Evercore ISI Issues Positive Forecast for Nordic American Tankers (NYSE:NAT) Stock Price

Nordic American Tankers (NYSE:NAT) had its price target upped by Evercore ISI from $2.50 to $3.00 in a report issued on Tuesday, Marketbeat.com reports. Evercore ISI currently has an in-line rating on the shipping company’s stock.

A number of other analysts have also recently commented on NAT. Wall Street Zen cut Nordic American Tankers from a “hold” rating to a “sell” rating in a research report on Saturday, July 26th. Jefferies Financial Group reiterated a “hold” rating and set a $3.00 target price on shares of Nordic American Tankers in a research report on Thursday, August 28th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Nordic American Tankers in a research report on Wednesday, October 8th. Three analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, Nordic American Tankers has an average rating of “Hold” and a consensus price target of $3.00.

Nordic American Tankers Stock Up 3.5%

Nordic American Tankers stock opened at $3.71 on Tuesday. Nordic American Tankers has a 1-year low of $2.13 and a 1-year high of $3.71. 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 has a market cap of $784.53 million, a PE ratio of 52.93 and a beta of -0.31. The stock’s fifty day moving average is $3.26 and its two-hundred day moving average is $2.89.

Nordic American Tankers (NYSE:NAT) last posted its quarterly earnings results on Thursday, August 28th. The shipping company reported ($0.02) earnings per share 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 during the quarter, compared to analyst estimates of $53.35 million. On average, sell-side analysts expect that Nordic American Tankers will post 0.24 EPS for the current fiscal year.

Nordic American Tankers Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 29th. Investors of record on Friday, September 12th were given a $0.10 dividend. This is a boost from Nordic American Tankers’s previous quarterly dividend of $0.07. The ex-dividend date was Friday, September 12th. This represents a $0.40 annualized dividend and a yield of 10.8%. Nordic American Tankers’s payout ratio is presently 571.43%.

Hedge Funds Weigh In On Nordic American Tankers

Institutional investors have recently added to or reduced their stakes in the stock. SBI Securities Co. Ltd. boosted its stake in shares of Nordic American Tankers by 8.3% during the 2nd quarter. SBI Securities Co. Ltd. now owns 44,932 shares of the shipping company’s stock worth $118,000 after acquiring an additional 3,445 shares in the last quarter. Russell Investments Group Ltd. boosted its stake in shares of Nordic American Tankers by 19.4% during the 1st quarter. Russell Investments Group Ltd. now owns 23,886 shares of the shipping company’s stock worth $59,000 after acquiring an additional 3,875 shares in the last quarter. Sequoia Financial Advisors LLC boosted its stake in shares of Nordic American Tankers by 33.7% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 15,865 shares of the shipping company’s stock worth $42,000 after acquiring an additional 3,998 shares in the last quarter. Prospera Financial Services Inc boosted its stake in shares of Nordic American Tankers by 21.4% during the 2nd quarter. Prospera Financial Services Inc now owns 24,680 shares of the shipping company’s stock worth $65,000 after acquiring an additional 4,343 shares in the last quarter. Finally, Osaic Holdings Inc. boosted its stake in shares of Nordic American Tankers by 3.2% during the 2nd quarter. Osaic Holdings Inc. now owns 164,701 shares of the shipping company’s stock worth $433,000 after acquiring an additional 5,133 shares in the last quarter. Institutional investors and hedge funds own 44.29% of the company’s stock.

Nordic American Tankers Company 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.