BW LPG hits record high after Q1 profit beat

BW LPG

23/05/2023 09:07

** Shares of BW LPG  BWLPG.OL  rise more than 8%, trading at
their highest level ever, after the Oslo-listed liquefied
petroleum gas shipper beat Q1 profit estimates
    ** It reports adjusted EBIT of $122 million, above a
consensus estimate of $113 million, according to Pareto
Securities
    ** Pareto says the beat was driven mainly by higher VLGC
freight rates, averaging $58,700/day vs the broker's estimate of
$55,000/day
    ** The group also declared Q1 cash dividend of $0.95 per
share
    ** "In sum this is a strong report from BW LPG, delivering
on Q1, Q2 guidance and capital allocation efforts," Pareto says
    ** The stock is on track for its best day in a year and
among top performers on the Oslo benchmark index  .OSEBX  

 (Reporting by Elviira Luoma)
 ((Elviira.luoma@thomsonreuters.com))