Nordic American Tankers (NYSE:NAT) Shares Gap Up - What's Next?

Nordic American Tankers Limited (NYSE:NAT - Get Free Report) gapped up prior to trading on Tuesday . The stock had previously closed at $2.77, but opened at $2.84. Nordic American Tankers shares last traded at $2.88, with a volume of 183,852 shares changing hands.

Wall Street Analysts Forecast Growth

NAT has been the topic of a number of recent research reports. Wall Street Zen lowered shares of Nordic American Tankers from a "hold" rating to a "sell" rating in a research report on Friday, May 30th. Jefferies Financial Group reissued a "hold" rating and set a $3.00 price target on shares of Nordic American Tankers in a research note on Thursday, May 29th.

Nordic American Tankers Price Performance

The business's 50-day simple moving average is $2.61 and its two-hundred day simple moving average is $2.60. The stock has a market cap of $608.78 million, a P/E ratio of 9.88 and a beta of -0.20. The company has a quick ratio of 0.56, a current ratio of 0.73 and a debt-to-equity ratio of 0.36.

Nordic American Tankers Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 26th. Stockholders of record on Thursday, June 12th will be given a $0.07 dividend. This is a positive change from Nordic American Tankers's previous quarterly dividend of $0.06. This represents a $0.28 dividend on an annualized basis and a dividend yield of 9.74%. The ex-dividend date is Thursday, June 12th. Nordic American Tankers's dividend payout ratio (DPR) is currently 127.27%.

Hedge Funds Weigh In On Nordic American Tankers

Institutional investors and hedge funds have recently modified their holdings of the company. Russell Investments Group Ltd. increased its holdings in shares of Nordic American Tankers by 19.4% in the first quarter. Russell Investments Group Ltd. now owns 23,886 shares of the shipping company's stock worth $59,000 after purchasing an additional 3,875 shares during the last quarter. SBI Securities Co. Ltd. raised its position in shares of Nordic American Tankers by 11.9% in the 1st quarter. SBI Securities Co. Ltd. now owns 41,487 shares of the shipping company's stock valued at $102,000 after purchasing an additional 4,409 shares during the last quarter. WealthTrust Axiom LLC boosted its holdings in Nordic American Tankers by 0.7% in the fourth quarter. WealthTrust Axiom LLC now owns 652,683 shares of the shipping company's stock valued at $1,632,000 after purchasing an additional 4,665 shares during the last quarter. Rhumbline Advisers grew its stake in shares of Nordic American Tankers by 1.1% during the 4th quarter. Rhumbline Advisers now owns 483,457 shares of the shipping company's stock worth $1,209,000 after purchasing an additional 5,439 shares during the period. Finally, Xponance Inc. increased its position in shares of Nordic American Tankers by 41.4% during the fourth quarter. Xponance Inc. now owns 18,586 shares of the shipping company's stock worth $46,000 after purchasing an additional 5,439 shares in the last quarter. 44.29% of the stock is currently owned by hedge funds and other institutional investors.

About Nordic American Tankers

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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