Hafnia (NYSE:HAFN) Shares Gap Up – Still a Buy?

Hafnia Limited (NYSE:HAFN) gapped up prior to trading on Friday . The stock had previously closed at $5.55, but opened at $5.85. Hafnia shares last traded at $5.96, with a volume of 1,253,545 shares trading hands.

Analyst Upgrades and Downgrades

Separately, Jefferies Financial Group lowered their price objective on Hafnia from $8.00 to $6.50 and set a “buy” rating for the company in a research report on Tuesday, December 17th.

Hafnia Stock Performance

The stock’s 50 day moving average price is $5.48 and its 200 day moving average price is $6.79. The company has a market capitalization of $2.99 billion and a P/E ratio of 3.47. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.52 and a current ratio of 1.70.

Hafnia Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 17th. Shareholders of record on Friday, December 6th were issued a dividend of $0.379 per share. The ex-dividend date of this dividend was Friday, December 6th. This represents a $1.52 dividend on an annualized basis and a yield of 25.69%. Hafnia’s payout ratio is currently 88.82%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Mondrian Investment Partners LTD bought a new stake in Hafnia in the second quarter worth approximately $43,000. Prudential PLC acquired a new stake in shares of Hafnia during the 2nd quarter worth approximately $100,000. Infrastructure Capital Advisors LLC bought a new stake in shares of Hafnia in the 3rd quarter valued at $119,000. DGS Capital Management LLC bought a new position in Hafnia during the third quarter worth $121,000. Finally, TD Asset Management Inc bought a new stake in Hafnia in the second quarter valued at $148,000.

About Hafnia

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.