Nordic American Tankers (NYSE:NAT) Issues Quarterly Earnings Results

Key Points

• Nordic American Tankers reported quarterly EPS of $0.32, beating analyst expectations of $0.23, while revenue of $79.3 million fell short of the $84.18 million consensus estimate.
• The company increased its quarterly dividend to $0.27 per share, equivalent to a $1.08 annualized payout and a 16.0% yield.
• Shares rose 3.5% to $6.75, despite a “Reduce” consensus rating and an average analyst price target of $4.00.

Nordic American Tankers (NYSE:NAT - Get Free Report) announced its quarterly earnings data on Thursday. The shipping company reported $0.32 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.09, FiscalAI reports. Nordic American Tankers had a return on equity of 9.16% and a net margin of 24.19%.The firm had revenue of $79.30 million during the quarter, compared to analysts' expectations of $84.18 million.

Nordic American Tankers Stock Up 3.5%

Shares of Nordic American Tankers stock opened at $6.75 on Friday. The company has a quick ratio of 2.75, a current ratio of 3.00 and a debt-to-equity ratio of 0.83. Nordic American Tankers has a 12 month low of $2.96 and a 12 month high of $7.20. The business has a fifty day simple moving average of $6.33 and a 200 day simple moving average of $5.76. The stock has a market cap of $1.43 billion, a PE ratio of 24.99 and a beta of -0.57.

Nordic American Tankers Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 24th. Stockholders of record on Thursday, September 10th will be given a $0.27 dividend. The ex-dividend date is Thursday, September 10th. This represents a $1.08 annualized dividend and a dividend yield of 16.0%. This is an increase from Nordic American Tankers's previous quarterly dividend of $0.22. Nordic American Tankers's dividend payout ratio is 325.93%.

Analyst Ratings Changes

Separately, Wall Street Zen cut shares of Nordic American Tankers from a "strong-buy" rating to a "buy" rating in a research report on Sunday, July 26th. Two research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Reduce" and a consensus target price of $4.00.

Hedge Funds Weigh In On Nordic American Tankers

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NAT. Cerity Partners LLC grew its position in shares of Nordic American Tankers by 4.7% during the 4th quarter. Cerity Partners LLC now owns 54,470 shares of the shipping company's stock worth $187,000 after buying an additional 2,449 shares during the period. Mercer Global Advisors Inc. ADV raised its position in shares of Nordic American Tankers by 8.3% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 44,606 shares of the shipping company's stock valued at $153,000 after acquiring an additional 3,433 shares during the period. Franklin Resources Inc. boosted its stake in Nordic American Tankers by 15.9% during the 3rd quarter. Franklin Resources Inc. now owns 27,236 shares of the shipping company's stock worth $86,000 after acquiring an additional 3,735 shares during the last quarter. Focus Partners Wealth grew its holdings in Nordic American Tankers by 30.5% during the third quarter. Focus Partners Wealth now owns 18,924 shares of the shipping company's stock valued at $59,000 after purchasing an additional 4,424 shares during the period. Finally, Osaic Holdings Inc. grew its holdings in Nordic American Tankers by 3.2% during the second quarter. Osaic Holdings Inc. now owns 164,701 shares of the shipping company's stock valued at $433,000 after purchasing an additional 5,133 shares during the period. 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.

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