Nordic American Tankers Limited (NYSE:NAT - Get Free Report) declared a quarterly dividend on Friday, May 30th, Wall Street Journal reports. Shareholders of record on Thursday, June 12th will be paid a dividend of 0.07 per share by the shipping company on Thursday, June 26th. This represents a $0.28 annualized dividend and a yield of 10.43%. The ex-dividend date of this dividend is Thursday, June 12th. This is a 16.7% increase from Nordic American Tankers's previous quarterly dividend of $0.06.
Nordic American Tankers has increased its dividend payment by an average of 88.2% annually over the last three years and has raised its dividend annually for the last 1 consecutive years. Nordic American Tankers has a payout ratio of 68.6% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Nordic American Tankers to earn $0.26 per share next year, which means the company should continue to be able to cover its $0.24 annual dividend with an expected future payout ratio of 92.3%.
Nordic American Tankers Stock Down 0.9%
NAT stock traded down $0.03 during mid-day trading on Tuesday, hitting $2.69. The stock had a trading volume of 2,199,840 shares, compared to its average volume of 2,529,117. The company has a current ratio of 0.73, a quick ratio of 0.56 and a debt-to-equity ratio of 0.36. Nordic American Tankers has a 1-year low of $2.13 and a 1-year high of $4.23. The company has a fifty day moving average of $2.54 and a 200 day moving average of $2.62. The stock has a market capitalization of $568.55 million, a price-to-earnings ratio of 9.26 and a beta of -0.27.
Nordic American Tankers (NYSE:NAT - Get Free Report) last issued its quarterly earnings data on Wednesday, March 5th. The shipping company reported $0.01 EPS for the quarter, missing analysts' consensus estimates of $0.03 by ($0.02). The company had revenue of $46.39 million for the quarter, compared to analyst estimates of $51.38 million. Nordic American Tankers had a net margin of 26.41% and a return on equity of 11.95%. On average, equities analysts expect that Nordic American Tankers will post 0.24 EPS for the current fiscal year.
Institutional Trading of Nordic American Tankers
Several institutional investors have recently modified their holdings of the company. Empowered Funds LLC grew its holdings in shares of Nordic American Tankers by 8.9% during the 1st quarter. Empowered Funds LLC now owns 221,939 shares of the shipping company's stock worth $546,000 after purchasing an additional 18,222 shares in the last quarter. Dynamic Technology Lab Private Ltd boosted its stake in Nordic American Tankers by 298.7% in the 1st quarter. Dynamic Technology Lab Private Ltd now owns 68,325 shares of the shipping company's stock valued at $168,000 after buying an additional 51,187 shares in the last quarter. Jane Street Group LLC grew its position in Nordic American Tankers by 22.6% in the first quarter. Jane Street Group LLC now owns 428,298 shares of the shipping company's stock valued at $1,054,000 after acquiring an additional 78,948 shares during the period. Finally, AQR Capital Management LLC grew its position in Nordic American Tankers by 269.8% in the first quarter. AQR Capital Management LLC now owns 129,546 shares of the shipping company's stock valued at $319,000 after acquiring an additional 94,514 shares during the period. Institutional investors and hedge funds own 44.29% of the company's stock.
Analyst Upgrades and Downgrades
A number of research firms have issued reports on NAT. Wall Street Zen lowered Nordic American Tankers from a "hold" rating to a "sell" rating in a report on Friday. Jefferies Financial Group reaffirmed a "hold" rating and issued a $3.00 target price on shares of Nordic American Tankers in a report on Thursday, May 29th.
Read Our Latest Stock Report on NAT
Nordic American Tankers Company Profile
(
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Nordic American Tankers Limited, a tanker company, acquires and charters double-hull tankers in Bermuda and internationally. It operates a fleet of 20 Suezmax crude oil tankers. The company was incorporated in 1995 and is headquartered in Hamilton, Bermuda.
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