Nordic American Tankers (NYSE:NAT) Hits New 1-Year Low – Here’s What Happened

Nordic American Tankers Limited (NYSE:NAT)’s share price reached a new 52-week low during trading on Thursday . The company traded as low as $2.95 and last traded at $2.96, with a volume of 1007196 shares. The stock had previously closed at $3.00.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on NAT. StockNews.com lowered Nordic American Tankers from a “hold” rating to a “sell” rating in a report on Thursday, November 14th. Evercore ISI cut their target price on shares of Nordic American Tankers from $4.50 to $4.00 and set an “in-line” rating on the stock in a research report on Friday, August 30th. Finally, Jefferies Financial Group decreased their price target on shares of Nordic American Tankers from $4.00 to $3.50 and set a “hold” rating for the company in a research report on Thursday, November 14th.

Nordic American Tankers Price Performance

The business has a 50-day moving average price of $3.45 and a two-hundred day moving average price of $3.72. 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 company has a market capitalization of $624.31 million, a price-to-earnings ratio of 10.36 and a beta of -0.21.

Nordic American Tankers (NYSE:NAT) last announced its quarterly earnings results on Tuesday, September 3rd. The shipping company reported $0.10 earnings per share for the quarter, beating 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 for the quarter, compared to analysts’ expectations of $54.34 million. During the same quarter last year, the firm earned $0.13 EPS. As a group, research analysts anticipate that Nordic American Tankers Limited will post 0.28 EPS for the current year.

Nordic American Tankers Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 26th. Stockholders 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 dividend yield of 16.05%. The ex-dividend date is Thursday, September 26th. Nordic American Tankers’s dividend payout ratio is presently 165.52%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Barclays PLC lifted its holdings in Nordic American Tankers by 274.8% during the third quarter. Barclays PLC now owns 268,115 shares of the shipping company’s stock valued at $984,000 after purchasing an additional 196,571 shares during the last quarter. MML Investors Services LLC lifted its position in shares of Nordic American Tankers by 46.0% during the third quarter. MML Investors Services LLC now owns 86,357 shares of the shipping company’s stock worth $317,000 after acquiring an additional 27,210 shares in the last quarter. Two Sigma Advisers LP boosted its holdings in shares of Nordic American Tankers by 67.6% in the third quarter. Two Sigma Advisers LP now owns 3,774,100 shares of the shipping company’s stock worth $13,851,000 after acquiring an additional 1,521,900 shares during the period. Penn Mutual Asset Management raised its stake in shares of Nordic American Tankers by 25.2% during the 3rd quarter. Penn Mutual Asset Management now owns 134,000 shares of the shipping company’s stock valued at $492,000 after purchasing an additional 27,000 shares during the period. Finally, Quantbot Technologies LP boosted its stake in Nordic American Tankers by 198.9% in the 3rd quarter. Quantbot Technologies LP now owns 207,008 shares of the shipping company’s stock worth $760,000 after purchasing an additional 137,745 shares during the period. 44.29% of the stock is owned by 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.