Nordic American Tankers (NYSE:NAT) Cut to Buy at Wall Street Zen

Key Points

• Nordic American Tankers (NYSE:NAT) was downgraded by Wall Street Zen from “strong-buy” to “buy”. Evercore also recently cut the stock to “underperform” with a $4.50 price target.
• The stock opened at $6.45 and has traded between a 52-week low of $2.70 and high of $6.70. It currently has a market cap of about $1.36 billion and an average analyst rating of “Reduce” with a $4.00 target.
• In its latest quarterly results, the shipping company reported $0.17 EPS, slightly beating estimates, while revenue came in at $77.51 million, below expectations. Institutional ownership remains significant, with hedge funds and other investors holding 44.29% of the company.

Nordic American Tankers (NYSE:NAT - Get Free Report) was downgraded by research analysts at Wall Street Zen from a "strong-buy" rating to a "buy" rating in a research report issued to clients and investors on Sunday.

Separately, Evercore downgraded shares of Nordic American Tankers from an "in-line" rating to an "underperform" rating and set a $4.50 target price on the stock. in a research report on Tuesday, April 21st. Two equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Reduce" and an average price target of $4.00.

Nordic American Tankers Stock Performance

Shares of NAT opened at $6.45 on Friday. The stock has a 50 day moving average price of $5.74 and a 200 day moving average price of $5.32. The company has a quick ratio of 2.75, a current ratio of 3.00 and a debt-to-equity ratio of 0.83. The company has a market capitalization of $1.36 billion, a price-to-earnings ratio of 23.87 and a beta of -0.57. Nordic American Tankers has a 52-week low of $2.70 and a 52-week high of $6.70.

Nordic American Tankers (NYSE:NAT - Get Free Report) last released its quarterly earnings data on Thursday, May 28th. The shipping company reported $0.17 earnings per share for the quarter, topping analysts' consensus estimates of $0.16 by $0.01. The company had revenue of $77.51 million for the quarter, compared to analysts' expectations of $81.86 million. Nordic American Tankers had a net margin of 24.19% and a return on equity of 9.16%. Research analysts predict that Nordic American Tankers will post 0.58 EPS for the current fiscal year.

Institutional Investors Weigh In On Nordic American Tankers

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP grew its position in shares of 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 worth $71,430,000 after acquiring an additional 460,555 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Nordic American Tankers by 7.8% during the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,124,150 shares of the shipping company's stock worth $16,090,000 after purchasing an additional 369,462 shares during the period. CenterBook Partners LP boosted its stake in Nordic American Tankers by 110.1% during the 4th quarter. CenterBook Partners LP now owns 3,700,409 shares of the shipping company's stock worth $12,729,000 after purchasing an additional 1,939,211 shares during the period. Millennium Management LLC increased its stake in Nordic American Tankers by 108.3% in the third quarter. Millennium Management LLC now owns 2,429,423 shares of the shipping company's stock valued at $7,628,000 after purchasing an additional 1,263,228 shares during the period. Finally, UBS Group AG raised its holdings in shares of Nordic American Tankers by 83.9% in the third quarter. UBS Group AG now owns 2,277,830 shares of the shipping company's stock valued at $7,152,000 after buying an additional 1,039,353 shares during the last quarter. Hedge funds and other institutional investors own 44.29% of the company's stock.

About Nordic American Tankers

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.

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.