Bank of America Corp DE Purchases New Shares in Nordic American Tankers Limited $NAT

Key Points

• Bank of America acquired 341,174 shares of Nordic American Tankers during the second quarter, worth approximately $1.89 million and representing about 0.16% of the company.
• Institutional ownership remains significant, with hedge funds and other institutions holding 44.29% of NAT’s stock; several additional funds initiated positions during the quarter.
• Nordic American Tankers reported quarterly EPS of $0.32, exceeding estimates, and raised its quarterly dividend to $0.27, implying a 13.7% annualized yield. Analysts’ consensus rating is “Hold,” with a $5.33 price target.

Bank of America Corp DE acquired a new position in Nordic American Tankers Limited (NYSE:NAT - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 341,174 shares of the shipping company's stock, valued at approximately $1,890,000. Bank of America Corp DE owned about 0.16% of Nordic American Tankers at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of NAT. Legal & General Group Plc bought a new stake in shares of Nordic American Tankers in the 2nd quarter worth about $176,000. The Manufacturers Life Insurance Company bought a new position in shares of Nordic American Tankers in the 2nd quarter valued at about $297,000. Visionary Wealth Advisors bought a new position in shares of Nordic American Tankers in the 2nd quarter valued at about $97,000. Algert Global LLC bought a new stake in Nordic American Tankers during the second quarter worth approximately $533,000. Finally, Sanctuary Advisors LLC bought a new stake in Nordic American Tankers during the second quarter worth approximately $322,000. 44.29% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on NAT shares. B. Riley Financial lifted their target price on Nordic American Tankers from $7.50 to $8.00 and gave the stock a "buy" rating in a report on Friday, August 28th. Weiss Ratings lowered shares of Nordic American Tankers from a "hold (c+)" rating to a "hold (c)" rating in a research note on Friday, August 28th. Finally, Wall Street Zen upgraded shares of Nordic American Tankers from a "buy" rating to a "strong-buy" rating in a research report on Saturday, August 29th. One equities research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $5.33.

Nordic American Tankers Stock Down 1.3%

Shares of NYSE NAT opened at $7.87 on Thursday. Nordic American Tankers Limited has a 1 year low of $3.10 and a 1 year high of $8.33. The firm has a 50-day simple moving average of $7.03 and a two-hundred day simple moving average of $6.17. The company has a market cap of $1.67 billion, a P/E ratio of 13.34 and a beta of -0.54. The company has a debt-to-equity ratio of 0.78, a current ratio of 3.27 and a quick ratio of 3.05.

Nordic American Tankers (NYSE:NAT - Get Free Report) last released its earnings results on Thursday, August 27th. The shipping company reported $0.32 EPS for the quarter, beating analysts' consensus estimates of $0.30 by $0.02. Nordic American Tankers had a return on equity of 20.58% and a net margin of 47.04%.The firm had revenue of $79.30 million for the quarter, compared to analysts' expectations of $84.18 million. Research analysts anticipate that Nordic American Tankers Limited will post 0.6 earnings per share for the current year.

Nordic American Tankers Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 24th. Shareholders of record on Thursday, September 10th were given a $0.27 dividend. This is a positive change from Nordic American Tankers's previous quarterly dividend of $0.22. The ex-dividend date of this dividend was Thursday, September 10th. This represents a $1.08 annualized dividend and a yield of 13.7%. Nordic American Tankers's dividend payout ratio is presently 183.05%.

About Nordic American Tankers

Nordic American Tankers Limited NYSE: NAT is an international tanker company that owns and operates crude oil tankers. The company's fleet is primarily composed of Suezmax vessels, which transport large quantities of crude oil between major ports and energy markets.

Nordic American Tankers provides seaborne crude oil transportation services to oil companies, trading firms and other customers worldwide. Its vessels may operate under voyage charters, time charters or other commercial arrangements, allowing the company to serve changing demand across global shipping routes.

Founded in 1995 and headquartered in Hamilton, Bermuda, Nordic American Tankers has historically emphasized operating a focused Suezmax tanker fleet and maintaining a presence in international crude oil transportation.

Want to see what other hedge funds are holding NAT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Nordic American Tankers Limited (NYSE:NAT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.