Nordic American Tankers (NYSE:NAT) Cut to “Sell” at StockNews.com

StockNews.com downgraded shares of Nordic American Tankers (NYSE:NAT) from a hold rating to a sell rating in a report issued on Thursday morning.

A number of other brokerages have also weighed in on NAT. Evercore ISI cut their price objective on Nordic American Tankers from $4.50 to $4.00 and set an “in-line” rating on the stock in a report on Friday, August 30th. Jefferies Financial Group reissued a “hold” rating and set a $4.00 price target on shares of Nordic American Tankers in a research report on Thursday, September 12th.

Nordic American Tankers Stock Down 2.6 %

NAT stock opened at $2.98 on Thursday. The stock has a market capitalization of $622.22 million, a PE ratio of 10.28 and a beta of -0.21. Nordic American Tankers has a 52 week low of $2.95 and a 52 week high of $4.64. The company has a quick ratio of 0.63, a current ratio of 0.79 and a debt-to-equity ratio of 0.36. The firm has a 50 day moving average of $3.49 and a 200 day moving average of $3.74.

Nordic American Tankers (NYSE:NAT) last posted its quarterly earnings data on Tuesday, September 3rd. The shipping company reported $0.10 EPS for the quarter, topping the consensus estimate of $0.07 by $0.03. Nordic American Tankers had a net margin of 26.35% and a return on equity of 11.60%. The business had revenue of $66.10 million during the quarter, compared to the consensus estimate of $54.34 million. During the same period in the previous year, the firm posted $0.13 earnings per share. Sell-side analysts forecast that Nordic American Tankers will post 0.28 earnings per share for the current year.

Nordic American Tankers Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 26th. Investors of record on Thursday, September 26th will be given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 16.11%. The ex-dividend date of this dividend is Thursday, September 26th. Nordic American Tankers’s dividend payout ratio is currently 165.52%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. BNP Paribas Financial Markets increased its position in shares of Nordic American Tankers by 46.3% in the first quarter. BNP Paribas Financial Markets now owns 109,406 shares of the shipping company’s stock valued at $429,000 after buying an additional 34,631 shares in the last quarter. SG Americas Securities LLC acquired a new position in Nordic American Tankers during the first quarter worth $47,000. Russell Investments Group Ltd. grew its holdings in shares of Nordic American Tankers by 36,804.9% in the first quarter. Russell Investments Group Ltd. now owns 620,371 shares of the shipping company’s stock valued at $2,432,000 after purchasing an additional 618,690 shares during the period. ProShare Advisors LLC grew its stake in shares of Nordic American Tankers by 8.5% in the 1st quarter. ProShare Advisors LLC now owns 36,894 shares of the shipping company’s stock valued at $145,000 after buying an additional 2,904 shares during the period. Finally, Prevail Innovative Wealth Advisors LLC acquired a new stake in Nordic American Tankers during the first quarter worth $2,443,000. Hedge funds and other institutional investors own 44.29% of the company’s stock.

Nordic American Tankers Company Profile

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.