Nordic American Tanker Ltd (NYSE:NAT) released its earnings results on Monday. The shipping company reported ($0.01) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.03 by $0.04. The company had revenue of $55.20 million during the quarter, compared to analyst estimates of $55.53 million. Nordic American Tanker had a net margin of 13.88% and a return on equity of 3.71%. The company’s revenue for the quarter was down 28.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.33 EPS.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 8th. Stockholders of record on Monday, May 22nd will be given a $0.20 dividend. The ex-dividend date is Thursday, May 18th. This represents a $0.80 annualized dividend and a dividend yield of 11.35%. Nordic American Tanker’s dividend payout ratio is currently 210.53%.
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Large investors have recently added to or reduced their stakes in the stock. First Financial Equity Corporation bought a new stake in Nordic American Tanker during the first quarter worth $391,000. Metropolitan Life Insurance Co. NY increased its stake in Nordic American Tanker by 4.0% in the first quarter. Metropolitan Life Insurance Co. NY now owns 69,792 shares of the shipping company’s stock worth $571,000 after buying an additional 2,675 shares during the last quarter. Shelton Capital Management increased its stake in Nordic American Tanker by 50.0% in the first quarter. Shelton Capital Management now owns 150,000 shares of the shipping company’s stock worth $1,227,000 after buying an additional 50,000 shares during the last quarter. BlueCrest Capital Management Ltd bought a new stake in Nordic American Tanker during the first quarter worth $106,000. Finally, Schwab Charles Investment Management Inc. increased its position in shares of Nordic American Tanker by 4.7% in the first quarter. Schwab Charles Investment Management Inc. now owns 296,711 shares of the shipping company’s stock valued at $2,428,000 after buying an additional 13,350 shares during the last quarter. 31.57% of the stock is currently owned by institutional investors.
NAT has been the topic of a number of recent research reports. Vetr raised Nordic American Tanker from a “hold” rating to a “buy” rating and set a $9.55 target price on the stock in a report on Tuesday, January 24th. Morgan Stanley decreased their price target on Nordic American Tanker from $9.00 to $8.50 and set an “equal weight” rating on the stock in a research note on Tuesday, February 7th. Zacks Investment Research upgraded Nordic American Tanker from a “sell” rating to a “hold” rating in a research note on Friday, February 10th. Credit Suisse Group AG restated a “neutral” rating on shares of Nordic American Tanker in a research note on Wednesday, February 22nd. Finally, Jefferies Group LLC restated a “sell” rating and issued a $7.00 price target on shares of Nordic American Tanker in a research note on Friday, March 31st. Four analysts have rated the stock with a sell rating and six have issued a hold rating to the stock. Nordic American Tanker presently has an average rating of “Hold” and an average target price of $7.43.
About Nordic American Tanker
Nordic American Tankers Limited is an international tanker company. The Company owns approximately 26 vessels, including approximately two new buildings under construction, of approximately 156,000 deadweight tonnage (dwt) each. The Company’s Suezmaxes tankers can carry over one million barrels of oil.
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