Hafnia (NYSE:HAFN) Shares Gap Up – Here’s Why

Hafnia Limited (NYSE:HAFN)’s share price gapped up before the market opened on Tuesday . The stock had previously closed at $5.26, but opened at $5.41. Hafnia shares last traded at $5.41, with a volume of 390,212 shares changing hands.

Wall Street Analysts Forecast Growth

Separately, Jefferies Financial Group dropped their target price on Hafnia from $9.00 to $8.00 and set a “buy” rating on the stock in a research report on Thursday, November 14th.

Hafnia Stock Up 4.9 %

The company has a current ratio of 1.70, a quick ratio of 1.52 and a debt-to-equity ratio of 0.34. The company’s 50 day moving average price is $6.10 and its two-hundred day moving average price is $7.22. The firm has a market cap of $2.80 billion and a PE ratio of 3.10.

Hafnia Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 17th. Stockholders of record on Friday, December 6th will be given a dividend of $0.379 per share. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.52 annualized dividend and a dividend yield of 27.46%. Hafnia’s payout ratio is 88.82%.

Institutional Trading of Hafnia

Several institutional investors have recently made changes to their positions in HAFN. DekaBank Deutsche Girozentrale boosted its stake in Hafnia by 10.5% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 3,056,334 shares of the company’s stock worth $21,350,000 after purchasing an additional 290,000 shares during the period. Mirabella Financial Services LLP purchased a new stake in shares of Hafnia during the 3rd quarter valued at about $3,175,000. Marshall Wace LLP bought a new position in shares of Hafnia in the 2nd quarter valued at about $1,025,000. Bank of Montreal Can purchased a new position in Hafnia in the third quarter worth about $3,774,000. Finally, Glenorchy Capital Ltd bought a new stake in Hafnia during the third quarter worth approximately $726,000.

Hafnia Company Profile

Hafnia Limited owns and operates oil product tankers in Bermuda. It operates through Long Range II, Long Range I, Medium Range (MR), Handy size, and Specialized segments. The company transports clean and dirty, refined oil products, vegetable oil, and easy chemicals to national and international oil companies, and chemical companies, as well as trading and utility companies; and owns and operates 200 vessels.