Nordic American Tankers (NYSE:NAT) Trading Down 4.1% - Here's What Happened

Key Points

• Shares of Nordic American Tankers were down 4.1% on Wednesday, trading as low as $5.54 and last at $5.5550 on mid-day volume of ~2.79M shares, about 37% below its average daily volume.
• The company missed quarterly expectations, reporting EPS of $0.06 versus $0.09 expected and revenue of $58.76M versus $69.43M estimated.
• Nordic American Tankers raised its quarterly dividend to $0.17 (annualized $0.68) for a ~12.3% yieldHold with a $3.25 target.

Nordic American Tankers Limited (NYSE:NAT - Get Free Report)'s share price was down 4.1% on Wednesday . The company traded as low as $5.54 and last traded at $5.5550. Approximately 2,787,071 shares were traded during mid-day trading, a decline of 37% from the average daily volume of 4,449,718 shares. The stock had previously closed at $5.79.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on NAT. Weiss Ratings reissued a "hold (c+)" rating on shares of Nordic American Tankers in a report on Monday, December 29th. Wall Street Zen raised Nordic American Tankers from a "sell" rating to a "hold" rating in a report on Saturday, January 17th. Finally, Jefferies Financial Group reiterated a "hold" rating and issued a $3.50 price target on shares of Nordic American Tankers in a research report on Friday, November 28th. Three analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $3.25.

Nordic American Tankers Price Performance

The business's 50-day moving average price is $4.78 and its 200 day moving average price is $3.95. The company has a market capitalization of $1.17 billion, a P/E ratio of 79.08 and a beta of -0.49. The company has a quick ratio of 1.94, a current ratio of 2.24 and a debt-to-equity ratio of 0.87.

Nordic American Tankers (NYSE:NAT - Get Free Report) last posted its earnings results on Thursday, February 26th. The shipping company reported $0.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by ($0.03). Nordic American Tankers had a return on equity of 2.47% and a net margin of 6.39%.The firm had revenue of $58.76 million during the quarter, compared to analysts' expectations of $69.43 million. Analysts anticipate that Nordic American Tankers Limited will post 0.24 EPS for the current fiscal year.

Nordic American Tankers Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 24th. Investors of record on Tuesday, March 10th were given a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 12.3%. This is a boost from Nordic American Tankers's previous quarterly dividend of $0.13. The ex-dividend date was Tuesday, March 10th. Nordic American Tankers's dividend payout ratio (DPR) is 971.43%.

Hedge Funds Weigh In On Nordic American Tankers

Several hedge funds and other institutional investors have recently added to or reduced their stakes in NAT. Torren Management LLC bought a new stake in shares of Nordic American Tankers during the 4th quarter valued at about $34,000. BlueStem Wealth Partners LLC bought a new position in shares of Nordic American Tankers in the third quarter worth approximately $32,000. HBK Sorce Advisory LLC bought a new position in shares of Nordic American Tankers in the third quarter worth approximately $33,000. Vanguard Personalized Indexing Management LLC purchased a new stake in Nordic American Tankers in the third quarter valued at approximately $32,000. Finally, ROI Financial Advisors LLC purchased a new stake in Nordic American Tankers in the fourth quarter valued at approximately $36,000. 44.29% of the stock is currently owned by hedge funds and other institutional investors.

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.

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