Nordic American Tankers Limited (NYSE:NAT) Declares Quarterly Dividend of $0.12

Nordic American Tankers Limited (NYSE:NAT) announced a quarterly dividend on Thursday, August 29th, Zacks reports. Shareholders of record on Thursday, September 26th will be given a dividend of 0.12 per share by the shipping company on Tuesday, November 26th. This represents a $0.48 dividend on an annualized basis and a yield of 12.82%. The ex-dividend date of this dividend is Thursday, September 26th.

Nordic American Tankers has increased its dividend payment by an average of 2.9% per year over the last three years. Nordic American Tankers has a payout ratio of 78.7% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings tumble. Equities analysts expect Nordic American Tankers to earn $0.50 per share next year, which means the company should continue to be able to cover its $0.48 annual dividend with an expected future payout ratio of 96.0%.

Nordic American Tankers Price Performance

NAT stock opened at $3.75 on Wednesday. The stock has a 50-day moving average price of $3.64 and a two-hundred day moving average price of $3.87. Nordic American Tankers has a 12-month low of $3.31 and a 12-month high of $4.83. The company has a current ratio of 0.79, a quick ratio of 0.63 and a debt-to-equity ratio of 0.36. The company has a market cap of $781.96 million, a PE ratio of 11.70 and a beta of -0.19.

Nordic American Tankers (NYSE:NAT) last posted its quarterly earnings results on Tuesday, September 3rd. The shipping company reported $0.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.07 by $0.03. Nordic American Tankers had a return on equity of 11.60% and a net margin of 26.35%. The firm had revenue of $66.10 million during the quarter, compared to the consensus estimate of $54.34 million. During the same quarter in the previous year, the business earned $0.13 earnings per share. As a group, research analysts predict that Nordic American Tankers will post 0.38 EPS for the current year.

Analysts Set New Price Targets

NAT has been the topic of a number of recent research reports. StockNews.com cut Nordic American Tankers from a “hold” rating to a “sell” rating in a research note on Tuesday, August 13th. Jefferies Financial Group restated a “hold” rating and set a $4.00 price objective on shares of Nordic American Tankers in a research note on Thursday, September 12th. Finally, Evercore ISI reduced their price objective on Nordic American Tankers from $4.50 to $4.00 and set an “in-line” rating on the stock in a research note on Friday, August 30th.

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.