Nordic American Tankers (NYSE:NAT) Sets New 1-Year High After Analyst Upgrade

Nordic American Tankers Limited (NYSE:NAT) shares reached a new 52-week high on Tuesday after Evercore ISI raised their price target on the stock from $2.50 to $3.00. Evercore ISI currently has an in-line rating on the stock. Nordic American Tankers traded as high as $3.67 and last traded at $3.5950, with a volume of 274465 shares traded. The stock had previously closed at $3.58.

A number of other research firms have also commented on NAT. Wall Street Zen lowered shares of 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 issued a $3.00 target price on shares of Nordic American Tankers in a research note on Thursday, August 28th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Nordic American Tankers in a report on Wednesday, October 8th. Three investment analysts have rated the stock with a Hold rating, According to MarketBeat.com, Nordic American Tankers currently has an average rating of “Hold” and an average target price of $3.00.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Savant Capital LLC acquired a new position in Nordic American Tankers during the 2nd quarter worth $28,000. HBK Sorce Advisory LLC bought a new stake in shares of Nordic American Tankers during the third quarter worth $33,000. Red Door Wealth Management LLC acquired a new position in shares of Nordic American Tankers during the first quarter valued at $39,000. Evergreen Capital Management LLC acquired a new position in shares of Nordic American Tankers during the third quarter valued at $40,000. Finally, Sequoia Financial Advisors LLC boosted its holdings in Nordic American Tankers by 33.7% in the second quarter. Sequoia Financial Advisors LLC now owns 15,865 shares of the shipping company’s stock valued at $42,000 after acquiring an additional 3,998 shares during the last quarter. Institutional investors own 44.29% of the company’s stock.

Nordic American Tankers Stock Performance

The stock has a market capitalization of $784.53 million, a price-to-earnings ratio of 52.93 and a beta of -0.31. 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 50-day moving average of $3.26 and a 200 day moving average of $2.89.

Nordic American Tankers (NYSE:NAT) last released its 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 analyst estimates of $53.35 million. On average, analysts expect that Nordic American Tankers Limited will post 0.24 EPS for the current year.

Nordic American Tankers Increases Dividend

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

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.