Hafnia (NYSE:HAFN) Trading Down 2.8% – Time to Sell?

Shares of Hafnia Limited (NYSE:HAFN) traded down 2.8% on Wednesday . The stock traded as low as $5.92 and last traded at $5.93. 1,193,052 shares changed hands 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.

Wall Street Analysts Forecast Growth

Separately, Jefferies Financial Group dropped their price objective on Hafnia from $8.00 to $6.50 and set a “buy” rating on the stock in a research note on Tuesday, December 17th.

Hafnia Price Performance

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 quick ratio of 1.52 and a current ratio of 1.70. The business has a fifty day simple moving average of $5.50 and a 200-day simple moving average of $6.72.

Hafnia Cuts Dividend

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

Hedge Funds Weigh In On Hafnia

Several institutional investors have recently made changes to their positions in HAFN. DekaBank Deutsche Girozentrale increased its position in Hafnia by 10.5% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 3,056,334 shares of the company’s stock valued at $21,350,000 after buying an additional 290,000 shares in the last quarter. Mirabella Financial Services LLP acquired a new stake in Hafnia in the third quarter valued at approximately $3,175,000. Marshall Wace LLP bought a new stake in shares of Hafnia during the second quarter valued at approximately $1,025,000. Bank of Montreal Can acquired a new position in shares of Hafnia during the third quarter worth approximately $3,774,000. Finally, Glenorchy Capital Ltd bought a new position in shares of Hafnia in the 3rd quarter worth $726,000.

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.