Nordic American Tankers Limited $NAT Shares Newly Bought by CenterBook Partners LP

Key Points

• CenterBook Partners LP newly acquired 233,007 shares of Nordic American Tankers in the third quarter, worth about $1.84 million and representing 0.11% of the company. Institutional investors collectively held 44.29% of NAT.
• Nordic American Tankers reported quarterly EPS of $0.32, beating estimates by $0.02, while revenue of $79.3 million fell short of expectations. It raised its quarterly dividend to $0.27, equivalent to a 16.2% annualized yield.
• Analyst views were mixed: the average rating was “Hold,” with an average price target of $6.83. B. Riley raised its target to $10 and rated the stock “Buy,” while Evercore maintained an “Underperform” rating with a $7 target.

CenterBook Partners LP acquired a new stake in Nordic American Tankers Limited (NYSE:NAT - Free Report) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 233,007 shares of the shipping company's stock, valued at approximately $1,841,000. CenterBook Partners LP owned 0.11% of Nordic American Tankers as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the stock. VestGen Advisors LLC grew its holdings in Nordic American Tankers by 12.0% during the third quarter. VestGen Advisors LLC now owns 15,751 shares of the shipping company's stock worth $124,000 after acquiring an additional 1,689 shares during the period. Fortitude Family Office LLC lifted its holdings in Nordic American Tankers by 332.6% in the third quarter. Fortitude Family Office LLC now owns 3,764 shares of the shipping company's stock valued at $30,000 after acquiring an additional 2,894 shares during the period. Fifth Third Wealth Advisors LLC lifted its holdings in Nordic American Tankers by 8.5% in the third quarter. Fifth Third Wealth Advisors LLC now owns 39,024 shares of the shipping company's stock valued at $308,000 after acquiring an additional 3,054 shares during the period. Commonwealth Equity Services LLC lifted its holdings in Nordic American Tankers by 0.6% in the third quarter. Commonwealth Equity Services LLC now owns 490,638 shares of the shipping company's stock valued at $3,876,000 after acquiring an additional 3,110 shares during the period. Finally, GAMMA Investing LLC lifted its holdings in Nordic American Tankers by 184.0% in the third quarter. GAMMA Investing LLC now owns 5,306 shares of the shipping company's stock valued at $42,000 after acquiring an additional 3,438 shares during the period. Hedge funds and other institutional investors own 44.29% of the company's stock.

Nordic American Tankers Price Performance

NYSE:NAT opened at $6.68 on Monday. Nordic American Tankers Limited has a 52 week low of $3.33 and a 52 week high of $8.88. The company has a quick ratio of 3.05, a current ratio of 3.27 and a debt-to-equity ratio of 0.78. The stock has a market capitalization of $1.42 billion, a PE ratio of 11.33 and a beta of -0.50. The stock's 50-day moving average price is $7.71 and its 200-day moving average price is $6.15.

Nordic American Tankers (NYSE:NAT - Get Free Report) last released its quarterly earnings results on Thursday, August 27th. The shipping company reported $0.32 earnings per share for the quarter, topping analysts' consensus estimates of $0.30 by $0.02. The company had revenue of $79.30 million during the quarter, compared to analysts' expectations of $84.18 million. Nordic American Tankers had a return on equity of 20.58% and a net margin of 47.04%. As a group, equities analysts expect that Nordic American Tankers Limited will post 0.60 EPS for the current fiscal year.

Nordic American Tankers Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 24th. Stockholders of record on Thursday, September 10th were given a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a dividend yield of 16.2%. This is a boost from Nordic American Tankers's previous quarterly dividend of $0.22. The ex-dividend date was Thursday, September 10th. Nordic American Tankers's dividend payout ratio (DPR) is presently 183.05%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on NAT shares. B. Riley Financial raised their price objective on shares of Nordic American Tankers from $8.00 to $10.00 and gave the stock a "buy" rating in a research note on Monday, October 5th. Evercore reaffirmed an "underperform" rating and set a $7.00 target price on shares of Nordic American Tankers in a report on Tuesday, October 27th. Wall Street Zen cut shares of Nordic American Tankers from a "strong-buy" rating to a "buy" rating in a research note on Saturday, October 3rd. Finally, Weiss Ratings raised shares of Nordic American Tankers from a "hold (c)" rating to a "hold (c+)" rating in a report on Thursday, October 8th. One investment analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $6.83.

Nordic American Tankers Profile

Nordic American Tankers Limited NYSE: NAT is a shipping company focused on the international transportation of crude oil. The company owns and operates Suezmax tankers, a class of vessels designed to carry large volumes of crude oil while remaining within the size limits of the Suez Canal.

Nordic American Tankers' vessels serve global crude-oil markets and transport cargoes between major producing and consuming regions. The company's operations are influenced by international seaborne trade, vessel chartering conditions, and demand for crude-oil transportation.

Founded in 1995, Nordic American Tankers is headquartered in Hamilton, Bermuda, and has been listed on the New York Stock Exchange since that year.

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