STAMFORD, Conn. - Dorian LPG Ltd. (NYSE:LPG), a leading liquefied petroleum gas shipping firm, announced today an irregular cash dividend of $1.00 per share on its common stock. The dividend will distribute approximately $40.6 million to shareholders of record by the close of business on May 8, 2024, with the payment date slated for on or about May 30, 2024.
The declaration of this dividend is a discretionary action by the company's Board of Directors, who have considered various factors in their decision. These factors include Dorian LPG's operational results, financial health, debt levels, anticipated capital needs, existing contractual and legal restrictions, as well as future business prospects.
The company's Board retains the authority to determine the declaration and payment of dividends and may alter this based on the company's performance and other relevant considerations. This dividend announcement is classified as irregular, indicating that it does not necessarily establish a precedent for future payouts.
Investors are reminded that forward-looking statements within the press release, such as expectations of future dividends, involve inherent risks and uncertainties. The actual future financial condition and results of Dorian LPG may vary significantly from projections due to various factors, some of which are beyond the company's control.
Dorian LPG operates a modern fleet of twenty-five very large gas carriers (VLGCs), with a presence in Stamford, Connecticut; Copenhagen, Denmark; and Athens, Greece. The company's forward-looking statements are based on current expectations that are believed to be reasonable but are not guarantees of future performance.
The announcement is based on a press release statement from Dorian LPG Ltd., and it does not imply an ongoing commitment to future dividends or reflect any assumptions about the company's future financial performance.
InvestingPro Insights
Dorian LPG Ltd. (NYSE:LPG) has recently captured the attention of investors with its announcement of an irregular cash dividend, signaling potential confidence in its financial stability and future prospects. This move aligns with the company's impressive performance metrics over the past year, as reflected in the real-time data from InvestingPro.
With a robust market capitalization of approximately $1.7 billion and a compelling P/E ratio of 5.52, Dorian LPG stands out in the shipping industry. The company's financial health is further underscored by its substantial revenue growth, which hit 63.32% over the last twelve months as of Q3 2024.
Adding to the appeal for shareholders, Dorian LPG also boasts a significant dividend yield of 9.57%, as of the latest data, which complements the substantial price total return of 123.58% year-over-year.
This level of performance is a testament to the company's operational efficiency and market position. Furthermore, an InvestingPro Tip indicates that Dorian LPG pays a significant dividend to shareholders, which is now reflected in the latest dividend payout announcement.
For those considering a deeper investment in Dorian LPG, there are additional InvestingPro Tips available that could provide further insights into the company's performance and outlook. Currently, there are 8 additional tips listed on InvestingPro, which can be accessed through the dedicated product page for Dorian LPG at https://www.investing.com/pro/LPG. Prospective and current investors can use the coupon code PRONEWS24 to get an extra 10% off a yearly or biyearly Pro and Pro+ subscription, offering a more comprehensive understanding of the company's investment potential.
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