Evercore ISI Increases Nordic American Tankers (NYSE:NAT) Price Target to $3.00

Nordic American Tankers (NYSE:NAT) had its price objective increased by research analysts at Evercore ISI from $2.50 to $3.00 in a note issued to investors on Tuesday, MarketBeat reports. The brokerage presently has an “in-line” rating on the shipping company’s stock. Evercore ISI’s price target indicates a potential downside of 18.81% from the company’s previous close.

NAT has been the topic of several other research reports. Jefferies Financial Group reaffirmed a “hold” rating and set a $3.00 price objective on shares of Nordic American Tankers in a report on Thursday, August 28th. Weiss Ratings reissued a “hold (c)” rating on shares of Nordic American Tankers in a report on Wednesday, October 8th. Finally, Wall Street Zen downgraded Nordic American Tankers from a “hold” rating to a “sell” rating in a research note on Saturday, July 26th. Three investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat, Nordic American Tankers presently has a consensus rating of “Hold” and a consensus target price of $3.00.

Nordic American Tankers Stock Performance

Shares of Nordic American Tankers stock opened at $3.70 on Tuesday. The company has a quick ratio of 2.04, a current ratio of 2.33 and a debt-to-equity ratio of 0.84. Nordic American Tankers has a 52 week low of $2.13 and a 52 week high of $3.78. The firm’s 50 day moving average is $3.27 and its two-hundred day moving average is $2.90. The firm has a market capitalization of $782.42 million, a P/E ratio of 52.79 and a beta of -0.31.

Nordic American Tankers (NYSE:NAT) last issued its earnings results on Thursday, August 28th. The shipping company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by ($0.05). The company had revenue of $40.15 million during the quarter, compared to analyst estimates of $53.35 million. Nordic American Tankers had a net margin of 7.58% and a return on equity of 2.67%. Research analysts forecast that Nordic American Tankers will post 0.24 EPS for the current fiscal year.

Institutional Trading of Nordic American Tankers

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Wealth Enhancement Advisory Services LLC lifted its position in Nordic American Tankers by 35.9% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 50,889 shares of the shipping company’s stock worth $165,000 after acquiring an additional 13,453 shares during the period. Sequoia Financial Advisors LLC raised its stake in shares of Nordic American Tankers by 21.4% during the third quarter. Sequoia Financial Advisors LLC now owns 19,260 shares of the shipping company’s stock worth $60,000 after purchasing an additional 3,395 shares during the last quarter. Evergreen Capital Management LLC acquired a new stake in shares of Nordic American Tankers during the third quarter worth $40,000. Philip James Wealth Mangement LLC grew its position in Nordic American Tankers by 1.1% in the 3rd quarter. Philip James Wealth Mangement LLC now owns 1,317,887 shares of the shipping company’s stock valued at $4,138,000 after buying an additional 14,015 shares during the last quarter. Finally, Silver Oak Securities Incorporated acquired a new position in Nordic American Tankers in the 3rd quarter valued at $1,362,000. 44.29% of the stock is owned by hedge funds and other 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.