Nordic American Tankers Limited (NAT) Downgraded to Strong Sell at Zacks Investment Research

Zacks Investment Research downgraded shares of Nordic American Tankers Limited (NYSE:NAT) from a hold rating to a strong sell rating in a research report released on Tuesday morning.

According to Zacks, “NORDIC AMERICAN is engaged of acquiring, disposing, owning, leasing, and chartering three double hull Suezmax oil tankers. “

A number of other equities analysts have also commented on NAT. Jefferies Group LLC reaffirmed a sell rating and set a $5.00 target price on shares of Nordic American Tankers Limited in a research report on Monday, July 17th. Evercore ISI lowered shares of Nordic American Tankers Limited from an in-line rating to an underperform rating and reduced their target price for the stock from $6.00 to $5.00 in a research report on Friday, July 21st. Maxim Group set a $5.00 target price on shares of Nordic American Tankers Limited and gave the stock a sell rating in a research report on Saturday, July 22nd. BidaskClub lowered shares of Nordic American Tankers Limited from a sell rating to a strong sell rating in a research report on Monday, July 24th. Finally, TheStreet lowered shares of Nordic American Tankers Limited from a c- rating to a d+ rating in a research report on Thursday, August 10th. Five investment analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a strong buy rating to the stock. Nordic American Tankers Limited currently has an average rating of Hold and an average price target of $6.42.

Shares of Nordic American Tankers Limited (NAT) opened at 5.27 on Tuesday. The company’s market capitalization is $537.38 million. Nordic American Tankers Limited has a 52-week low of $4.41 and a 52-week high of $9.88. The firm’s 50-day moving average price is $5.18 and its 200 day moving average price is $6.28.

Nordic American Tankers Limited (NYSE:NAT) last issued its earnings results on Monday, August 7th. The shipping company reported ($0.16) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.13) by ($0.03). The company had revenue of $39.10 million for the quarter, compared to analysts’ expectations of $42.47 million. Nordic American Tankers Limited had a return on equity of 0.25% and a net margin of 0.06%. The business’s revenue was down 29.2% compared to the same quarter last year. During the same period last year, the business posted $0.15 earnings per share. On average, equities analysts forecast that Nordic American Tankers Limited will post ($0.40) earnings per share for the current year.

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A number of hedge funds have recently modified their holdings of NAT. Principal Financial Group Inc. increased its holdings in Nordic American Tankers Limited by 37.9% during the second quarter. Principal Financial Group Inc. now owns 16,198 shares of the shipping company’s stock valued at $103,000 after buying an additional 4,454 shares during the period. BlueCrest Capital Management Ltd purchased a new position in Nordic American Tankers Limited during the first quarter valued at approximately $106,000. Karp Capital Management Corp purchased a new position in Nordic American Tankers Limited during the first quarter valued at approximately $118,000. Aperio Group LLC increased its holdings in Nordic American Tankers Limited by 55.2% during the second quarter. Aperio Group LLC now owns 22,476 shares of the shipping company’s stock valued at $142,000 after buying an additional 7,994 shares during the period. Finally, Sigma Planning Corp increased its holdings in Nordic American Tankers Limited by 44.2% during the second quarter. Sigma Planning Corp now owns 23,880 shares of the shipping company’s stock valued at $151,000 after buying an additional 7,318 shares during the period. 23.18% of the stock is currently owned by institutional investors.

About Nordic American Tankers Limited

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.

Analyst Recommendations for Nordic American Tankers Limited (NYSE:NAT)

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