Nordic American Tankers (NYSE:NAT) Stock Passes Above 200 Day Moving Average – Here’s Why

Nordic American Tankers Limited (NYSE:NAT) passed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $3.20 and traded as high as $3.51. Nordic American Tankers shares last traded at $3.4850, with a volume of 2,238,028 shares changing hands.

Analyst Ratings Changes

A number of research firms have weighed in on NAT. Wall Street Zen lowered shares of Nordic American Tankers from a “hold” rating to a “sell” rating in a report on Saturday, December 20th. Weiss Ratings restated a “hold (c+)” rating on shares of Nordic American Tankers in a report on Monday, December 22nd. Jefferies Financial Group reaffirmed a “hold” rating and set a $3.50 target price on shares of Nordic American Tankers in a research report on Friday, November 28th. Finally, Evercore ISI upped their price target on Nordic American Tankers from $2.50 to $3.00 and gave the company an “in-line” rating in a research report on Tuesday, October 28th. Three research analysts have rated the stock with a Hold rating, According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $3.25.

Nordic American Tankers Price Performance

The firm has a market cap of $737.95 million, a P/E ratio of 174.34 and a beta of -0.45. The company has a quick ratio of 1.64, a current ratio of 1.95 and a debt-to-equity ratio of 0.86. The business’s 50 day moving average is $3.60 and its two-hundred day moving average is $3.20.

Nordic American Tankers (NYSE:NAT) last issued its quarterly earnings results on Friday, November 28th. The shipping company reported ($0.01) earnings per share for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.02). Nordic American Tankers had a return on equity of 0.39% and a net margin of 1.12%.The business had revenue of $40.18 million for the quarter, compared to analyst estimates of $52.89 million. As a group, analysts anticipate that Nordic American Tankers Limited will post 0.24 earnings per share for the current year.

Nordic American Tankers Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 22nd. Shareholders of record on Monday, December 8th were issued a $0.13 dividend. The ex-dividend date was Monday, December 8th. This is an increase from Nordic American Tankers’s previous quarterly dividend of $0.10. This represents a $0.52 dividend on an annualized basis and a yield of 14.9%. Nordic American Tankers’s dividend payout ratio is presently 2,600.00%.

Hedge Funds Weigh In On Nordic American Tankers

A number of institutional investors and hedge funds have recently modified their holdings of NAT. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Nordic American Tankers by 61.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,326,919 shares of the shipping company’s stock valued at $10,644,000 after acquiring an additional 1,648,496 shares in the last quarter. Millennium Management LLC increased its stake in Nordic American Tankers by 108.3% in the third quarter. Millennium Management LLC now owns 2,429,423 shares of the shipping company’s stock valued at $7,628,000 after purchasing an additional 1,263,228 shares in the last quarter. CenterBook Partners LP raised its holdings in shares of Nordic American Tankers by 168.4% during the third quarter. CenterBook Partners LP now owns 1,761,198 shares of the shipping company’s stock valued at $5,530,000 after purchasing an additional 1,104,929 shares during the period. American Century Companies Inc. boosted its position in shares of Nordic American Tankers by 25.2% during the 3rd quarter. American Century Companies Inc. now owns 5,260,627 shares of the shipping company’s stock worth $16,518,000 after purchasing an additional 1,057,232 shares in the last quarter. Finally, UBS Group AG grew its stake in shares of Nordic American Tankers by 83.9% in the 3rd quarter. UBS Group AG now owns 2,277,830 shares of the shipping company’s stock valued at $7,152,000 after buying an additional 1,039,353 shares during the period. 44.29% of the stock is currently owned by institutional investors.

Nordic American Tankers Company Profile

Nordic American Tankers Limited is a Bermuda-based shipping company specializing in the ownership and operation of Suezmax crude oil tankers. The company’s fleet is employed on the spot and period charter markets, transporting crude oil across major global trade routes. By focusing on commercially flexible employment strategies, Nordic American Tankers seeks to optimize vessel utilization and generate stable income for shareholders.

Founded in 1995 and headquartered in Hamilton, Bermuda, Nordic American Tankers maintains technical and commercial management arrangements through established ship-management partners.