DHT Long Play
On the fundamental side:
- Mgmt reaffirmed dividend of 11.4/SH, ~22% yield. DHT has been consistent with its dividend for 42 consecutive quarters.
- DHT is rather insulated from most economic downturn. One key assumption we have is that we will not see another pandemic quarantine lockdown on the scale of what we saw in March/April. Other than that, DHT actually benefits immensely from any backwardation in oil prices
- If we right and the market is in denial of DHT's dividend, assuming mgmt. team maintains its current track record - we expect DHT to trade up to match its dividend at $13-18/sh
On the technical side:
- On the daily, we see a massive cup and handle accumulation pattern, with measured moves pointing towards the ~114.5/SH level
- Initial price target level of ~114.5/SH lines up with Fibonacci retracement to the 50% level
- Mgmt reaffirmed dividend of 11.4/SH, ~22% yield. DHT has been consistent with its dividend for 42 consecutive quarters.
- DHT is rather insulated from most economic downturn. One key assumption we have is that we will not see another pandemic quarantine lockdown on the scale of what we saw in March/April. Other than that, DHT actually benefits immensely from any backwardation in oil prices
- If we right and the market is in denial of DHT's dividend, assuming mgmt. team maintains its current track record - we expect DHT to trade up to match its dividend at $13-18/sh
On the technical side:
- On the daily, we see a massive cup and handle accumulation pattern, with measured moves pointing towards the ~114.5/SH level
- Initial price target level of ~114.5/SH lines up with Fibonacci retracement to the 50% level
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