Credit Suisse Group Cuts Nordic American Tanker (NAT) Price Target to $2.00

Nordic American Tanker (NYSE:NAT) had its price objective dropped by research analysts at Credit Suisse Group from $4.00 to $2.00 in a report released on Tuesday. The firm currently has a “neutral” rating on the shipping company’s stock. Credit Suisse Group’s price objective suggests a potential downside of 6.98% from the company’s current price.

Other equities research analysts have also recently issued reports about the stock. Clarkson Capital raised shares of Nordic American Tanker from a “neutral” rating to a “buy” rating in a report on Friday, January 5th. Maxim Group reaffirmed a “sell” rating and issued a $1.00 target price on shares of Nordic American Tanker in a report on Monday. Seaport Global Securities set a $3.00 target price on shares of Nordic American Tanker and gave the company a “hold” rating in a report on Monday. Morgan Stanley reduced their target price on shares of Nordic American Tanker from $5.00 to $2.50 and set an “equal weight” rating for the company in a report on Monday. Finally, Zacks Investment Research upgraded shares of Nordic American Tanker from a “sell” rating to a “hold” rating in a research note on Saturday, December 30th. Five research analysts have rated the stock with a sell rating, four have issued a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $3.36.

Shares of Nordic American Tanker (NYSE:NAT) opened at $2.15 on Tuesday. Nordic American Tanker has a 1-year low of $1.82 and a 1-year high of $8.68. The company has a current ratio of 3.52, a quick ratio of 2.71 and a debt-to-equity ratio of 0.58.

Nordic American Tanker (NYSE:NAT) last announced its earnings results on Monday, February 12th. The shipping company reported ($0.20) EPS for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.03). Nordic American Tanker had a negative net margin of 48.82% and a negative return on equity of 9.11%. The business had revenue of $36.72 million during the quarter, compared to analysts’ expectations of $45.46 million. analysts expect that Nordic American Tanker will post -0.36 EPS for the current fiscal year.

Institutional investors have recently modified their holdings of the company. Principal Financial Group Inc. increased its stake in shares of Nordic American Tanker by 37.9% during the second quarter. Principal Financial Group Inc. now owns 16,198 shares of the shipping company’s stock worth $103,000 after acquiring an additional 4,454 shares during the period. Dynamic Technology Lab Private Ltd acquired a new position in shares of Nordic American Tanker during the third quarter worth about $158,000. Belpointe Asset Management LLC acquired a new position in shares of Nordic American Tanker during the third quarter worth about $241,000. Voya Investment Management LLC increased its stake in shares of Nordic American Tanker by 14.0% during the second quarter. Voya Investment Management LLC now owns 46,032 shares of the shipping company’s stock worth $292,000 after acquiring an additional 5,659 shares during the period. Finally, Wilbanks Smith & Thomas Asset Management LLC increased its stake in shares of Nordic American Tanker by 157.2% during the fourth quarter. Wilbanks Smith & Thomas Asset Management LLC now owns 67,464 shares of the shipping company’s stock worth $166,000 after acquiring an additional 41,232 shares during the period. Institutional investors and hedge funds own 17.33% of the company’s stock.

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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.

Analyst Recommendations for Nordic American Tanker (NYSE:NAT)

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