Nordic American Tankers (NYSE:NAT) Trading 7.1% Higher – Here’s What Happened

Nordic American Tankers Limited (NYSE:NAT) shares were up 7.1% during trading on Wednesday . The company traded as high as $3.69 and last traded at $3.6950. Approximately 1,552,225 shares traded hands during mid-day trading, a decline of 43% from the average daily volume of 2,728,532 shares. The stock had previously closed at $3.45.

Analyst Ratings Changes

Several research analysts recently weighed in on NAT shares. Jefferies Financial Group reiterated a “hold” rating and set a $3.50 price target on shares of Nordic American Tankers in a research report on Friday, November 28th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Nordic American Tankers in a report on Monday, December 29th. Wall Street Zen cut shares of Nordic American Tankers from a “hold” rating to a “sell” rating in a research note on Saturday, December 20th. Finally, Evercore ISI increased their price target on shares of Nordic American Tankers from $2.50 to $3.00 and gave the stock an “in-line” rating in a report on Tuesday, October 28th. Three investment analysts have rated the stock with a Hold rating, According to data from MarketBeat, Nordic American Tankers currently has an average rating of “Hold” and an average price target of $3.25.

Nordic American Tankers Trading Up 3.9%

The company has a 50 day moving average price of $3.59 and a two-hundred day moving average price of $3.23. The firm has a market capitalization of $826.88 million, a price-to-earnings ratio of 195.35 and a beta of -0.43. The company has a debt-to-equity ratio of 0.86, a quick ratio of 1.64 and a current ratio of 1.95.

Nordic American Tankers (NYSE:NAT) last posted its quarterly earnings data on Friday, November 28th. The shipping company reported ($0.01) earnings per share for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.02). The company had revenue of $40.18 million for the quarter, compared to analyst estimates of $52.89 million. Nordic American Tankers had a return on equity of 0.39% and a net margin of 1.12%. On average, research analysts forecast that Nordic American Tankers Limited will post 0.24 EPS for the current year.

Nordic American Tankers Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 22nd. Investors of record on Monday, December 8th were given a dividend of $0.13 per share. This is a boost from Nordic American Tankers’s previous quarterly dividend of $0.10. The ex-dividend date was Monday, December 8th. This represents a $0.52 annualized dividend and a dividend yield of 13.3%. Nordic American Tankers’s payout ratio is currently 2,600.00%.

Institutional Investors Weigh In On Nordic American Tankers

Large investors have recently bought and sold shares of the company. Millennium Management LLC lifted its position in shares of Nordic American Tankers by 108.3% in the third quarter. Millennium Management LLC now owns 2,429,423 shares of the shipping company’s stock valued at $7,628,000 after acquiring an additional 1,263,228 shares in the last quarter. CenterBook Partners LP raised its stake in Nordic American Tankers by 168.4% in the 3rd quarter. CenterBook Partners LP now owns 1,761,198 shares of the shipping company’s stock valued at $5,530,000 after purchasing an additional 1,104,929 shares during the last quarter. American Century Companies Inc. lifted its holdings in Nordic American Tankers by 25.2% in the 3rd quarter. American Century Companies Inc. now owns 5,260,627 shares of the shipping company’s stock valued at $16,518,000 after purchasing an additional 1,057,232 shares in the last quarter. UBS Group AG lifted its holdings in Nordic American Tankers by 83.9% in the 3rd quarter. UBS Group AG now owns 2,277,830 shares of the shipping company’s stock valued at $7,152,000 after purchasing an additional 1,039,353 shares in the last quarter. Finally, Norges Bank acquired a new stake in Nordic American Tankers during the 2nd quarter worth $1,264,000. 44.29% of the stock is currently owned by hedge funds and other institutional investors.

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.