Dorian LPG (LPG)
Market Price (8/22/2026): $51.07 | Market Cap: $2.2 BilSector: Energy | Industry: Oil & Gas Storage & Transportation
Dorian LPG (LPG)
Market Price (8/22/2026): $51.07Market Cap: $2.2 BilSector: EnergyIndustry: Oil & Gas Storage & Transportation
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 21%, Dividend Yield is 5.8%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 16%, FCF Yield is 6.8% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 81% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 53% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 41%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 25% Low stock price volatilityVol 12M is 41% Megatrend and thematic driversMegatrends include Global Energy Supply Chains, and US Energy Independence. Themes include LPG Shipping, Energy Commodity Logistics, Show more. | Trading close to highsDist 52W High is 0.0%, Dist 3Y High is 0.0% | Key risksLPG key risks include [1] extreme freight rate volatility directly impacting profitability, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 21%, Dividend Yield is 5.8%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 16%, FCF Yield is 6.8% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 81% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 53% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 41%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 25% |
| Low stock price volatilityVol 12M is 41% |
| Megatrend and thematic driversMegatrends include Global Energy Supply Chains, and US Energy Independence. Themes include LPG Shipping, Energy Commodity Logistics, Show more. |
| Trading close to highsDist 52W High is 0.0%, Dist 3Y High is 0.0% |
| Key risksLPG key risks include [1] extreme freight rate volatility directly impacting profitability, Show more. |
Qualitative Assessment
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Dorian LPG (LPG) stock has gained about 40% since 4/30/2026 because of the following key factors:
1. Exceptional Fiscal Q1 2027 Financial Performance Driven by Record Rates.
Dorian LPG reported significantly strong financial results for fiscal Q1 2027, which ended June 30, 2026. The company exceeded analyst expectations with an adjusted EPS of $2.52, beating estimates by 12%, and revenue of $187.9 million, surpassing forecasts by 10.6%. This performance was underpinned by a record Time Charter Equivalent (TCE) revenue per available day of $75,926, marking the highest in the company's history. Revenue for the quarter surged by 123.1% year-over-year.
2. Geopolitical Disruptions in the Middle East Caused Elevated VLGC Freight Rates.
A primary catalyst for the stock's appreciation was the "unusually strong VLGC freight markets" stemming from geopolitical disruptions, particularly the de facto closure of the Strait of Hormuz. This situation led to a significant reduction in LPG supply from the Middle East and redirected trade flows toward longer routes from the United States, thereby increasing ton-mile demand for Very Large Gas Carriers (VLGCs). VLGC spot rates averaged approximately $110,000 per day year-to-date as of July 6, 2026, peaking at around $200,000 per day in May 2026, a substantial increase compared to approximately $48,000 per day in the same period of the prior year. Panama Canal congestion further contributed to longer voyages, with about 40% of US LPG-laden vessels heading to Asia rerouting around the Cape of Good Hope in April 2026.
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Dorian LPG (LPG) stock has gained about 40% since 4/30/2026 because of the following key factors:
1. Exceptional Fiscal Q1 2027 Financial Performance Driven by Record Rates.
Dorian LPG reported significantly strong financial results for fiscal Q1 2027, which ended June 30, 2026. The company exceeded analyst expectations with an adjusted EPS of $2.52, beating estimates by 12%, and revenue of $187.9 million, surpassing forecasts by 10.6%. This performance was underpinned by a record Time Charter Equivalent (TCE) revenue per available day of $75,926, marking the highest in the company's history. Revenue for the quarter surged by 123.1% year-over-year.
2. Geopolitical Disruptions in the Middle East Caused Elevated VLGC Freight Rates.
A primary catalyst for the stock's appreciation was the "unusually strong VLGC freight markets" stemming from geopolitical disruptions, particularly the de facto closure of the Strait of Hormuz. This situation led to a significant reduction in LPG supply from the Middle East and redirected trade flows toward longer routes from the United States, thereby increasing ton-mile demand for Very Large Gas Carriers (VLGCs). VLGC spot rates averaged approximately $110,000 per day year-to-date as of July 6, 2026, peaking at around $200,000 per day in May 2026, a substantial increase compared to approximately $48,000 per day in the same period of the prior year. Panama Canal congestion further contributed to longer voyages, with about 40% of US LPG-laden vessels heading to Asia rerouting around the Cape of Good Hope in April 2026.
3. Robust Shareholder Returns and Strategic Capital Allocation.
Dorian LPG demonstrated a commitment to shareholder returns and prudent capital management during this period. The company declared an irregular cash dividend of $1.00 per share, totaling $42.8 million, payable around August 12, 2026. This followed another irregular dividend of $1.00 per share paid in May 2026. Furthermore, Dorian LPG engaged in strategic fleet optimization, completing the sale of three VLGCs (Cobra, Corsair, and Constellation) between May and July 2026, generating approximately $248.3 million in net cash proceeds. The company's cash position notably increased to about $600 million after these vessel sales and strong market performance.
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Stock Movement Drivers
Fundamental Drivers
The 39.0% change in LPG stock from 4/30/2026 to 8/21/2026 was primarily driven by a 84.1% change in the company's Net Income Margin (%).| (LTM values as of) | 4302026 | 8212026 | Change |
|---|---|---|---|
| Stock Price ($) | 36.78 | 51.13 | 39.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 404 | 585 | 44.8% |
| Net Income Margin (%) | 29.9% | 55.0% | 84.1% |
| P/E Multiple | 13.0 | 6.8 | -47.9% |
| Shares Outstanding (Mil) | 43 | 43 | 0.1% |
| Cumulative Contribution | 39.0% |
Market Drivers
4/30/2026 to 8/21/2026| Return | Correlation | |
|---|---|---|
| LPG | 39.0% | |
| Market (SPY) | 6.5% | -10.2% |
| Sector (XLE) | 6.7% | 20.2% |
Fundamental Drivers
The 85.5% change in LPG stock from 1/31/2026 to 8/21/2026 was primarily driven by a 111.4% change in the company's Net Income Margin (%).| (LTM values as of) | 1312026 | 8212026 | Change |
|---|---|---|---|
| Stock Price ($) | 27.56 | 51.13 | 85.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 365 | 585 | 60.4% |
| Net Income Margin (%) | 26.0% | 55.0% | 111.4% |
| P/E Multiple | 12.4 | 6.8 | -45.3% |
| Shares Outstanding (Mil) | 43 | 43 | 0.0% |
| Cumulative Contribution | 85.5% |
Market Drivers
1/31/2026 to 8/21/2026| Return | Correlation | |
|---|---|---|
| LPG | 85.5% | |
| Market (SPY) | 11.0% | 15.4% |
| Sector (XLE) | 25.5% | 12.9% |
Fundamental Drivers
The 98.9% change in LPG stock from 7/31/2025 to 8/21/2026 was primarily driven by a 115.5% change in the company's Net Income Margin (%).| (LTM values as of) | 7312025 | 8212026 | Change |
|---|---|---|---|
| Stock Price ($) | 25.70 | 51.13 | 98.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 353 | 585 | 65.6% |
| Net Income Margin (%) | 25.5% | 55.0% | 115.5% |
| P/E Multiple | 12.1 | 6.8 | -44.3% |
| Shares Outstanding (Mil) | 43 | 43 | 0.0% |
| Cumulative Contribution | 98.9% |
Market Drivers
7/31/2025 to 8/21/2026| Return | Correlation | |
|---|---|---|
| LPG | 98.9% | |
| Market (SPY) | 22.2% | 19.6% |
| Sector (XLE) | 49.4% | 13.4% |
Fundamental Drivers
The 142.7% change in LPG stock from 7/31/2023 to 8/21/2026 was primarily driven by a 50.1% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 7312023 | 8212026 | Change |
|---|---|---|---|
| Stock Price ($) | 21.07 | 51.13 | 142.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 390 | 585 | 50.1% |
| Net Income Margin (%) | 44.2% | 55.0% | 24.3% |
| P/E Multiple | 4.9 | 6.8 | 38.0% |
| Shares Outstanding (Mil) | 40 | 43 | -5.8% |
| Cumulative Contribution | 142.7% |
Market Drivers
7/31/2023 to 8/21/2026| Return | Correlation | |
|---|---|---|
| LPG | 142.7% | |
| Market (SPY) | 73.2% | 26.1% |
| Sector (XLE) | 59.0% | 32.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| LPG Return | 13% | 110% | 171% | -38% | 10% | 119% | 857% |
| Peers Return | 29% | 13% | 5% | 48% | 16% | 14% | 200% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 103% |
Monthly Win Rates [3] | |||||||
| LPG Win Rate | 58% | 67% | 83% | 25% | 42% | 75% | |
| Peers Win Rate | 69% | 62% | 54% | 73% | 60% | 66% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| LPG Max Drawdown | -25% | -24% | -16% | -53% | -34% | -27% | |
| Peers Max Drawdown | -16% | -25% | -17% | -11% | -12% | -11% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: WHK, ENB, WMB, KMI, TRP.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/21/2026 (YTD)
How Low Can It Go
| Event | LPG | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -23.8% | -18.8% |
| % Gain to Breakeven | 31.2% | 23.1% |
| Time to Breakeven | 38 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -11.8% | -7.8% |
| % Gain to Breakeven | 13.4% | 8.5% |
| Time to Breakeven | 558 days | 18 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -12.6% | -6.7% |
| % Gain to Breakeven | 14.4% | 7.1% |
| Time to Breakeven | 31 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -48.8% | -33.7% |
| % Gain to Breakeven | 95.5% | 50.9% |
| Time to Breakeven | 292 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -27.3% | -19.2% |
| % Gain to Breakeven | 37.6% | 23.8% |
| Time to Breakeven | 109 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -28.8% | -12.2% |
| % Gain to Breakeven | 40.4% | 13.9% |
| Time to Breakeven | 1377 days | 62 days |
In The Past
Dorian LPG's stock fell -23.8% during the 2025 US Tariff Shock. Such a loss loss requires a 31.2% gain to breakeven.
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| Event | LPG | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -23.8% | -18.8% |
| % Gain to Breakeven | 31.2% | 23.1% |
| Time to Breakeven | 38 days | 79 days |
| 2020 COVID-19 Crash | ||
| % Loss | -48.8% | -33.7% |
| % Gain to Breakeven | 95.5% | 50.9% |
| Time to Breakeven | 292 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -27.3% | -19.2% |
| % Gain to Breakeven | 37.6% | 23.8% |
| Time to Breakeven | 109 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -28.8% | -12.2% |
| % Gain to Breakeven | 40.4% | 13.9% |
| Time to Breakeven | 1377 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -51.8% | -6.8% |
| % Gain to Breakeven | 107.5% | 7.3% |
| Time to Breakeven | 2275 days | 15 days |
In The Past
Dorian LPG's stock fell -23.8% during the 2025 US Tariff Shock. Such a loss loss requires a 31.2% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Dorian LPG (LPG)
Dorian LPG Ltd. (LPG) is a shipping company primarily engaged in the global transportation of liquefied petroleum gas (LPG). The company operates within the energy sector's logistics chain, providing essential seaborne services to move LPG from production facilities to consumption hubs around the world.
The core business involves the ownership and operation of Very Large Gas Carriers (VLGCs). These highly specialized vessels are designed to safely and efficiently transport large volumes of LPG, such as propane and butane, across international waters. As of May 2021, Dorian LPG's fleet consisted of twenty-three VLGCs, demonstrating its significant capacity in this niche maritime segment.
Dorian LPG's main service is chartering its VLGCs to various customers who need to move LPG globally. Its primary customers include international energy companies, commodity traders, and petrochemical producers. The company serves the worldwide market for LPG transportation, facilitating the supply of this versatile energy source used in residential, commercial, industrial, and petrochemical applications.
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Here are 1-3 brief analogies to describe Dorian LPG:
- Imagine Maersk, but exclusively for giant tankers carrying liquefied petroleum gas.
- They're essentially the ocean-going equivalent of a pipeline company, but for moving liquefied petroleum gas around the world by ship.
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- Liquefied Petroleum Gas (LPG) Transportation: The company provides global shipping services for liquefied petroleum gas (LPG) using its fleet of Very Large Gas Carriers (VLGCs).
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Dorian LPG (LPG) primarily provides transportation services for liquefied petroleum gas (LPG) to other companies. Its major customers fall into the following categories:
- Major energy companies
- Trading houses (commodity traders)
- Petrochemical companies
Dorian LPG's public filings indicate that while their customer base is composed of these types of businesses, no single customer consistently accounts for 10% or more of their total revenues, and therefore specific customer names are not disclosed.
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John C. Hadjipateras, Chairman, Chief Executive Officer and President
Mr. Hadjipateras has been actively involved in the management of shipping companies since 1972. From 1972 to 1992, he was the Managing Director of Peninsular Maritime Ltd. in London, and subsequently served as President of Eagle Ocean, which provided chartering, sale and purchase, protection and indemnity insurance, and shipping finance services. He has served as Chairman, President, and Chief Executive Officer of Dorian LPG Ltd. since its inception in July 2013. Mr. Hadjipateras was also a director of SEACOR Holdings Inc., a global provider of marine transportation equipment and logistics services, from 2000 to 2013.
Theodore B. Young, Chief Financial Officer and Treasurer
Mr. Young has served as Chief Financial Officer and Treasurer of Dorian LPG Ltd. since July 2013. Prior to joining Dorian LPG, he was Head of Corporate Development for Eagle Ocean from 2011 to 2013. From 2004 to 2011, Mr. Young was a Senior Managing Director and a member of the Investment Committee at Irving Place Capital (IPC), where he focused on investments in the industrial, transportation, and business services sectors. Before his time at IPC, he was a Principal at Harvest Partners, a New York-based middle market buyout firm, from 1997 to 2004, where he was active in industrial transactions and multinational investment strategy. Prior to his career in private equity, Mr. Young worked as an investment banker with Merrill Lynch & Co. and SBC Warburg Dillon Read.
Alexander C. Hadjipateras, Chief Operating Officer
Mr. Hadjipateras serves as the Chief Operating Officer of Dorian LPG Ltd. He has served as Senior Executive Vice President of Dorian LPG (USA) LLC and Managing Director of Dorian LPG Management Corp. (Athens) since July 2022, and previously held the role of Executive Vice President of Business Development. His primary areas of focus include commercial strategy, sale and purchase, and the management of the company's operations in Athens, Greece. Mr. Hadjipateras has been involved in managing Dorian's Aframax and VLGC newbuilding programs and has participated in Aframax spot chartering. Before joining the company, Mr. Hadjipateras worked as a Business Development Manager at Avenue A / Razorfish, a digital consultancy and ad-agency.
Tim Hansen, Chief Commercial Officer/Director Dorian LPG (DK) ApS
Mr. Hansen joined Dorian LPG in 2014 as Chartering Manager and became the Managing Director for the Helios LPG Pool London Office in 2015. He began his career at sea with A.P. Moeller Maersk, rising through the ranks on tankers, container, and dry cargo vessels, concluding his seafaring career as captain of various sized LPG carriers. Mr. Hansen also holds the rank of Lieutenant in the Royal Danish Navy.
John C. Lycouris, Head of Energy Transition; CEO, Dorian LPG (USA) LLC
Mr. Lycouris serves as Head of Energy Transition and is a director of Dorian LPG Ltd. He has served as Chief Executive Officer of Dorian LPG (USA) LLC and a director of Dorian LPG Ltd. since its inception in July 2013. Previously, Mr. Lycouris was a Director and VP/Treasurer of Eagle Ocean, Inc. and Eagle Ocean Transport, Inc. beginning in 1993.
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The key risks to Dorian LPG's business include:
-
Market Rate Fluctuations and Freight Rate Volatility: Dorian LPG's revenue and earnings stability are highly susceptible to fluctuations in market rates for liquefied petroleum gas (LPG) shipping. The very large gas carrier (VLGC) spot rates are notoriously cyclical and sensitive to downturns, impacting the company's ability to predict and secure favorable charter rates.
-
Vessel Supply Growth and Overcapacity: The entry of new VLGCs into the market, with a significant number slated for 2026, poses a risk of oversupply. If demand growth does not keep pace with this increase in fleet capacity, it could put downward pressure on freight rates and ultimately affect earnings.
-
Regulatory and Environmental Pressures: The shipping industry, including LPG transportation, faces increasing regulatory and environmental demands to reduce emissions and adopt cleaner technologies. Dorian LPG must invest in eco-friendly solutions and compliance measures; failure to adapt to these changes could result in operational restrictions, increased costs, and potentially impact the company's market position.
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The clear emerging threat for Dorian LPG stems from the accelerating global push for decarbonization within the shipping industry. While Dorian LPG has invested in LPG dual-fuel vessels, these are considered "bridge fuels" as they still emit carbon. The emerging threat is the rapid development and potential mandatory adoption of **truly zero-carbon propulsion technologies and fuels (e.g., green ammonia, green hydrogen, methanol)** for maritime shipping. This could lead to a situation where existing VLGCs, even those capable of burning LPG as fuel, become less competitive, face stricter operational limitations, or suffer accelerated asset devaluation if they cannot meet future, more stringent zero-emission targets or if the market begins to demand zero-emission transport solutions more aggressively.
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Expected Drivers of Future Revenue Growth for Dorian LPG (LPG)
Dorian LPG (LPG) is anticipated to experience revenue growth over the next 2-3 years, driven by several key factors within the liquefied petroleum gas (LPG) shipping market:- Growing Global LPG Demand, Particularly in Asia: The increasing global demand for LPG, driven by its adoption as a cleaner alternative to traditional fuels, especially in regions like Asia (China and India), is a significant growth driver. Global LPG consumption is projected to grow annually, necessitating increased seaborne transportation. This rising demand directly translates to a greater need for Very Large Gas Carriers (VLGCs) to transport these volumes.
- Increased LPG Exports from the United States and the Middle East: Higher exports from major supply centers such as the United States and the Middle East are expected to bolster the LPG trade. The LPG trade is projected to rise, supported by these increased export volumes. This sustained growth in exports provides a consistent flow of cargo for Dorian LPG's fleet.
- Favorable Trade Policies and Stabilized Geopolitical Landscape: The resolution or easing of trade disputes and the stabilization of geopolitical factors can positively impact LPG trade flows. For instance, the US-China 12-month tariff truce is anticipated to boost LPG trade between the two countries, despite lingering tariffs. A clearer and more stable trade policy environment helps reduce market volatility and encourages increased spot market activity.
- Operational Efficiency and Modern Fleet with Advanced Technologies: Dorian LPG's focus on maintaining a modern and technologically advanced fleet contributes to revenue growth through enhanced efficiency and competitiveness. The company operates vessels equipped with emissions-reducing scrubbers and dual-fuel technology, which can lead to cost savings through favorable fuel differentials and potentially higher utilization due to environmental compliance. The company's fleet, including newbuilds, incorporates advanced emission control technologies.
- Strategic Fleet Expansion: Dorian LPG's continued fleet expansion, including the delivery of new Very Large Gas Carriers (VLGCs) or Very Large Ammonia Carriers (VLACs), directly contributes to its carrying capacity and potential revenue. The company is set to take delivery of a new 93,000-m³ VLGC/VLAC newbuild in March 2026, which is equipped with LPG dual-fuel engines and hybrid scrubber systems, further enhancing its modern fleet capabilities. This expansion allows the company to capitalize on economies of scale for long-haul LPG transportation.
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Share Repurchases
- Dorian LPG's board authorized a $100 million share repurchase program in 2022.
- The company repurchased $6.267 million in shares during fiscal year 2025, $3.94 million in fiscal year 2024, and $1.67 million in fiscal year 2023.
- As of December 31, 2025, total repurchases under the 2022 authorization amounted to $9.7 million for 430,511 shares.
Share Issuance
- Dorian LPG issued 2,000,000 common shares at $44.50 per share, resulting in approximately $89.0 million in gross proceeds, during the fiscal year ended March 31, 2025.
Capital Expenditures
- For the fiscal year ending March 2026, Dorian LPG anticipates budgeting approximately $12 million for dry docking eight vessels.
- The company made two progress payments of approximately $12 million each in September and December 2025 for a newbuilding.
- Dorian LPG's capital allocation includes investing in fleet renewal and expansion, notably the construction of a new VLGC/Ammonia Carrier (93,000 cubic meter capacity) for delivery in the second calendar quarter of 2026, capable of transporting both LPG and ammonia.
Peer Outperformance in Oil & Gas Storage & Transportation
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Oil & Gas Refining & Marketing | 11 | 118.2% | 124.0% | 427.8% | PBF 888% · MPC 636% · VLO 577% |
| Integrated Oil & Gas | 7 | 46.4% | 68.6% | 273.0% | IMO 533% · CVE 403% · SU 386% |
| Oil & Gas Storage & Transportation ← | 18 | 32.9% | 111.1% | 249.4% | INSW 905% · LPG 842% · TRGP 694% |
| Coal & Consumable Fuels | 14 | 40.5% | 65.0% | 213.1% | EU 1104% · LEU 701% · CCJ 545% |
| Oil & Gas Exploration & Production | 51 | 31.6% | 9.8% | 148.2% | KGEI 10275% · OBE 7231% · EP 3173% |
| Oil & Gas Equipment & Services | 34 | 66.0% | 35.5% | 128.1% | FTI 1177% · TDW 826% · SEI 812% |
| Oil & Gas Drilling | 7 | 90.0% | 2.0% | 119.3% | VAL 264% · PDS 209% · NE 152% |
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Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 50.80 |
| Mkt Cap | 66.8 |
| Rev LTM | 13,947 |
| Op Inc LTM | 4,948 |
| FCF LTM | 807 |
| FCF 3Y Avg | 1,931 |
| CFO LTM | 6,276 |
| CFO 3Y Avg | 6,204 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 12.5% |
| Rev Chg 3Y Avg | 7.0% |
| Rev Chg Q | 10.8% |
| QoQ Delta Rev Chg LTM | 2.5% |
| Op Inc Chg LTM | 18.0% |
| Op Inc Chg 3Y Avg | 7.7% |
| Op Mgn LTM | 33.7% |
| Op Mgn 3Y Avg | 35.4% |
| QoQ Delta Op Mgn LTM | 0.4% |
| CFO/Rev LTM | 38.7% |
| CFO/Rev 3Y Avg | 49.0% |
| FCF/Rev LTM | 9.7% |
| FCF/Rev 3Y Avg | 14.5% |
Segment Financials
Revenue by Segment| $ Mil | 2026 | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| International transportation of liquid petroleum gas with its fleet of vessels | 482 | 353 | 561 | 390 | |
| Net pool revenues - related party | 246 | ||||
| Other revenues, net | 6 | ||||
| Time charter revenues | 22 | ||||
| Total | 482 | 353 | 561 | 390 | 274 |
| $ Mil | 2026 | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| International transportation of liquid petroleum gas with its fleet of vessels | 210 | 113 | 329 | 196 |
| Total | 210 | 113 | 329 | 196 |
| $ Mil | 2026 | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| International transportation of liquid petroleum gas with its fleet of vessels | 194 | 90 | 307 | 170 |
| Total | 194 | 90 | 307 | 170 |
Price Behavior
| Market Price | $51.13 | |
| Market Cap ($ Bil) | 2.2 | |
| First Trading Date | 05/08/2014 | |
| Distance from 52W High | 0.0% | |
| 50 Days | 200 Days | |
| DMA Price | $42.17 | $33.65 |
| DMA Trend | up | up |
| Distance from DMA | 21.2% | 51.9% |
| 3M | 1YR | |
| Volatility | 46.7% | 41.2% |
| Downside Capture | -63.76 | 28.43 |
| Upside Capture | -1.00 | 88.98 |
| Correlation (SPY) | -19.1% | 17.4% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.14 | -0.35 | -0.21 | 0.66 | 0.74 | 0.77 |
| Up Beta | 0.57 | -0.91 | 0.01 | 0.78 | 0.79 | 0.77 |
| Down Beta | -0.13 | -0.27 | -0.19 | 0.40 | 0.95 | 0.99 |
| Up Capture | 231% | 39% | 32% | 131% | 91% | 46% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 16 | 24 | 37 | 75 | 136 | 388 |
| Down Capture | -333% | -92% | -112% | 16% | 40% | 79% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 6 | 19 | 26 | 51 | 116 | 362 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with LPG | |
|---|---|---|---|---|
| LPG | 84.4% | 41.2% | 1.58 | - |
| Sector ETF (XLE) | 52.1% | 21.7% | 1.84 | 12.7% |
| Equity (SPY) | 21.1% | 12.9% | 1.22 | 17.3% |
| Gold (GLD) | 37.5% | 28.8% | 1.10 | 6.3% |
| Commodities (DBC) | 43.2% | 20.2% | 1.66 | 7.5% |
| Real Estate (VNQ) | 12.9% | 13.8% | 0.64 | 21.5% |
| Bitcoin (BTCUSD) | -35.4% | 43.5% | -0.88 | 16.9% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with LPG | |
|---|---|---|---|---|
| LPG | 55.9% | 43.6% | 1.15 | - |
| Sector ETF (XLE) | 25.1% | 25.8% | 0.86 | 42.7% |
| Equity (SPY) | 12.9% | 17.2% | 0.57 | 26.1% |
| Gold (GLD) | 20.6% | 18.6% | 0.90 | 8.6% |
| Commodities (DBC) | 10.4% | 19.6% | 0.41 | 27.5% |
| Real Estate (VNQ) | 2.3% | 18.9% | 0.02 | 18.4% |
| Bitcoin (BTCUSD) | 9.1% | 52.7% | 0.36 | 11.5% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with LPG | |
|---|---|---|---|---|
| LPG | 34.3% | 48.1% | 0.79 | - |
| Sector ETF (XLE) | 10.8% | 29.6% | 0.40 | 45.0% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 34.5% |
| Gold (GLD) | 12.7% | 16.2% | 0.64 | 5.2% |
| Commodities (DBC) | 8.0% | 18.0% | 0.36 | 29.4% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.20 | 25.7% |
| Bitcoin (BTCUSD) | 62.2% | 66.1% | 1.02 | 9.4% |
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Returns Analyses
Earnings Returns History
Updated 8/14/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | 3.1% | 3.9% | |
| 5/20/2026 | -4.0% | -12.6% | -16.2% |
| 2/5/2026 | 7.6% | 9.4% | 16.8% |
| 11/6/2025 | 2.3% | -2.5% | -7.8% |
| 8/1/2025 | 6.5% | 13.4% | 14.9% |
| 5/22/2025 | 6.7% | 6.0% | 21.6% |
| 1/31/2025 | -0.3% | 0.3% | -12.6% |
| 10/31/2024 | 1.6% | -1.1% | -12.3% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 15 | 11 |
| # Negative | 13 | 10 | 13 |
| Median Positive | 2.7% | 5.7% | 14.1% |
| Median Negative | -1.0% | -2.9% | -7.8% |
| Max Positive | 7.6% | 13.5% | 32.3% |
| Max Negative | -5.6% | -12.6% | -16.2% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | 3.1% | 3.9% | |
| 5/20/2026 | -4.0% | -12.6% | -16.2% |
| 2/5/2026 | 7.6% | 9.4% | 16.8% |
| 11/6/2025 | 2.3% | -2.5% | -7.8% |
| 8/1/2025 | 6.5% | 13.4% | 14.9% |
| 5/22/2025 | 6.7% | 6.0% | 21.6% |
| 1/31/2025 | -0.3% | 0.3% | -12.6% |
| 10/31/2024 | 1.6% | -1.1% | -12.3% |
| 8/1/2024 | -4.1% | -6.8% | 0.9% |
| 5/22/2024 | 2.0% | 13.5% | -6.7% |
| 2/1/2024 | -4.2% | -3.0% | -5.9% |
| 11/2/2023 | -1.9% | -8.8% | 14.1% |
| 8/2/2023 | -1.0% | 1.5% | -5.2% |
| 5/24/2023 | 4.3% | 2.9% | 3.0% |
| 2/1/2023 | -0.3% | -0.3% | 6.2% |
| 11/2/2022 | 1.5% | 6.8% | 12.7% |
| 8/3/2022 | -5.6% | 0.9% | -7.8% |
| 5/26/2022 | 3.6% | 11.0% | -5.2% |
| 2/3/2022 | 1.9% | 2.1% | 18.6% |
| 11/3/2021 | -1.9% | -6.9% | -10.4% |
| 8/4/2021 | 0.0% | 2.7% | 12.1% |
| 5/19/2021 | -0.8% | -2.9% | -3.1% |
| 2/2/2021 | -0.2% | 5.7% | -5.1% |
| 11/2/2020 | -0.2% | 11.4% | 32.3% |
| 8/4/2020 | -0.4% | -1.4% | -9.8% |
| SUMMARY STATS | |||
| # Positive | 12 | 15 | 11 |
| # Negative | 13 | 10 | 13 |
| Median Positive | 2.7% | 5.7% | 14.1% |
| Median Negative | -1.0% | -2.9% | -7.8% |
| Max Positive | 7.6% | 13.5% | 32.3% |
| Max Negative | -5.6% | -12.6% | -16.2% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 05/27/2026 | 10-K |
| 12/31/2025 | 02/05/2026 | 10-Q |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/04/2025 | 10-Q |
| 03/31/2025 | 05/29/2025 | 10-K |
| 12/31/2024 | 01/31/2025 | 10-Q |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/29/2024 | 10-K |
| 12/31/2023 | 02/01/2024 | 10-Q |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 06/02/2023 | 10-K |
| 12/31/2022 | 02/01/2023 | 10-Q |
| 09/30/2022 | 11/02/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 05/27/2026 | 10-K |
| 12/31/2025 | 02/05/2026 | 10-Q |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/04/2025 | 10-Q |
| 03/31/2025 | 05/29/2025 | 10-K |
| 12/31/2024 | 01/31/2025 | 10-Q |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/29/2024 | 10-K |
| 12/31/2023 | 02/01/2024 | 10-Q |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 06/02/2023 | 10-K |
| 12/31/2022 | 02/01/2023 | 10-Q |
| 09/30/2022 | 11/02/2022 | 10-Q |
| 06/30/2022 | 08/03/2022 | 10-Q |
| 03/31/2022 | 06/02/2022 | 10-K |
| 12/31/2021 | 02/03/2022 | 10-Q |
| 09/30/2021 | 11/03/2021 | 10-Q |
| 06/30/2021 | 08/04/2021 | 10-Q |
| 03/31/2021 | 06/02/2021 | 10-K |
| 12/31/2020 | 02/02/2021 | 10-Q |
| 09/30/2020 | 11/02/2020 | 10-Q |
| 06/30/2020 | 08/04/2020 | 10-Q |
| 03/31/2020 | 06/12/2020 | 10-K |
| 12/31/2019 | 02/05/2020 | 10-Q |
| 09/30/2019 | 10/31/2019 | 10-Q |
Insider Activity
Updated 8/13/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Hansen, Tim Truels | Chief Commercial Officer | Direct | Sell | 8132026 | 45.04 | 25,000 | 1,126,100 | 7,102,313 | Form |
| 2 | Hansen, Tim Truels | Chief Commercial Officer | Direct | Sell | 7012026 | 35.38 | 20,000 | 707,526 | 5,583,866 | Form |
| 3 | Tan, Christina | Direct | Sell | 6122026 | 44.08 | 5,708 | 251,609 | 4,322,837 | Form | |
| 4 | Kalborg, Ted | Direct | Sell | 5262026 | 45.06 | 15,373 | 692,707 | 2,989,641 | Form | |
| 5 | Lycouris, John | Head of Energy Transition | Direct | Sell | 4092026 | 35.72 | 7,000 | 250,040 | 5,641,581 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Hansen, Tim Truels | Chief Commercial Officer | Direct | Sell | 8132026 | 45.04 | 25,000 | 1,126,100 | 7,102,313 | Form |
| 2 | Hansen, Tim Truels | Chief Commercial Officer | Direct | Sell | 7012026 | 35.38 | 20,000 | 707,526 | 5,583,866 | Form |
| 3 | Tan, Christina | Direct | Sell | 6122026 | 44.08 | 5,708 | 251,609 | 4,322,837 | Form | |
| 4 | Kalborg, Ted | Direct | Sell | 5262026 | 45.06 | 15,373 | 692,707 | 2,989,641 | Form | |
| 5 | Lycouris, John | Head of Energy Transition | Direct | Sell | 4092026 | 35.72 | 7,000 | 250,040 | 5,641,581 | Form |
| 6 | Lycouris, John | Head of Energy Transition | Direct | Sell | 4092026 | 35.00 | 3,000 | 105,000 | 5,772,865 | Form |
| 7 | Young, Theodore B | Chief Financial Officer | Direct | Sell | 2192026 | 34.84 | 10,000 | 348,400 | 4,282,742 | Form |
| 8 | Hansen, Tim Truels | Chief Commercial Officer | Direct | Sell | 2192026 | 35.19 | 35,000 | 1,231,650 | 6,258,260 | Form |
| 9 | Hansen, Tim Truels | Chief Commerical Officer | Direct | Sell | 1222026 | 28.85 | 25,000 | 721,250 | 6,140,492 | Form |
| 10 | Hadjipateras, John C | President and CEO | Spouse | Buy | 1092026 | 27.30 | 15,000 | 409,500 | 4,190,550 | Form |
| 11 | Hadjipateras, Alexander C | Chief Operating Officer | Direct | Sell | 9162025 | 32.38 | 5,000 | 161,900 | 2,896,067 | Form |
| 12 | Hadjipateras, Alexander C | Chief Operating Officer | Direct | Sell | 8292025 | 31.96 | 5,000 | 159,800 | 3,018,302 | Form |
Investor Activity (13F)
Updated Aug 22, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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