Posts for Ticker ‘DHT’

Top 10 Pre-Market Analyst Calls (BMC, CNK, CTXS, CME, CTCM, DHT, RDEN, HOV, TPX, WLL)

These aren’t going to be the only impact analyst calls this Tuesday morning, but these are ten of the calls we are focusing on very early this morning:

  • BMC Software (NYSE: BMC) Started as Neutral at UBS.
  • Cinemark (NYSE: CNK) cut to equal-weight at Morgan Stanley.
  • Citrix Systems (NASDAQ: CTXS) Cut to Market Perform from Outperform at FBR.
  • CME Group (NYSE: CME) Raised to Buy from Hold at Citigroup.
  • CTC Media (NASDAQ: CTCM) started as Overweight at Lehman Brothers.
  • Double Hull Tankers (NYSE: DHT) raised to Neutral at JPMorgan.
  • Elizabeth Arden (NASDAQ: RDEN) raised to Outperform at Oppenheimer.
  • Hovnanian Enterprises (NYSE: HOV) Raised to Neutral from Sell at UBS.
  • Tempur-Pedic (NYSE: TPX) cut to Perform at Oppenheimer.
  • Whiting Petroleum (NYSE: WLL) started as Outperform at Wachovia.

Jon C. Ogg
June 17, 2008

Posted on: June 17, 2008 – 6:10 am in Analyst Calls, , , , , , , , , ,

Discount & Drop, Yet Double Hull Trades Under Offer Price (DHT)

Double Hull Tankers (NYSE: DHT) priced its 8 million common share public offering at $10.50 per share Tuesday evening.  This was very fast compared to its filing date

After discounts and fees, the double hull tanker fleet operator will receive net proceeds of $79,478,360 and the proceeds are for general corporate purposes such as acquisitions of vessels and businesses, strategic alliances, reduction of outstanding borrowings, capital expenditures and working capital.  After the reaction, Double Hull’s market cap is about $313 million before the effect of these shares.

Merrill Lynch & Co. and UBS Investment Bank are joint book-running managers and Dahlman Rose & Company is co-manager for the offering. Underwriters have been granted 1.2 million common shares to purchase for over-allotments.

What is interesting is that this is also a decent share discounting considering the size and the use of funds.  Double Hull Tankers are not exactly in oversupply around the globe, and they are the new standard for transporting crude overseas. 

On Monday, before the filing, shares were around $12.00.  Yesterday shares fell to $10.50 ahead of the pricing.  Despite a $10.50 pricing, shares are down marginally at $10.41 after 90-minutes of trading.

Usually shares rise after a drop like this, despite the dilution.  The 52-week trading range is $9.32 to $18.79.  Would it be fair to refer to the reaction to this financing as… a tanker?

You can join our open email distribution list to hear about previews for other secondary offerings, mergers, spin-offs, break-ups, IPO’s, special financings, and other special situations.

Jon C. Ogg
April 30, 2008

Posted on: April 30, 2008 – 10:35 am in Uncategorized,

Double Hull Tankers Raising Cash (DHT)

Double Hull Tankers inc. (NYSE: DHT) has filed to sell up to 7 million shares of common stock via a secondary offering.  The company has also granted underwriters a 1.05 million share overallotment option.

The shipping giant has hired Merrill Lynch and UBS to act as joint book-runners for the offering, while Dahlman Rose & Co. was listed as co-manager.

Net proceeds of the offering for general corporate purposes, which as with the usual language includes vessel and business acquisitions, strategic alliances, debt reduction, capital expenditures and working capital.

You can join our open email distribution list to hear about previews for other mergers, spin-offs, break-ups, IPO’s, special financings, and other special situations.

Based on today’s closing prices, this would represent close to $84million in gross proceeds before underwriting fees, which compares to a$358 million market cap.  Unfortunately, shares are down over 6% at $11.21 in after-hours trading.  The 52-week trading range is $9.32 to $18.79.

Jon C. Ogg
April 28, 2008

Posted on: April 28, 2008 – 3:44 pm in Secondary Offering, Transports,

Top 10 Pre-Market Analyst Calls (ANN, ASH, SCHW, AMTD, COH, DHT, NAT, PHTN, WYNN, BK, LEH, GS, IVZ, STT)

These are not the only research calls this morning affecting stock, particularly as the world is focused on the fleecing that has occurred at Bear Stearns this morning.   But these are other brokerage firm calls for Monday morning:
Ann Taylor (NYSE: ANN) raised to Buy at Citigroup.
Ashland (NYSE: ASH) raised to Buy at Jefferies.
Charles Schwab (NASDAQ: SCHW) downgraded to Underperform at FBR.
Coach (NYSE: COH) downgraded to Hold at Citigroup.
Double Hull Tankers (NYSE: DHT) downgraded to Underweight at JP Morgan.
Nordic American Tanker (NYSE: NAT) raised to Neutral at JP Morgan.
Photon Dynamics (NASDAQ: PHTN) raised to Overweight at Lehman Brothers.
TD Ameritrade (NASDAQ: AMTD) downgraded to Neutral at UBS; downgraded to Market Perform at FBR.
Wynn Resorts (NASDAQ: WYNN) raised to Outperform at Bear Stearns.
UBS downgrades brokers and fiduciaries to Neutral: cuts Bank of New York (NYSE: BK), Lehman (NYSE: LEH), Goldman Sachs (NYSE: GS), InVesco (NYSE: IVZ), State Street (NYSE: STT).

Jon C. Ogg
March 17, 2008

Posted on: March 17, 2008 – 6:13 am in Analyst Calls, , , , , , , , , , , , , ,

Top 10 Pre-Market Analyst Calls (ABK, MBI, SCA, BBBY, BAM, DHT, GFIG, PHG, PCLN, RIMM, SPLS, WWY)

These are not the only analyst calls out there, but these are the top calls that 247WallSt.com is focusing on today:

  • Ambac (ABK), M B I A Inc. (MBI), and Security Capital Assurance (SCA) were downgraded to Neutral from Buy at Banc of America (that was real timely).
  • Bed Bath & Beyond (BBBY) raised to Buy from Neutral at UBS.
  • Brookfield Asset Management (BAM) raised to Outperform from Neutral at Credit Suisse.
  • Double Hull Tankers (DHT) raised to Buy from Hold at Citigroup.
  • GFI Group (GFIG) raised to Buy at Goldman Sachs.
  • Philps Electronics (PHG) downgraded to Underweight from Overweight at Lehman.
  • Priceline.com (PCLN) raised to Buy from Hold at Citigroup.
  • Research in Motion (RIMM) raised to Outperform at Oppenheimer.
  • Staples (SPLS) raised to Buy from Neutral at UBS.
  • Wrigley (WWY) raised to Overweight from Neutral at JPMorgan.

Jon C. Ogg
January 18, 2008

Posted on: January 18, 2008 – 7:41 am in Analyst Calls, , , , , , , , , , , ,

TOP 10 Pre-Market Analyst Calls (CBEY, DHT, GM, IACI, LVLT, NOV, ONXX, PDCO, TWTC, TIVO)

These are not the only analyst calls that are impacting key shares today, but these are the top ten that 24/7 Wall St. is looking at as impact events on their own:

Cbeyond Communications (CBEY) started as By at Citigroup.
Double Hull Tankers (DHT) raised to Buy at UBS.
General Motors (GM) raised to Peer Perform at Bear Stearns.
IAC/Interactive (IACI) raised to Buy at Piper Jaffray.
Level 3 (LVLT) started as Hold at Citigroup.
National Oilwell Varco (NOV) raised to Buy at Citigroup.
Onyx Pharmaceuticals (ONXX) started as Neutral at Goldman Sachs.
Patterson Co’s (PDCO) raised to Overweight at Lehman.
Time Warner Telecom (TWTC) started as Buy at Citigroup.
TiVo (TIVO) raised to Overweight from underweight at JPMorgan.

Jon C. Ogg
November 29, 2007

Posted on: November 29, 2007 – 8:04 am in Uncategorized, , , , , , , , , ,