Nordic American Tankers (NYSE:NAT) Shares Up 3.3% Following Dividend Announcement

Nordic American Tankers Limited (NYSE:NAT)’s share price traded up 3.3% during mid-day trading on Friday following a dividend announcement from the company. The stock traded as high as $2.65 and last traded at $2.65. 1,192,265 shares changed hands during mid-day trading, a decline of 53% from the average session volume of 2,525,842 shares. The stock had previously closed at $2.56.

The newly announced dividend which will be paid on Thursday, June 26th. Shareholders of record on Thursday, June 12th will be given a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a yield of 10.61%. This is a positive change from Nordic American Tankers’s previous quarterly dividend of $0.06. The ex-dividend date of this dividend is Thursday, June 12th. Nordic American Tankers’s dividend payout ratio is presently 109.09%.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Jefferies Financial Group restated a “hold” rating and set a $3.00 price target on shares of Nordic American Tankers in a research report on Thursday. Wall Street Zen lowered shares of Nordic American Tankers from a “hold” rating to a “sell” rating in a research report on Friday.

Nordic American Tankers Trading Up 3.1%

The firm’s 50-day simple moving average is $2.54 and its 200-day simple moving average is $2.62. The company has a quick ratio of 0.56, a current ratio of 0.73 and a debt-to-equity ratio of 0.36. The firm has a market capitalization of $559.02 million, a PE ratio of 9.10 and a beta of -0.27.

Nordic American Tankers (NYSE:NAT) last issued its quarterly earnings data on Wednesday, March 5th. The shipping company reported $0.01 EPS for the quarter, missing the consensus estimate of $0.03 by ($0.02). The firm had revenue of $46.39 million for the quarter, compared to the consensus estimate of $51.38 million. Nordic American Tankers had a net margin of 26.41% and a return on equity of 11.95%. Equities analysts expect that Nordic American Tankers Limited will post 0.24 earnings per share for the current year.

Hedge Funds Weigh In On Nordic American Tankers

Hedge funds and other institutional investors have recently modified their holdings of the company. Sequoia Financial Advisors LLC bought a new position in shares of Nordic American Tankers during the fourth quarter valued at about $26,000. Summit Financial LLC bought a new position in shares of Nordic American Tankers during the fourth quarter valued at about $32,000. Avantax Advisory Services Inc. bought a new position in shares of Nordic American Tankers during the fourth quarter valued at about $33,000. Red Door Wealth Management LLC bought a new position in shares of Nordic American Tankers during the first quarter valued at about $39,000. Finally, AXQ Capital LP bought a new position in shares of Nordic American Tankers during the fourth quarter valued at about $43,000. 44.29% of the stock is owned by institutional investors.

About Nordic American Tankers

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.