Dorian LPG (LPG)
NYSE:LPG
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Dorian LPG
(NYSE:LPG)
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Rating:82Outperform
Price Target:
$50.00
â–²(44.43% Upside)
Action:Reiterated
Date:05/28/26
The score is driven primarily by strong financial performance (excellent margins, positive free cash flow, and improving leverage) and supportive technical strength (price above all key moving averages with positive momentum). Valuation further lifts the score with a low P/E and high dividend yield. The earnings call was constructive on performance and capital returns, but cyclical exposure and geopolitical/regulatory headwinds temper the overall rating.
Positive Factors
High Profitability
Sustained very high margins provide durable earnings power and cash generation even when freight rates soften. Strong margin structure supports reinvestment in vessels, consistent shareholder distributions and buffers against cyclical downturns, improving long-term return on capital.
Negative Factors
Earnings & Volume Cyclicality
Large year‑to‑year swings in revenue and net income reflect the VLGC market's cyclicality, making cash flow and dividend sustainability contingent on high-rate periods. Such volatility complicates capital planning and can force opportunistic asset sales or curtailed returns during downturns.
Read all positive and negative factors
Positive Factors
Negative Factors
High Profitability
Sustained very high margins provide durable earnings power and cash generation even when freight rates soften. Strong margin structure supports reinvestment in vessels, consistent shareholder distributions and buffers against cyclical downturns, improving long-term return on capital.
Read all positive factors
Dorian LPG (LPG) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.74B
Dividend Yield13.08%
Average Volume (3M)612.37K
Price to Earnings (P/E)8.9
Beta (1Y)1.12
Revenue Growth36.27%
EPS Growth109.57%
CountryUS
Employees577
SectorEnergy
Sector Strength52
IndustryOil & Gas Midstream
Share Statistics
EPS (TTM)4.55
Shares Outstanding42,782,680
10 Day Avg. Volume916,776
30 Day Avg. Volume612,374
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 Cap1.21
Enterprise Value/Revenue4.40
Enterprise Value/Gross Profit7.65
Enterprise Value/Ebitda7.38
Forecast
1Y Price Target
$53.67Price Target Upside55.02% Upside
Rating ConsensusHold
Number of Analyst Covering4
EPS Forecast (FY)6.21
Revenue Forecast (FY)$576.25M
Dorian LPG Business Overview & Revenue Model
Company Description
Dorian LPG Ltd., together with its subsidiaries, engages in the transportation of liquefied petroleum gas (LPG) through its LPG tankers worldwide. The company owns and operates very large gas carriers (VLGCs). As of May 27, 2022, its fleet consist...
How the Company Makes Money
Dorian LPG makes money primarily by earning freight revenue from operating its VLGC fleet. Its core revenue stream comes from chartering vessels to customers under two main commercial arrangements: (1) time charters, where a customer hires a ship ...
Dorian LPG Earnings Call Summary
Earnings Call Date:May 20, 2026
(Q4-2026)
| % Change Since: |
Next Earnings Date:Aug 05, 2026
Earnings Call Sentiment Positive
The call conveyed strong operational and financial performance in the quarter: very high TCEs (second-highest in company history), robust adjusted EBITDA ($106.6M), healthy cash generation ($82M from operations) and significant shareholder distributions (nearly $770M paid since 2021). Strategic fleet actions (delivery of a dual-fuel/ammonia-capable VLGC, sale of COBRA with a gain, planned repurchase of Corsair) and solid liquidity (free cash $327.4M, undrawn revolver $42.9M) support a constructive outlook. However, material near-term challenges remain: geopolitical disruptions (Strait of Hormuz closure, regional conflict), elevated Panama Canal auction fees and congestion, a quarter-on-quarter decline in seaborne volumes, and regulatory uncertainty around IMO frameworks. Management emphasizes a judicious capital allocation approach balancing dividends, debt management, and opportunistic fleet reinvestment. Overall, the positive financial results and clear capital discipline outweigh the cyclical and geopolitical headwinds described.Positive Updates
Delivery of New Dual-Fuel/Ammonia-Capable VLGC (Aireon)
Took delivery in late March of the 93,000 CBM Aireon (fully ammonia-capable, dual-fuel). Ship immediately began contributing to earnings (P&L impact expected in Q1 FY2027). With Aireon, Dorian now operates 6 dual-fuel vessels (20% of fleet on low-emission fuel) and the vessel reduces CO2 by ~20% when operating on LPG.
Negative Updates
Geopolitical Disruption and Market Uncertainty
Regional conflict and the closure of the Strait of Hormuz created significant market uncertainty and disrupted trade flows. Management flagged potential demand destruction if disruptions persist and noted that outcomes remain highly uncertain, making future availability and rates unpredictable.
Read all updates
Q4-2026 Updates
Positive
Negative
Delivery of New Dual-Fuel/Ammonia-Capable VLGC (Aireon)
Took delivery in late March of the 93,000 CBM Aireon (fully ammonia-capable, dual-fuel). Ship immediately began contributing to earnings (P&L impact expected in Q1 FY2027). With Aireon, Dorian now operates 6 dual-fuel vessels (20% of fleet on low-emission fuel) and the vessel reduces CO2 by ~20% when operating on LPG.
Read all positive updates
Company Guidance
Management guided to continued disciplined capital allocation while highlighting these key metrics and near‑term expectations: delivery of the 93,000 CBM dual‑fuel/ammonia‑capable Aireon (P&L impact in FY2027 Q1), free cash of $327.4M and cash flow from operations of $82M (~$2/share) at March 31, 2026, quarter‑end debt $565.8M (pro‑forma $524.7M after recent transactions) with debt/total book cap 33.2% and net debt/total cap 14%, an undrawn revolver of $42.9M, and a projected cash cost of ~$26,000/day (ex‑drydock). Operational and chartering metrics included Helios Pool spot/COA TCE $65,600/day, pool TCE ~ $63,300/day, Dorian TCE per available day ~$63,615 (FY avg $52,238/day), utilization cited at 78%, daily OpEx $9,548, adjusted EBITDA $106.6M, cash interest expense $6.6M, principal amortization ~ $13M, and an expected Aireon interest impact of ~$800k for the coming quarter. Capital actions noted: a $1.00 irregular dividend (and a $1.00 regular dividend declared), repurchase of Corsair (~$24.2M) and sale of Cobra (paid $16.5M debt, ~$30M expected gain).Dorian LPG Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
74
Positive
Cash Flow
78
Positive
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 481.51M | 353.34M | 560.72M | 389.75M | 274.22M |
| Gross Profit | 260.50M | 152.69M | 365.24M | 228.05M | 112.99M |
| EBITDA | 279.22M | 192.98M | 414.12M | 265.87M | 158.19M |
| Net Income | 193.67M | 90.17M | 307.45M | 172.44M | 71.94M |
Balance Sheet | |||||
| Total Assets | 1.87B | 1.78B | 1.84B | 1.71B | 1.61B |
| Cash, Cash Equivalents and Short-Term Investments | 327.41M | 316.88M | 294.04M | 148.80M | 236.76M |
| Total Debt | 709.12M | 712.98M | 797.34M | 816.09M | 670.96M |
| Total Liabilities | 732.70M | 732.55M | 814.12M | 835.07M | 687.21M |
| Stockholders Equity | 1.14B | 1.05B | 1.02B | 873.85M | 920.15M |
Cash Flow | |||||
| Free Cash Flow | 116.30M | 154.06M | 355.59M | 155.27M | 95.51M |
| Operating Cash Flow | 210.14M | 173.01M | 388.45M | 224.06M | 118.70M |
| Investing Cash Flow | -93.84M | -7.36M | -34.80M | -76.34M | 68.77M |
| Financing Cash Flow | -105.90M | -131.29M | -219.72M | -235.23M | -35.18M |
Dorian LPG Technical Analysis
Positive
34.62
Price Trends
37.77
Positive
34.42
Positive
30.26
Positive
Market Momentum
0.99
Positive
49.97
Neutral
11.55
Positive
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 34.62 is below the 20-day moving average (MA) of 41.71, below the 50-day MA of 37.77, and above the 200-day MA of 30.26, indicating a neutral trend. The MACD of 0.99 indicates Positive momentum. The RSI at 49.97 is Neutral, neither overbought nor oversold. The STOCH value of 11.55 is Positive, 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 |
|---|---|---|---|---|---|---|---|
84 Outperform | $2.45B | 5.74 | 21.40% | 3.72% | -2.29% | 31.43% | |
82 Outperform | $1.74B | 8.91 | 17.91% | 13.08% | 36.27% | 109.57% | |
78 Outperform | $137.16M | 2.10 | 14.03% | 5.08% | <0.01% | 28.26% | |
75 Outperform | $1.35B | 13.01 | 8.94% | 1.27% | -1.33% | 28.23% | |
71 Outperform | $1.58B | 21.19 | 10.36% | 12.31% | -4.20% | -26.95% | |
69 Neutral | $1.65B | 12.94 | 18.84% | 6.93% | 9.54% | 13.40% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% |
* Energy Sector Average
LPG
Dorian LPG
40.52
20.17
99.07%
GLP
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49.52
-0.27
-0.55%
TNK
Teekay Tankers
70.13
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56.79%
NVGS
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21.74
7.84
56.44%
DLNG
Dynagas LNG Partners
3.74
0.25
7.19%
FLNG
FLEX LNG
29.61
8.11
37.70%
Dorian LPG Corporate Events
Dividends
Dorian LPG Declares Irregular Special Cash Dividend Payout
Positive
May 7, 2026
On May 7, 2026, Dorian LPG Ltd. announced that its board had declared an irregular cash dividend of $1.00 per share of common stock, returning approximately $42.8 million to shareholders. The dividend will be paid on or about May 28, 2026, to shar...
Business Operations and StrategyExecutive/Board Changes
Dorian LPG Expands Board, Adds Veteran Maritime Executive
Positive
May 5, 2026
On May 5, 2026, Dorian LPG’s board of directors expanded its size from eight to nine members and unanimously appointed Christopher J. Wiernicki as a Class I director, effective immediately. The move adds a veteran maritime executive with fou...
Business Operations and StrategyFinancial Disclosures
Dorian LPG Highlights Strong Forward Charter Coverage Rates
Positive
Mar 26, 2026
On March 26, 2026, Dorian LPG reported that for the quarter ending March 31, 2026, it had already fixed 99% of its available vessel calendar days at rates exceeding $58,000 per day. The high level of forward charter coverage at robust day rates un...
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.