The team led by Nicolay Dyvik reduced buy ratings on DHT, Teekay Tankers, Tanker Investments Ltd and Tsakos Energy Navigation to hold in a report issued this morning.
DHT shares are up 48% in the past three months. TEN, TIL and Teekay Tankers have climbed by 55%, 61% and 86% respectively over the same period.
DNB Markets says crude remains a top theme for 2015 but the downgrades come amid the expectations of the fall in rates later in the year.
