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Dorian LPG
(NYSE:LPG)
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Rating:81Outperform
Price Target:
$64.00
â–²(33.61% Upside)
Action:Reiterated
Date:09/06/26
The score is driven primarily by strong financial performance (high profitability and solid cash generation, albeit cyclical) and attractive valuation (low P/E and high yield). Technicals remain supportive with a clear uptrend, but overbought signals temper the near-term outlook. Earnings call commentary reinforces strength in current market conditions and balance sheet flexibility, while acknowledging cost and geopolitical risks.
Positive Factors
Liquidity and deleveraging
The enlarged cash position and lower net leverage give Dorian meaningful financial flexibility through shipping cycles. Debt reductions should also lower quarterly amortization and interest expense, supporting fleet renewal, shareholder returns, and resilience when freight markets weaken.
Negative Factors
Earnings cyclicality
Dorian’s strong earnings are highly dependent on freight rates and utilization, so results can retreat sharply after market peaks. This volatility makes cash available for dividends, buybacks, debt reduction, and fleet investment less predictable across the cycle.
Read all positive and negative factors
Positive Factors
Negative Factors
Liquidity and deleveraging
The enlarged cash position and lower net leverage give Dorian meaningful financial flexibility through shipping cycles. Debt reductions should also lower quarterly amortization and interest expense, supporting fleet renewal, shareholder returns, and resilience when freight markets weaken.
Read all positive factors
Dorian LPG (LPG) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.36B
Dividend Yield7.16%
Average Volume (3M)574.41K
Price to Earnings (P/E)7.3
Beta (1Y)1.01
Revenue Growth81.06%
EPS Growth556.47%
CountryUS
Employees602
SectorEnergy
Sector Strength52
IndustryOil & Gas Midstream
Share Statistics
EPS (TTM)7.56
Shares Outstanding42,782,680
10 Day Avg. Volume544,667
30 Day Avg. Volume574,407
Financial Highlights & Ratios
PEG Ratio0.07
Price to Book (P/B)1.28
Price to Sales (P/S)3.03
P/FCF Ratio12.53
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
$54.00Price Target Upside12.73% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)8.75
Revenue Forecast (FY)$649.44M
Dorian LPG Business Overview & Revenue Model
Company Description
Dorian LPG Ltd., alongside its affiliates, operates worldwide in the shipping industry, specializing in the transportation of liquefied petroleum gas (LPG) with its fleet of dedicated vessels. The company's core business involves the ownership and...
How the Company Makes Money
Dorian LPG makes money primarily by earning charter revenue from operating its VLGC fleet. The company provides LPG transportation services under (1) spot market voyages, where revenue is driven by prevailing freight rates for VLGCs and the number...
Dorian LPG Earnings Call Summary
Earnings Call Date:Aug 05, 2026
(Q1-2027)
| % Change Since: |
Next Earnings Date:Nov 04, 2026
Earnings Call Sentiment Positive
The call emphasized strong operational and financial performance: record-high TCEs, robust adjusted EBITDA, sizable cash position improvement to nearly $600 million, low net leverage, continued shareholder distributions, and a measured fleet renewal strategy. Offsetting these positives were meaningful near-term headwinds from geopolitical disruption (Strait of Hormuz), sharply higher bunker and Panama auction costs, elevated OpEx, and industry orderbook growth that could pressure future returns. Overall, management portrayed confidence in the company’s positioning and financial flexibility while acknowledging ongoing market uncertainty.Positive Updates
Dividend Declared and Strong Shareholder Returns
Declared an irregular dividend of $1.00 per share totaling $42.8 million (20th dividend). Total irregular dividends since Sept 2021 now $19.65 per share; cumulative dividends distributed over $810 million and total capital returned to shareholders over $1 billion since IPO.
Negative Updates
Geopolitical Disruption — Strait of Hormuz Closure
De facto closure of the Strait of Hormuz for most of the quarter disrupted Middle East volumes, caused major trade realignment and volatility. Middle East liftings fell to ~3.4 million tons in the quarter, down more than 70% year-over-year.
Read all updates
Q1-2027 Updates
Positive
Negative
Dividend Declared and Strong Shareholder Returns
Declared an irregular dividend of $1.00 per share totaling $42.8 million (20th dividend). Total irregular dividends since Sept 2021 now $19.65 per share; cumulative dividends distributed over $810 million and total capital returned to shareholders over $1 billion since IPO.
Read all positive updates
Company Guidance
Management provided clear near‑term financial and operational guidance and key metrics: an irregular dividend of $1.00 per share ($42.8M) was declared; cash at June 30 was $342M and, after recent vessel sales, management says current cash is now almost $600M; quarter‑end debt was $512.4M (pro forma ~ $473M after sales) with debt/total book capitalization 29.3% and net debt/total cap 9.7%, an all‑in cost of debt of ~5.1% and an undrawn $41M revolver; expected cash cost per day for the coming year is ~$26,000–$27,000 (excluding drydock of Captain John); management expects to close repurchases of Cougar and Cresques by end‑September with ~ $56M cash application and to complete the Clermont sale by mid‑October; the $80.6M of recent debt reductions are anticipated to cut principal amortization by ~ $2M/quarter and interest expense by ~ $1M/quarter on a run‑rate basis. First‑quarter operating metrics cited as context include Helios Pool spot/COA TCE of $82,445/day, overall pool TCE > $75,100/day, Dorian TCE per available day $75,926 (a company record), daily OpEx $10,308, gross TC‑in expense $22.6M ($41,418 per TCE‑in day), adjusted EBITDA $165.4M, cash interest $6.9M, scheduled principal amortization ~ $13M, cash G&A $11.5M (core G&A ~$7.3M), scrubber savings ~$1,971 per calendar day per vessel, fuel spreads HSFO–VLSFO ~$118/mt and LPG–VLSFO ~$369/mt, and market datapoints cited such as U.S. exports ~20.8M tons (+20% YoY), Middle East liftings ~3.4M tons (down >70% YoY) with the U.S. now ~65% of global seaborne LPG exports.Dorian LPG Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
78
Positive
Cash Flow
74
Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 581.75M | 481.51M | 353.34M | 560.72M | 389.75M | 274.22M |
| Gross Profit | 368.51M | 260.50M | 152.69M | 365.24M | 228.05M | 112.99M |
| EBITDA | 424.55M | 294.66M | 192.98M | 414.12M | 265.87M | 158.19M |
| Net Income | 321.87M | 193.67M | 90.17M | 307.45M | 172.44M | 71.94M |
Balance Sheet | ||||||
| Total Assets | 1.90B | 1.87B | 1.78B | 1.84B | 1.71B | 1.61B |
| Cash, Cash Equivalents and Short-Term Investments | 342.14M | 327.41M | 316.88M | 294.04M | 148.80M | 236.76M |
| Total Debt | 646.24M | 709.64M | 712.98M | 797.34M | 816.09M | 670.96M |
| Total Liabilities | 665.31M | 732.70M | 732.55M | 814.12M | 835.07M | 687.21M |
| Stockholders Equity | 1.24B | 1.14B | 1.05B | 1.02B | 873.85M | 920.15M |
Cash Flow | ||||||
| Free Cash Flow | 223.31M | 116.30M | 154.06M | 355.59M | 155.27M | 95.51M |
| Operating Cash Flow | 239.80M | 210.14M | 173.01M | 388.45M | 224.06M | 118.70M |
| Investing Cash Flow | -10.24M | -93.84M | -7.36M | -34.80M | -76.34M | 68.77M |
| Financing Cash Flow | -165.13M | -105.90M | -131.29M | -219.72M | -235.23M | -35.18M |
Dorian LPG Technical Analysis
Positive
47.90
Price Trends
44.37
Positive
41.77
Positive
34.96
Positive
Market Momentum
2.36
Negative
73.41
Negative
96.26
Negative
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 47.9 is below the 20-day moving average (MA) of 49.18, above the 50-day MA of 44.37, and above the 200-day MA of 34.96, indicating a bullish trend. The MACD of 2.36 indicates Negative momentum. The RSI at 73.41 is Negative, neither overbought nor oversold. The STOCH value of 96.26 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for LPG.
Dorian LPG Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
85 Outperform | $3.24B | 5.48 | 27.73% | 2.14% | 19.33% | 110.30% | |
81 Outperform | $2.36B | 7.30 | 28.44% | 7.16% | 81.06% | 556.47% | |
75 Outperform | $133.16M | 2.03 | 14.03% | 5.46% | <0.01% | 28.26% | |
74 Outperform | $1.67B | 16.58 | 14.38% | 9.52% | 1.30% | 3.49% | |
66 Neutral | $1.41B | 10.48 | 11.48% | 1.22% | 8.39% | 72.16% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
63 Neutral | $1.79B | 10.69 | 24.61% | 5.81% | 20.35% | 87.03% |
* Energy Sector Average
LPG
Dorian LPG
55.20
26.31
91.04%
GLP
Global Partners
52.70
3.97
8.14%
TNK
Teekay Tankers
93.37
41.58
80.29%
NVGS
Navigator Holdings
22.96
6.54
39.85%
DLNG
Dynagas LNG Partners
3.66
>-0.01
-0.05%
FLNG
FLEX LNG
31.51
8.09
34.54%
Dorian LPG Corporate Events
Business Operations and StrategyFinancial DisclosuresPrivate Placements and FinancingProduct-Related Announcements
Dorian LPG Expands Fleet With New Dual-Fuel VLGC Order
Positive
Sep 4, 2026
On September 4, 2026, Dorian LPG announced that it had signed a contract with Hanwha Ocean to build three 90,000 cbm dual-fuel Panamax VLGCs for delivery in June, September and December 2030 at a total price of about $345 million. The vessels are ...
Business Operations and StrategyExecutive/Board ChangesRegulatory Filings and Compliance
Dorian LPG Updates Executive Severance and Change-in-Control Plan
Neutral
Jul 30, 2026
On July 24, 2026, Dorian LPG’s board, acting on its compensation committee’s recommendation, approved an Amended and Restated Executive Severance and Change in Control Severance Plan. The changes revise the definition of a change in co...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Dorian LPG Orders New Dual-Fuel Panamax VLGC
Positive
Jun 23, 2026
On June 23, 2026, Dorian LPG Ltd. said it has ordered a new 90,000 cbm dual-fuel Panamax VLGC from HD Hyundai for delivery in July 2029 at a price of about $115 million, featuring a shaft generator to improve power efficiency and cut emissions. Th...
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.