Nordic American Tankers Limited $NAT Stake Lifted by State Street Corp

Key Points

• State Street increased its Nordic American Tankers stake by 7.1% in the second quarter, acquiring 302,212 additional shares and bringing its ownership to about 2.16%, valued at $25.3 million.
• Analyst sentiment remains mixed: NAT has an average rating of “Hold” and a consensus price target of $5.33, despite B. Riley raising its target to $8.00 and Wall Street Zen upgrading the stock to “strong-buy.”
• Nordic American Tankers exceeded quarterly EPS estimates with $0.32 versus $0.30 expected and raised its quarterly dividend to $0.27, producing a 13.9% annualized yield.

State Street Corp grew its holdings in shares of Nordic American Tankers Limited (NYSE:NAT - Free Report) by 7.1% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 4,564,186 shares of the shipping company's stock after purchasing an additional 302,212 shares during the quarter. State Street Corp owned approximately 2.16% of Nordic American Tankers worth $25,286,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of NAT. Public Employees Retirement System of Ohio acquired a new stake in Nordic American Tankers in the 2nd quarter valued at about $30,000. FNY Investment Advisers LLC purchased a new stake in shares of Nordic American Tankers in the second quarter valued at approximately $32,000. Integrated Wealth Concepts LLC acquired a new stake in shares of Nordic American Tankers in the second quarter valued at approximately $32,000. ROI Financial Advisors LLC acquired a new stake in shares of Nordic American Tankers in the fourth quarter valued at approximately $36,000. Finally, Diversify Wealth Management LLC purchased a new position in Nordic American Tankers during the first quarter worth approximately $56,000. Hedge funds and other institutional investors own 44.29% of the company's stock.

Wall Street Analysts Forecast Growth

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

Nordic American Tankers Stock Performance

Shares of NAT stock opened at $7.75 on Friday. The stock's 50-day moving average is $6.94 and its two-hundred day moving average is $6.11. The firm has a market cap of $1.64 billion, a price-to-earnings ratio of 13.13 and a beta of -0.54. The company has a debt-to-equity ratio of 0.78, a quick ratio of 3.05 and a current ratio of 3.27. Nordic American Tankers Limited has a 1 year low of $3.06 and a 1 year high of $8.33.

Nordic American Tankers (NYSE:NAT - Get Free Report) last issued its quarterly earnings data on Thursday, August 27th. The shipping company reported $0.32 earnings per share 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 company had revenue of $79.30 million during the quarter, compared to analysts' expectations of $84.18 million. Analysts predict 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 declared a quarterly dividend, which was paid on Thursday, September 24th. Investors of record on Thursday, September 10th were given a $0.27 dividend. This is a boost from Nordic American Tankers's previous quarterly dividend of $0.22. The ex-dividend date was Thursday, September 10th. This represents a $1.08 annualized dividend and a yield of 13.9%. Nordic American Tankers's 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.

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