Long Position on LPG @ $28.00 on 9/22/2023 (Momentum)

Dorian LPG Ltd. (LPG) engages in the transportation of liquefied petroleum gas (LPG) through its LPG tankers worldwide. It owns and operates twenty-five very large gas carriers (VLGCs).  

Dorian LPG's fleet currently consists of twenty-six modern VLGCs, including four dual-fuel LPG vessels. Dorian LPG has offices in"Stamford, Connecticut, USA;" Copenhagen, Denmark; and Athens, Greece. 

On August 2, Dorian LPG (LPG) reported earnings of $1.21 per share on revenue of $111.56 million for the fiscal first quarter ended June 2023. The consensus earnings estimate was $1.64 per share on revenue of $129.60 million. 

The Company declared an irregular cash dividend totaling $40.4 million to be paid on or about September 6, 2023.

Since the report, shares have formed a bullish "cup and handle" and are expected to move higher from this formation.

Entry Point: $28.00

Stop Loss: $26.50

Trading Range: $12.905 to $30.09

Target Price: $30.80

Position closed on 10/10/2023 at price of $31.00 with a 10.71% gain in 18 days.

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