NEW YORK (TheStreet) -- Shares of DHT  (DHT) were falling 15.83% to $3.35 on heavy trading volume Wednesday afternoon after reporting lower-than-expected financial results for the 2016 third quarter and slashing its dividend. 

The Bermuda-based oil tanker operator reported a loss of 81 cents per diluted share, while analysts were expecting flat per-share earnings for the quarter.

Adjusted revenue dropped 33% year-over-year to $50.3 million, missing analysts' projections of $52.6 million.

Additionally, DHT revised its dividend policy. The company will now allocate 60% of its net income to dividends or stock buybacks. The remainder will pay for new ships or "general corporate purposes," according to a company statement. 

DHT will now pay a quarterly dividend of 2 cents per share, down from 23 cents per share as of the 2016 second quarter. The dividend will be payable on November 23 to shareholders of record as of November 16.

About 9.69 million shares of DHT have been traded so far today, well above the company's average trading volume of roughly 1.76 million shares a day. 

Separately, TheStreet Ratings team rates the stock as a "hold" with a ratings score of C.

DHT's strengths such as its robust revenue growth, compelling growth in net income and notable return on equity. However, as a counter to these strengths, we find that the stock has had a generally disappointing performance in the past year.

You can view the full analysis from the report here: DHT

TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author. 

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