall Street Analysts Forecast Growth

A number of research firms have commented on HAFN. Weiss Ratings raised shares of Hafnia from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, September 21st. Wall Street Zen downgraded Hafnia from a “strong-buy” rating to a “buy” rating in a research note on Saturday, September 26th. BTIG Research raised their target price on Hafnia from $10.00 to $12.00 and gave the company a “buy” rating in a report on Friday, September 18th. Finally, Pareto Securities upgraded shares of Hafnia from a “hold” rating to a “buy” rating in a research note on Tuesday, September 29th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, Hafnia has a consensus rating of “Buy” and an average price target of $12.00.

Hafnia Stock Performance

The company has a 50 day simple moving average of $9.03 and a 200 day simple moving average of $8.26. The stock has a market cap of $5.23 billion, a price-to-earnings ratio of 7.73 and a beta of 0.52. The company has a quick ratio of 1.49, a current ratio of 1.66 and a debt-to-equity ratio of 0.25.

Hafnia (NYSE:HAFN) last announced its quarterly earnings results on Saturday, August 29th. The company reported $0.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.54 by $0.02. The business had revenue of $834.53 million for the quarter, compared to analyst estimates of $394.57 million. Hafnia had a return on equity of 26.74% and a net margin of 56.72%.

Hafnia Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 18th. Investors of record on Tuesday, September 8th were issued a dividend of $0.5003 per share. The ex-dividend date was Tuesday, September 8th. This represents a $2.00 annualized dividend and a yield of 19.6%. This is a boost from Hafnia’s previous quarterly dividend of $0.2877. Hafnia’s dividend payout ratio (DPR) is currently 151.52%.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Engineers Gate Manager LP boosted its holdings in shares of Hafnia by 45.1% during the 2nd quarter. Engineers Gate Manager LP now owns 199,008 shares of the company’s stock valued at $1,321,000 after acquiring an additional 61,859 shares during the last quarter. Squarepoint Ops LLC bought a new stake in Hafnia during the second quarter valued at about $410,000. TD Waterhouse Canada Inc. raised its stake in Hafnia by 9.5% during the 2nd quarter. TD Waterhouse Canada Inc. now owns 89,597 shares of the company’s stock worth $588,000 after acquiring an additional 7,782 shares during the period. BTG Pactual Asset Management US LLC bought a new position in shares of Hafnia in the second quarter worth about $1,719,000. Finally, Public Employees Retirement System of Ohio bought a new position in shares of Hafnia during the second quarter worth $2,307,000.

About Hafnia

Hafnia Limited is a maritime transportation company that owns and operates product tankers. The company transports refined petroleum products, vegetable oils, and other liquid bulk commodities for customers around the world.

Its fleet serves several segments of the product tanker market, including vessels used to carry cargoes over regional and long-haul routes. In addition to vessel ownership, Hafnia provides commercial management, chartering, pool management, and technical and operational services designed to support the transportation of liquid products.

Hafnia is headquartered in Singapore and operates globally, serving major energy, commodities, and industrial markets.