Connor Clark & Lunn Investment Management Ltd. Invests $6.30 Million in Nordic American Tankers Limited $NAT

Key Points

• Connor Clark & Lunn Investment Management acquired 1.14 million shares of Nordic American Tankers valued at approximately $6.3 million, giving it a 0.54% stake. Institutional investors collectively own 44.29% of the company.
• Nordic American Tankers raised its quarterly dividend to $0.27 per share from $0.22, representing a $1.08 annualized payout and a 16.0% yield, though its payout ratio is elevated at 325.93%.
• The stock trades near $6.75, well above its one-year low of $2.96, while analysts maintain a consensus “Reduce” rating and a $4.00 price target. The company’s latest quarterly EPS of $0.17 slightly exceeded expectations.

Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Nordic American Tankers Limited (NYSE:NAT - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 1,137,587 shares of the shipping company's stock, valued at approximately $6,302,000. Connor Clark & Lunn Investment Management Ltd. owned about 0.54% of Nordic American Tankers as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently bought and sold shares of the company. Dimensional Fund Advisors LP boosted its stake in Nordic American Tankers by 3.9% during the first quarter. Dimensional Fund Advisors LP now owns 12,189,811 shares of the shipping company's stock valued at $71,430,000 after buying an additional 460,555 shares during the last quarter. Arrowstreet Capital Limited Partnership purchased a new position in shares of Nordic American Tankers in the first quarter valued at $4,377,000. Quantbot Technologies LP purchased a new position in shares of Nordic American Tankers in the second quarter valued at $1,692,000. Simcoe Capital LLC bought a new stake in Nordic American Tankers in the fourth quarter worth $3,522,000. Finally, GSA Capital Partners LLP increased its position in Nordic American Tankers by 44.5% in the second quarter. GSA Capital Partners LLP now owns 241,337 shares of the shipping company's stock worth $1,337,000 after purchasing an additional 74,358 shares during the last quarter. 44.29% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

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

Nordic American Tankers Price Performance

Shares of Nordic American Tankers stock opened at $6.75 on Friday. The stock has a market cap of $1.43 billion, a price-to-earnings ratio of 24.99 and a beta of -0.57. The company has a debt-to-equity ratio of 0.83, a quick ratio of 2.75 and a current ratio of 3.00. The stock has a 50 day moving average price of $6.33 and a 200-day moving average price of $5.76. Nordic American Tankers Limited has a one year low of $2.96 and a one year high of $7.20.

Nordic American Tankers (NYSE:NAT - Get Free Report) last released its earnings results on Thursday, May 28th. The shipping company reported $0.17 earnings per share for the quarter, beating the consensus estimate of $0.16 by $0.01. Nordic American Tankers had a return on equity of 9.16% and a net margin of 24.19%.The firm had revenue of $77.51 million for the quarter, compared to the consensus estimate of $81.86 million. Equities analysts expect that Nordic American Tankers Limited will post 0.58 EPS for the current year.

Nordic American Tankers Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 24th. Shareholders of record on Thursday, September 10th will be paid a dividend of $0.27 per share. The ex-dividend date of this dividend is Thursday, September 10th. This is a positive change from Nordic American Tankers's previous quarterly dividend of $0.22. This represents a $1.08 annualized dividend and a yield of 16.0%. Nordic American Tankers's payout ratio is presently 325.93%.

Nordic American Tankers Profile

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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