Nordic American Tankers (NYSE:NAT) Reaches New 12-Month High – Here’s What Happened

Nordic American Tankers Limited (NYSE:NAT) hit a new 52-week high on Friday . The company traded as high as $3.93 and last traded at $3.9250, with a volume of 3097621 shares. The stock had previously closed at $3.90.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Weiss Ratings reissued a “hold (c+)” rating on shares of Nordic American Tankers in a research note on Monday, December 29th. Jefferies Financial Group reissued a “hold” rating and issued a $3.50 price target on shares of Nordic American Tankers in a report on Friday, November 28th. Wall Street Zen cut Nordic American Tankers from a “hold” rating to a “sell” rating in a research note on Saturday, December 20th. Finally, Evercore ISI raised their price target on Nordic American Tankers from $2.50 to $3.00 and gave the stock an “in-line” rating in a research note on Tuesday, October 28th. Three equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $3.25.

Nordic American Tankers Stock Up 0.4%

The company has a quick ratio of 1.64, a current ratio of 1.95 and a debt-to-equity ratio of 0.86. The company has a market cap of $829.00 million, a P/E ratio of 195.85 and a beta of -0.43. The company has a fifty day moving average of $3.59 and a 200 day moving average of $3.23.

Nordic American Tankers (NYSE:NAT) last posted its quarterly earnings data on Friday, November 28th. The shipping company reported ($0.01) earnings per share for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.02). Nordic American Tankers had a net margin of 1.12% and a return on equity of 0.39%. The company had revenue of $40.18 million for the quarter, compared to analysts’ expectations of $52.89 million. On average, research analysts anticipate that Nordic American Tankers Limited will post 0.24 earnings per share for the current fiscal year.

Nordic American Tankers Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 22nd. Stockholders of record on Monday, December 8th were issued a $0.13 dividend. This is a positive change from Nordic American Tankers’s previous quarterly dividend of $0.10. The ex-dividend date was Monday, December 8th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 13.3%. Nordic American Tankers’s dividend payout ratio (DPR) is presently 2,600.00%.

Institutional Investors Weigh In On Nordic American Tankers

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. American Century Companies Inc. increased its holdings in shares of Nordic American Tankers by 25.2% during the third quarter. American Century Companies Inc. now owns 5,260,627 shares of the shipping company’s stock valued at $16,518,000 after acquiring an additional 1,057,232 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Nordic American Tankers by 7.8% in the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,124,150 shares of the shipping company’s stock worth $16,090,000 after purchasing an additional 369,462 shares during the period. Geode Capital Management LLC increased its position in shares of Nordic American Tankers by 0.6% in the second quarter. Geode Capital Management LLC now owns 2,568,766 shares of the shipping company’s stock valued at $6,756,000 after buying an additional 16,535 shares in the last quarter. Millennium Management LLC grew its stake in Nordic American Tankers by 108.3% in the 3rd quarter. Millennium Management LLC now owns 2,429,423 shares of the shipping company’s stock valued at $7,628,000 after acquiring an additional 1,263,228 shares during the period. Finally, UBS Group AG increased its holdings in Nordic American Tankers by 83.9% in the 3rd quarter. UBS Group AG now owns 2,277,830 shares of the shipping company’s stock worth $7,152,000 after acquiring an additional 1,039,353 shares in the last quarter. Institutional investors own 44.29% of the company’s stock.

About Nordic American Tankers

Nordic American Tankers Limited is a Bermuda-based shipping company specializing in the ownership and operation of Suezmax crude oil tankers. The company’s fleet is employed on the spot and period charter markets, transporting crude oil across major global trade routes. By focusing on commercially flexible employment strategies, Nordic American Tankers seeks to optimize vessel utilization and generate stable income for shareholders.

Founded in 1995 and headquartered in Hamilton, Bermuda, Nordic American Tankers maintains technical and commercial management arrangements through established ship-management partners.