Hafnia (NYSE:HAFN) Trading Down 2.8% – Here’s Why

Shares of Hafnia Limited (NYSE:HAFN) fell 2.8% during trading on Wednesday . The company traded as low as $5.92 and last traded at $5.93. 1,193,052 shares were traded during mid-day trading, a decline of 51% from the average session volume of 2,435,132 shares. The stock had previously closed at $6.10.

Analysts Set New Price Targets

Separately, Jefferies Financial Group lowered their price objective on shares of 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 Down 3.0 %

The stock has a market capitalization of $3.00 billion and a P/E ratio of 3.48. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.70 and a quick ratio of 1.52. The firm has a 50-day simple moving average of $5.50 and a 200 day simple moving average of $6.72.

Hafnia Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 17th. Investors of record on Friday, December 6th were given a dividend of $0.379 per share. The ex-dividend date was Friday, December 6th. This represents a $1.52 annualized dividend and a yield of 25.61%. Hafnia’s dividend payout ratio is presently 88.82%.

Hedge Funds Weigh In On Hafnia

Several large investors have recently modified their holdings of the business. DekaBank Deutsche Girozentrale increased its holdings in Hafnia by 10.5% in the third quarter. DekaBank Deutsche Girozentrale now owns 3,056,334 shares of the company’s stock valued at $21,350,000 after purchasing an additional 290,000 shares during the period. Hsbc Holdings PLC bought a new stake in Hafnia in the second quarter valued at approximately $24,514,000. Barclays PLC increased its position in Hafnia by 72.7% during the 3rd quarter. Barclays PLC now owns 2,734,506 shares of the company’s stock valued at $19,580,000 after purchasing an additional 1,151,528 shares during the period. Assenagon Asset Management S.A. bought a new position in Hafnia during the 4th quarter worth approximately $3,123,000. Finally, Bank of Montreal Can acquired a new position in shares of Hafnia in the 3rd quarter worth approximately $3,774,000.

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.