Rhumbline Advisers Trims Holdings in Nordic American Tankers Limited $NAT

Rhumbline Advisers cut its stake in Nordic American Tankers Limited (NYSE:NAT) by 36.7% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 306,047 shares of the shipping company’s stock after selling 177,410 shares during the quarter. Rhumbline Advisers owned about 0.14% of Nordic American Tankers worth $753,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Red Door Wealth Management LLC bought a new stake in Nordic American Tankers during the first quarter valued at $39,000. Watts Gwilliam & Co. LLC bought a new stake in Nordic American Tankers during the first quarter valued at $49,000. Cerity Partners LLC boosted its stake in Nordic American Tankers by 34.0% during the first quarter. Cerity Partners LLC now owns 22,072 shares of the shipping company’s stock valued at $54,000 after buying an additional 5,605 shares during the period. PNC Financial Services Group Inc. boosted its stake in Nordic American Tankers by 312.3% during the first quarter. PNC Financial Services Group Inc. now owns 21,974 shares of the shipping company’s stock valued at $54,000 after buying an additional 16,644 shares during the period. Finally, Pettinga Financial Advisors LLC boosted its stake in Nordic American Tankers by 42.0% during the first quarter. Pettinga Financial Advisors LLC now owns 23,650 shares of the shipping company’s stock valued at $58,000 after buying an additional 7,000 shares during the period. 44.29% of the stock is currently owned by hedge funds and other institutional investors.

Nordic American Tankers Stock Down 1.2%

Shares of NYSE:NAT opened at $3.26 on Monday. Nordic American Tankers Limited has a 1 year low of $2.13 and a 1 year high of $3.83. The company has a market cap of $690.31 million, a PE ratio of 46.57 and a beta of -0.22. The company has a debt-to-equity ratio of 0.84, a current ratio of 2.33 and a quick ratio of 2.04. The stock’s 50-day moving average is $2.96 and its 200 day moving average is $2.73.

Nordic American Tankers (NYSE:NAT) last announced its quarterly earnings results on Thursday, August 28th. The shipping company reported ($0.02) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.05). Nordic American Tankers had a net margin of 7.58% and a return on equity of 2.67%. The business had revenue of $40.15 million for the quarter, compared to analysts’ expectations of $53.35 million. Sell-side analysts anticipate that Nordic American Tankers Limited will post 0.24 EPS for the current year.

Nordic American Tankers Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Friday, September 12th will be issued a dividend of $0.10 per share. This is a positive change from Nordic American Tankers’s previous quarterly dividend of $0.07. The ex-dividend date is Friday, September 12th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 12.3%. Nordic American Tankers’s dividend payout ratio (DPR) is currently 571.43%.

Analysts Set New Price Targets

NAT has been the subject of several research analyst reports. Wall Street Zen lowered Nordic American Tankers from a “hold” rating to a “sell” rating in a research note on Saturday, July 26th. Jefferies Financial Group reissued a “hold” rating and set a $3.00 price objective on shares of Nordic American Tankers in a research note on Thursday, August 28th. One research analyst has rated the stock with a Hold rating, According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $3.00.

About Nordic American Tankers

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.