Short Interest in Nordic American Tanker Ltd (NYSE:NAT) Drops By 16.4%

Nordic American Tanker Ltd (NYSE:NAT) was the target of a large decline in short interest in October. As of October 31st, there was short interest totalling 4,540,000 shares, a decline of 16.4% from the September 30th total of 5,430,000 shares. Based on an average daily volume of 3,160,000 shares, the days-to-cover ratio is currently 1.4 days. Approximately 3.3% of the company’s stock are short sold.

Several hedge funds and other institutional investors have recently bought and sold shares of NAT. Nisa Investment Advisors LLC bought a new stake in shares of Nordic American Tanker in the 2nd quarter worth $113,000. AE Wealth Management LLC grew its position in Nordic American Tanker by 18.6% during the second quarter. AE Wealth Management LLC now owns 30,019 shares of the shipping company’s stock valued at $70,000 after buying an additional 4,703 shares during the period. SG Americas Securities LLC grew its position in Nordic American Tanker by 37.8% during the second quarter. SG Americas Securities LLC now owns 76,516 shares of the shipping company’s stock valued at $179,000 after buying an additional 20,988 shares during the period. Aperio Group LLC grew its position in Nordic American Tanker by 186.9% during the second quarter. Aperio Group LLC now owns 65,728 shares of the shipping company’s stock valued at $154,000 after buying an additional 42,817 shares during the period. Finally, Coastal Investment Advisors Inc. bought a new position in Nordic American Tanker during the second quarter valued at about $235,000. Hedge funds and other institutional investors own 24.64% of the company’s stock.

Shares of NYSE NAT traded up $0.15 during trading on Friday, hitting $3.58. The stock had a trading volume of 1,760,686 shares, compared to its average volume of 2,617,577. Nordic American Tanker has a 12 month low of $1.66 and a 12 month high of $4.47. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.98 and a current ratio of 2.54. The firm has a fifty day moving average of $3.43 and a two-hundred day moving average of $2.43.

Nordic American Tanker (NYSE:NAT) last posted its earnings results on Friday, August 16th. The shipping company reported ($0.11) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.12) by $0.01. Nordic American Tanker had a negative net margin of 38.10% and a negative return on equity of 6.26%. The firm had revenue of $30.65 million during the quarter, compared to analyst estimates of $33.65 million. As a group, equities research analysts predict that Nordic American Tanker will post -0.01 EPS for the current fiscal year.

A number of analysts have commented on the stock. Zacks Investment Research upgraded shares of Nordic American Tanker from a “sell” rating to a “hold” rating in a research note on Thursday, October 17th. BTIG Research upgraded shares of Nordic American Tanker from a “neutral” rating to a “buy” rating and set a $4.00 price target for the company in a research note on Monday, October 7th. TheStreet upgraded shares of Nordic American Tanker from a “d+” rating to a “c-” rating in a research note on Monday, October 21st. ValuEngine lowered shares of Nordic American Tanker from a “hold” rating to a “sell” rating in a research note on Tuesday, November 12th. Finally, B. Riley set a $5.00 price target on shares of Nordic American Tanker and gave the company a “buy” rating in a research note on Friday, August 16th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and two have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $3.06.

About Nordic American Tanker

Nordic American Tankers Limited, a tanker company, acquires and charters double-hull tankers in Bermuda and internationally. It operates a fleet of 33 Suezmax crude oil tankers. The company was founded in 1995 and is based in Hamilton, Bermuda.

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