Nordic American Tankers (NYSE:NAT) Releases Earnings Results, Misses Estimates By $0.03 EPS

Nordic American Tankers (NYSE:NAT) issued its earnings results on Thursday. The shipping company reported $0.06 EPS for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.03), Zacks reports. The company had revenue of $58.76 million for the quarter, compared to analysts’ expectations of $69.43 million. Nordic American Tankers had a return on equity of 2.42% and a net margin of 6.39%.

Nordic American Tankers Stock Up 5.6%

Shares of NAT traded up $0.31 during trading hours on Friday, hitting $5.71. The company had a trading volume of 7,336,586 shares, compared to its average volume of 3,439,852. The company has a current ratio of 1.95, a quick ratio of 1.64 and a debt-to-equity ratio of 0.86. The company has a market capitalization of $1.21 billion, a PE ratio of 81.51 and a beta of -0.43. Nordic American Tankers has a one year low of $2.13 and a one year high of $5.78. The company’s fifty day moving average price is $4.13 and its two-hundred day moving average price is $3.64.

Nordic American Tankers Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 24th. Stockholders of record on Tuesday, March 10th will be issued a $0.17 dividend. The ex-dividend date is Tuesday, March 10th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 11.9%. This is a boost from Nordic American Tankers’s previous quarterly dividend of $0.13. Nordic American Tankers’s dividend payout ratio (DPR) is 2,600.00%.

Hedge Funds Weigh In On Nordic American Tankers

Large investors have recently added to or reduced their stakes in the company. Millennium Management LLC lifted its position in shares of Nordic American Tankers by 108.3% during the third quarter. Millennium Management LLC now owns 2,429,423 shares of the shipping company’s stock valued at $7,628,000 after buying an additional 1,263,228 shares during the last quarter. UBS Group AG raised its stake in shares of Nordic American Tankers by 83.9% during the 3rd quarter. UBS Group AG now owns 2,277,830 shares of the shipping company’s stock worth $7,152,000 after acquiring an additional 1,039,353 shares in the last quarter. Norges Bank purchased a new stake in Nordic American Tankers during the second quarter valued at approximately $1,264,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Nordic American Tankers by 9.9% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,754,688 shares of the shipping company’s stock valued at $12,505,000 after acquiring an additional 427,769 shares in the last quarter. Finally, Bridgeway Capital Management LLC boosted its stake in Nordic American Tankers by 49.7% in the second quarter. Bridgeway Capital Management LLC now owns 1,268,265 shares of the shipping company’s stock valued at $3,336,000 after acquiring an additional 421,326 shares in the last quarter. 44.29% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts recently issued reports on NAT shares. Wall Street Zen raised Nordic American Tankers from a “sell” rating to a “hold” rating in a research note on Saturday, January 17th. Jefferies Financial Group reissued a “hold” rating and set a $3.50 price target on shares of Nordic American Tankers in a research report on Friday, November 28th. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Nordic American Tankers in a report on Monday, December 29th. Three analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $3.25.

About Nordic American Tankers

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.