DHT Holdings (DHT) AI Stock Analysis

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DHT Holdings

(NYSE:DHT)

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Rating:76Outperform

Price Target:$23.50▲(8.95% Upside)

Action:reiterated

Date:11/11/26

The score is driven primarily by strong current-cycle financial performance and a very attractive valuation (low P/E and high dividend yield), reinforced by a bullish earnings-call read-through (record performance and low breakevens). These positives are meaningfully offset by weak technicals (below key moving averages with negative MACD) and the noted risk of cash-flow conversion/volatility in a cyclical shipping market.

Positive Factors

Profitability and growthExceptional TTM margins and strong revenue growth show powerful earnings generation and improved commercial performance. If these results remain supported by tanker demand, DHT can fund fleet investment, strengthen its competitive position, and sustain shareholder returns over the next several quarters.

Negative Factors

Cyclical earningsDHT’s very strong current earnings are exposed to the shipping cycle rather than being fully recurring. A normalization in VLCC rates or weaker oil-trade demand could reduce revenue, margins, and distributions, making medium-term earnings less predictable.

DHT Holdings (DHT) vs. SPDR S&P 500 ETF (SPY)

Market Cap: $3.36B
Dividend Yield: 11.36%
Average Volume (3M): 4.61M
Price to Earnings (P/E): 5.0
Beta (1Y): 0.59
Revenue Growth: 95.68%
EPS Growth: 249.35%
Country: US
Employees: 737
Sector: Energy
Sector Strength: 65
Industry: Marine Shipping

DHT Holdings Business Overview & Revenue Model

Company Description

DHT Holdings, Inc., through its subsidiaries, owns and operates crude oil tankers primarily in Monaco, Singapore, Norway, and India. The company also offers technical management services. As of December 15, 2025, it had a fleet of 22 very large crude...

How the Company Makes Money

DHT primarily makes money by earning freight revenue from providing ocean transportation services for crude oil using its VLCC fleet. Its main revenue streams are (1) spot-market voyages, where revenue is driven by prevailing VLCC tanker rates and vo...

DHT Holdings Earnings Call Summary

Earnings Call Date:Nov 09, 2026(Q3-2026)|% Change Since:4.91%|Next Earnings Date:Feb 10, 2027

Earnings Call SentimentPositive

The call was strongly positive. DHT reported record quarterly results, high spot and time-charter earnings, strong liquidity, low breakeven levels, a record dividend, successful fleet execution, and expectations for another annual earnings record. The main challenges discussed were market volatility, geopolitical uncertainty, industry fleet-renewal needs, and limited visibility on future charter and profit-sharing arrangements, but management remained confident in the business and market outlook.

Positive Updates

Record Third-Quarter Financial Performance

DHT reported that the third quarter of 2026 was a record quarter, surpassing the previous record set in the second quarter. Revenue on a TCE basis was $290 million, adjusted EBITDA was $269.5 million, and net income was $270.9 million, or $1.68 per share. Management attributed the results to a supportive tanker market and strong commercial performance.

Negative Updates

Spot-Rate Volatility

Management acknowledged that spot rates have been very volatile and had come down from their very elevated levels in early September, although they remained strong. The company also noted that market news flow has been very volatile and that market psychology has affected trading conditions.

Company Guidance

For 2027, P&L breakeven is currently estimated at $29,200 per day and cash breakeven is currently estimated at $20,600 per day, reflecting all true cash costs, with the difference currently estimated at an average of $8,600 per day per vessel. For the fourth quarter of 2026, DHT expects 1,174 time-charter days covered at an average rate of $100,200 per day and anticipates 930 spot days, of which 68% or 630 days have been booked at an average rate of $579,900 per day; the fourth quarter is expecting to surpass the third quarter, and the spot P&L breakeven for the quarter is estimated to be below 0. DHT has 4 vessels scheduled for dry docking during 2027, expects DHT Sable to deliver in April '29, and leaves us with an order book of 2 VLCC buildings -- newbuildings, the first scheduled for delivery in August '28. The current order book now stands at 320 ships over the coming 4 years against the fleet of 940 ships, and DHT expects 44% of the fleet to be older than 15 years by the end of 2030, 30% older than 20 years and 14% older than 25.

DHT Holdings Financial Statement Overview

Summary

Income statement strength is excellent (very high TTM margins and solid TTM revenue growth), supported by a reasonably controlled balance sheet (moderate leverage and strong TTM ROE). The main drag is cash-flow quality: free cash flow is positive but relatively weak versus net income and has been volatile, which matters in a cyclical shipping business.

Income Statement

86Very Positive

Balance Sheet

74Positive

Cash Flow

69Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	947.54M	497.20M	571.77M	560.56M	454.14M	295.85M
Gross Profit	637.73M	189.75M	313.56M	210.56M	71.58M	-3.00M
EBITDA	789.96M	331.91M	324.35M	304.01M	212.02M	143.22M
Net Income	699.79M	211.09M	181.38M	161.35M	61.52M	-11.52M
Balance Sheet
Total Assets	1.95B	1.60B	1.49B	1.49B	1.51B	1.61B
Cash, Cash Equivalents and Short-Term Investments	154.73M	79.03M	78.14M	74.74M	125.95M	60.37M
Total Debt	498.72M	428.74M	413.58M	430.14M	396.69M	525.58M
Total Liabilities	549.52M	469.69M	443.89M	460.56M	434.99M	562.00M
Stockholders Equity	1.40B	1.13B	1.04B	1.03B	1.07B	1.05B
Cash Flow
Free Cash Flow	89.14M	-33.29M	201.62M	123.18M	117.76M	-114.04M
Operating Cash Flow	562.63M	276.65M	298.65M	251.41M	127.91M	60.56M
Investing Cash Flow	-321.53M	-172.55M	-97.03M	-124.98M	110.52M	-86.51M
Financing Cash Flow	-167.52M	-103.36M	-197.91M	-177.76M	-173.34M	17.97M

DHT Holdings Technical Analysis

Technical Analysis SentimentNeutral

Last Price21.57

Price Trends

50DMA22.89Negative

100DMA20.22Positive

200DMA18.05Positive

Market Momentum

MACD-0.57Positive

RSI41.87Neutral

STOCH23.09Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DHT, the sentiment is Neutral. The current price of 21.57 is below the 20-day moving average (MA) of 23.18, below the 50-day MA of 22.89, and above the 200-day MA of 18.05, indicating a neutral trend. The MACD of -0.57 indicates Positive momentum. The RSI at 41.87 is Neutral, neither overbought nor oversold. The STOCH value of 23.09 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for DHT.

DHT Holdings Risk Analysis

DHT Holdings disclosed 43 risk factors in its most recent earnings report. DHT Holdings reported the most risks in the "Finance & Corporate" category.

Finance & Corporate17
Tech & Innovation1
Legal & Regulatory9
Production6
Ability to Sell4
Macro & Political6

Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy

Latest Risks Added

1 New Risk

1.Recently enacted income tax laws in Bermuda may adversely affect our business, financial condition or results of operation.Q4, 2023

DHT Holdings Peers Comparison

Overall Rating

UnderperformOutperform

Sector (65)

Financial Indicators

DHT against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ECO	85Outperform	$3.13B	8.01	―	11.14%	105.24%	413.89%
INSW	80Outperform	$5.03B	4.76	47.61%	12.45%	101.10%	382.18%
TNK	80Outperform	$2.97B	5.22	27.73%	2.25%	19.33%	110.30%
FRO	76Outperform	$9.77B	6.83	54.89%	13.57%	48.84%	524.52%
DHT	76Outperform	$3.36B	4.97	39.55%	11.36%	95.68%	249.35%
Sector *	65Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
NAT	64Neutral	$1.38B	11.55	26.85%	11.76%	29.11%	814.26%

* Energy Sector Average

Performance Comparison

DHT and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
DHT	Dht Holdings	21.57	9.58	79.85%
FRO	Frontline	45.54	23.92	110.67%
NAT	Nordic American Tanker Shipping	6.72	3.52	110.20%
TNK	Teekay Tankers	88.96	28.53	47.22%
INSW	International Seaways	101.27	55.30	120.32%
ECO	Okeanis Eco Tankers Corp.	76.15	43.41	132.60%

DHT Holdings Corporate Events

DHT Holdings Reports $270.9 Million Q3 Profit, Declares $1.45 Dividend

Nov 9, 2026

DHT Holdings operates very large crude carriers (VLCCs) in spot and time-charter tanker markets. On November 9, 2026, the company reported third-quarter profit after tax of $270.9 million, adjusted EBITDA of $269.5 million and shipping revenue of $33...

DHT Holdings Posts Strong Q3 2026 VLCC Earnings and Robust Q4 Booking Levels

Oct 13, 2026

DHT Holdings, Inc. is an independent crude oil tanker owner and operator focused on very large crude carriers in the international seaborne oil trade. The company manages its VLCC fleet through subsidiaries in Monaco, Norway, Singapore and India, and...

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.

Date of analysis: Nov 11, 2026

DHT Holdings AI Stock Analysis