Short Interest in Nordic American Tankers Limited (NYSE:NAT) Decreases By 8.9%

Nordic American Tankers Limited (NYSE:NATGet Rating) was the target of a large drop in short interest in the month of August. As of August 31st, there was short interest totalling 9,000,000 shares, a drop of 8.9% from the August 15th total of 9,880,000 shares. Based on an average daily volume of 4,580,000 shares, the days-to-cover ratio is presently 2.0 days.

Nordic American Tankers Stock Performance

Shares of NYSE NAT opened at $3.36 on Thursday. The stock has a market cap of $650.02 million, a price-to-earnings ratio of -6.11 and a beta of 0.07. The company has a current ratio of 1.53, a quick ratio of 1.14 and a debt-to-equity ratio of 0.63. Nordic American Tankers has a 1-year low of $1.40 and a 1-year high of $3.54. The stock’s 50-day moving average is $2.72 and its 200 day moving average is $2.42.

Nordic American Tankers (NYSE:NATGet Rating) last announced its quarterly earnings data on Tuesday, August 30th. The shipping company reported ($0.02) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.04. Nordic American Tankers had a negative return on equity of 17.36% and a negative net margin of 117.57%. During the same quarter in the previous year, the business posted ($0.18) EPS. On average, sell-side analysts anticipate that Nordic American Tankers will post -0.04 EPS for the current fiscal year.

Nordic American Tankers Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 12th. Investors of record on Thursday, September 15th will be issued a dividend of $0.03 per share. This represents a $0.12 dividend on an annualized basis and a dividend yield of 3.57%. This is a boost from Nordic American Tankers’s previous quarterly dividend of $0.02. The ex-dividend date is Wednesday, September 14th. Nordic American Tankers’s dividend payout ratio (DPR) is currently -21.82%.

Hedge Funds Weigh In On Nordic American Tankers

A number of large investors have recently bought and sold shares of the stock. BlackRock Inc. increased its stake in Nordic American Tankers by 3.8% in the 1st quarter. BlackRock Inc. now owns 9,897,210 shares of the shipping company’s stock worth $21,082,000 after purchasing an additional 366,761 shares during the period. Allspring Global Investments Holdings LLC increased its stake in Nordic American Tankers by 2.8% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 5,228,623 shares of the shipping company’s stock worth $11,136,000 after purchasing an additional 142,585 shares during the period. JPMorgan Chase & Co. increased its stake in Nordic American Tankers by 266.2% in the 2nd quarter. JPMorgan Chase & Co. now owns 4,555,429 shares of the shipping company’s stock worth $9,703,000 after purchasing an additional 3,311,571 shares during the period. State Street Corp increased its stake in Nordic American Tankers by 0.3% in the 2nd quarter. State Street Corp now owns 3,369,776 shares of the shipping company’s stock worth $7,245,000 after purchasing an additional 9,194 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its stake in Nordic American Tankers by 19.6% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 2,176,842 shares of the shipping company’s stock worth $4,637,000 after purchasing an additional 356,949 shares during the period. 33.46% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

NAT has been the subject of a number of research analyst reports. Jefferies Financial Group upgraded Nordic American Tankers from a “hold” rating to a “buy” rating and lifted their price target for the company from $3.00 to $4.00 in a research report on Tuesday, September 6th. Clarkson Capital reiterated a “buy” rating on shares of Nordic American Tankers in a research report on Tuesday, June 14th. StockNews.com upgraded Nordic American Tankers to a “sell” rating in a research report on Wednesday, August 31st. Finally, TheStreet upgraded Nordic American Tankers from a “d” rating to a “c” rating in a research report on Tuesday, September 6th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $3.38.

About Nordic American Tankers

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Nordic American Tankers Limited, a tanker company, acquires and charters double-hull tankers in Bermuda and internationally. It operates a fleet of 24 Suezmax crude oil tankers. The company was formerly known as Nordic American Tanker Shipping Limited and changed its name to Nordic American Tankers Limited in June 2011.

Further Reading

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