Unusual call flow in option market yesterday » 07:3507/1307/13/20
TSLA, CCL, X, CLF, DHT
Notable call activity was…
Notable call activity was cited Friday in Tesla (TSLA), Carnival (CCL), US Steel (X), Cleveland-Cliffs (CLF), and DHT Holdings (DHT).
Calls lead puts 20:1 in crude oil tanker operator DHT Holdings » 12:2007/1007/10/20
Calls lead puts 20:1 in…
Calls lead puts 20:1 in crude oil tanker operator DHT Holdings. Shares up 41c, or 8%, this morning near $5.54 with 3200 calls trading, vs 150 puts, and notable flow including a sweep buyer paying 40c for 1652 Jan 7 calls to open when shares were $5.33. Earnings due early August.
|Over a week ago|
DHT Holdings files to sell 25.7M shares of common stock for holders 16:1906/2506/25/20
DHT Holdings files $850M mixed securities shelf 16:1806/2506/25/20
DHT says spot ships will need to earn $2,800 per day in 2H20 to breakeven » 08:3906/2506/25/20
DHT Holdings provides the…
DHT Holdings provides the following business update: Time Charters: DHT Scandinavia has been significantly delayed discharging cargo on her current voyage and has thereby failed to deliver in time for her 12-month time-charter previously announced. Consequently, the time-charter is cancelled. DHT Stallion has entered into a two-year time-charter agreement with an option to extend with an oil major at $41,800 per day. The ship is expected to deliver during July 2020. DHT then has ten of its ships on time-charters. Four of the ships have profit sharing structures on top of base rates, whilst the other six have fixed rates. The average of the fixed elements in these ten time-charters, i.e. of the four base rates and the six fixed rates, is $50,673 per day. Capital Allocation: In the current quarter, the company has made a voluntary prepayment of all regular instalments for 2021, amounting to $25.8M, under the Nordea Loan Facility. Further, the Company has agreed to voluntary prepay all the 2021 installments, $33.4M, under the ABN Facility on June 30, 2020. Cash Break Even: The Company estimates that the spot ships will need to earn $2,800 per day for the second half of 2020 for the company to cover all its expected cash costs for the period: OPEX, G&A, interest, debt amortization and maintenance capex. Similarly, the spot ships are estimated to need to earn $11,400 per day in 2021 in order to cover all expected cash costs for 2021. Spot chartering update: As of today, the company has covered 97% of its 2Q 2020 spot days at an average rate of $90,100 per day on a discharge-to-discharge basis. As of today, the company has covered 18% of its 3Q 2020 spot days at an average rate of $61,800 per day on a discharge-to-discharge basis.
DHT Holdings call volume above normal and directionally bullish » 13:4506/1906/19/20
Bullish option flow…
Bullish option flow detected in DHT Holdings with 3,678 calls trading, 1.3x expected, and implied vol increasing over 1 point to 65.54%. Aug-20 5 calls and Jul-20 6 calls are the most active options, with total volume in those strikes near 2,600 contracts. The Put/Call Ratio is 0.11. Earnings are expected on August 4th.
Fly Intel: Top five analyst downgrades » 10:1106/1806/18/20
CCL, ACN, TNP, DHT, MAA
Catch up on today's…
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Carnival (CCL) downgraded to Sell from Hold at Berenberg with analyst Stuart Gordon saying Carnival's valuation is "highly unattractive" and its capital structure looks "unsustainable" and in need of an injection of new equity. 2. Accenture (ACN) downgraded to Equal Weight from Overweight at Wells Fargo with analyst Edward Caso saying he sees downside risks to Street revenue estimates based on the expectation that the recovery in discretionary IT spending could take six quarters or mote. 3. TEN, Ltd. (TNP) downgraded to Hold from Buy at Stifel with analyst Benjamin Nolan saying he expects asset values and net asset values to decline as the tanker market transitions through a "period of cyclical weakness until oil demand eventually recovers." 4. DHT Holdings (DHT) downgraded to Hold from Buy at Stifel with analyst Benjamin Nolan saying he expects asset values and net asset values to decline as the tanker market transitions through a "period of cyclical weakness until oil demand eventually recovers." 5. MAA (MAA) downgraded to Hold from Buy at SunTrust with analyst Michael Lewis saying he is positive on the REIT's Sunbelt portfolio, redevelopment strategy and balance sheet, but also notes the stock trading at the highest 2020 FFO multiple, second-highest FAD multiple, and the largest net asset value premium in the group. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
DHT Holdings downgraded to Hold from Buy at Stifel » 05:3706/1806/18/20
Stifel analyst Benjamin…
Stifel analyst Benjamin Nolan downgraded DHT Holdings to Hold from Buy with a price target of $5, down from $8. The analyst expects asset values and net asset values to decline as the tanker market transitions through a "period of cyclical weakness until oil demand eventually recovers." With DHT shares trading close to net asset value and much of the recent cash having been paid out as dividends, the shares could be sensitive to a fall in asset values, Nolan tells investors in a research note.
|Over a month ago|
DHT Holdings downgraded to Hold from Buy at Fearnley » 05:3906/0206/02/20
Fearnley analyst Peder…
Fearnley analyst Peder Jarlsby downgraded DHT Holdings to Hold from Buy with a $5.30 price target.
DHT Holdings upgraded to Buy from Hold at DNB Markets » 05:2905/2805/28/20
DNB Markets analyst…
DNB Markets analyst Nicolay Dyvik upgraded DHT Holdings to Buy from Hold with a $7.60 price target.