Nordic American Tankers Limited (NYSE:NAT) Stock Position Raised by Millennium Management LLC

Millennium Management LLC lifted its stake in shares of Nordic American Tankers Limited (NYSE:NAT) by 9.9% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 673,097 shares of the shipping company’s stock after purchasing an additional 60,391 shares during the period. Millennium Management LLC owned approximately 0.32% of Nordic American Tankers worth $1,683,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of NAT. Sequoia Financial Advisors LLC purchased a new stake in shares of Nordic American Tankers during the fourth quarter worth $26,000. Summit Financial LLC acquired a new position in Nordic American Tankers in the 4th quarter worth about $32,000. Avantax Advisory Services Inc. purchased a new stake in shares of Nordic American Tankers during the 4th quarter worth about $33,000. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Nordic American Tankers during the 4th quarter valued at about $43,000. Finally, AXQ Capital LP bought a new stake in shares of Nordic American Tankers in the 4th quarter valued at approximately $43,000. 44.29% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

NAT has been the subject of a number of analyst reports. Wall Street Zen cut shares of Nordic American Tankers from a “hold” rating to a “sell” rating in a research note on Friday. Jefferies Financial Group restated a “hold” rating and set a $3.00 price target on shares of Nordic American Tankers in a report on Thursday, May 29th.

Nordic American Tankers Trading Up 2.5%

Nordic American Tankers stock opened at $2.72 on Tuesday. Nordic American Tankers Limited has a 52 week low of $2.13 and a 52 week high of $4.23. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.56 and a current ratio of 0.73. The firm has a market capitalization of $574.90 million, a PE ratio of 9.36 and a beta of -0.27. The business’s 50-day simple moving average is $2.54 and its 200-day simple moving average is $2.62.

Nordic American Tankers (NYSE:NAT) last released its earnings results on Wednesday, March 5th. The shipping company reported $0.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.02). Nordic American Tankers had a net margin of 26.41% and a return on equity of 11.95%. The business had revenue of $46.39 million during the quarter, compared to analyst estimates of $51.38 million. Equities research analysts forecast that Nordic American Tankers Limited will post 0.24 earnings per share for the current year.

Nordic American Tankers Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 26th. Investors of record on Thursday, June 12th will be given a $0.07 dividend. This is a boost from Nordic American Tankers’s previous quarterly dividend of $0.06. This represents a $0.28 annualized dividend and a yield of 10.31%. The ex-dividend date is Thursday, June 12th. Nordic American Tankers’s dividend payout ratio (DPR) is 127.27%.

Nordic American Tankers Profile

Nordic American Tankers Limited, a tanker company, acquires and charters double-hull tankers in Bermuda and internationally. It operates a fleet of 20 Suezmax crude oil tankers. The company was incorporated in 1995 and is headquartered in Hamilton, Bermuda.