Nordic American Tankers (NYSE:NAT) Hits New 12-Month High - Here's Why

Key Points

• Nordic American Tankers reached a new 52-week high, trading as high as $7.34 before settling near $7.17. The move came despite a 1.2% decline during the session.
• The company reported quarterly EPS of $0.32, beating estimates by $0.02, although revenue of $79.3 million fell short of the $84.18 million consensus forecast.
• NAT raised its quarterly dividend to $0.27 per share, implying a 15.1% annualized yield. Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $5.33.

Nordic American Tankers Limited (NYSE:NAT - Get Free Report) hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $7.34 and last traded at $7.1650, with a volume of 3624602 shares trading hands. The stock had previously closed at $7.25.

Wall Street Analyst Weigh In

NAT has been the topic of a number of recent research reports. Wall Street Zen upgraded shares of Nordic American Tankers from a "buy" rating to a "strong-buy" rating in a report on Saturday, August 29th. Weiss Ratings lowered Nordic American Tankers from a "hold (c+)" rating to a "hold (c)" rating in a research report on Friday, August 28th. B Riley reaffirmed a "buy" rating on shares of Nordic American Tankers in a report on Friday, August 28th. Finally, B. Riley Financial upped their price target on Nordic American Tankers from $7.50 to $8.00 and gave the company a "buy" rating in a research report on Friday, August 28th. Two analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $5.33.

Nordic American Tankers Trading Down 1.2%

The firm has a market cap of $1.52 billion, a price-to-earnings ratio of 12.14 and a beta of -0.54. The company has a debt-to-equity ratio of 0.78, a current ratio of 3.27 and a quick ratio of 3.05. The firm's fifty day moving average is $6.49 and its 200-day moving average is $5.90.

Nordic American Tankers (NYSE:NAT - Get Free Report) last issued its quarterly earnings results on Thursday, August 27th. The shipping company reported $0.32 earnings per share for the quarter, topping 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 firm had revenue of $79.30 million during the quarter, compared to the consensus estimate of $84.18 million. Equities analysts anticipate that Nordic American Tankers Limited will post 0.6 earnings per share for the current year.

Nordic American Tankers Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 24th. Investors of record on Thursday, September 10th will be given a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a dividend yield of 15.1%. The ex-dividend date is Thursday, September 10th. This is a positive change from Nordic American Tankers's previous quarterly dividend of $0.22. Nordic American Tankers's dividend payout ratio is currently 149.15%.

Hedge Funds Weigh In On Nordic American Tankers

Several institutional investors have recently added to or reduced their stakes in the business. AQR Capital Management LLC boosted its holdings in shares of Nordic American Tankers by 269.8% during the 1st quarter. AQR Capital Management LLC now owns 129,546 shares of the shipping company's stock worth $319,000 after buying an additional 94,514 shares in the last quarter. Dynamic Technology Lab Private Ltd boosted its stake in Nordic American Tankers by 298.7% during the first quarter. Dynamic Technology Lab Private Ltd now owns 68,325 shares of the shipping company's stock worth $168,000 after acquiring an additional 51,187 shares in the last quarter. Empowered Funds LLC grew its holdings in Nordic American Tankers by 8.9% in the first 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 during the period. Jane Street Group LLC grew its holdings 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 worth $1,054,000 after purchasing an additional 78,948 shares during the period. Finally, Envestnet Asset Management Inc. grew its stake in shares of Nordic American Tankers by 74.7% in the 2nd quarter. Envestnet Asset Management Inc. now owns 38,719 shares of the shipping company's stock valued at $102,000 after buying an additional 16,560 shares during the period. 44.29% of the stock is owned by institutional investors and hedge funds.

Nordic American Tankers Company Profile

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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