Nordic American Tankers (NYSE:NAT) Shares Down 4.4% – What’s Next?

Nordic American Tankers Limited (NYSE:NAT)’s stock price traded down 4.4% during mid-day trading on Wednesday . The stock traded as low as $6.65 and last traded at $6.5950. Approximately 283,026 shares traded hands during mid-day trading, a decline of 93% from the average daily volume of 4,078,554 shares. The stock had previously closed at $6.90.

Analysts Set New Price Targets

Separately, Wall Street Zen downgraded Nordic American Tankers from a “strong-buy” rating to a “buy” rating in a report on Sunday, July 26th. Two investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Reduce” and an average price target of $4.00.

Nordic American Tankers Trading Down 7.0%

The company has a debt-to-equity ratio of 0.83, a current ratio of 3.00 and a quick ratio of 2.75. The company’s fifty day moving average is $6.29 and its 200-day moving average is $5.73. The stock has a market cap of $1.36 billion, a PE ratio of 23.76 and a beta of -0.57.

Nordic American Tankers (NYSE:NAT) last posted its earnings results on Thursday, May 28th. The shipping company reported $0.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.16 by $0.01. Nordic American Tankers had a net margin of 24.19% and a return on equity of 9.16%. The company had revenue of $77.51 million during the quarter, compared to the consensus estimate of $81.86 million. On average, analysts predict that Nordic American Tankers Limited will post 0.58 earnings per share for the current fiscal year.

Institutional Trading of Nordic American Tankers

A number of hedge funds have recently modified their holdings of the stock. BlackRock Inc. raised its position in Nordic American Tankers by 6.2% during the second quarter. BlackRock Inc. now owns 12,764,448 shares of the shipping company’s stock valued at $70,715,000 after acquiring an additional 746,279 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in Nordic American Tankers by 3.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 12,189,811 shares of the shipping company’s stock worth $71,430,000 after purchasing an additional 460,555 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Nordic American Tankers by 7.8% during the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,124,150 shares of the shipping company’s stock worth $16,090,000 after purchasing an additional 369,462 shares during the period. CenterBook Partners LP grew its stake in shares of Nordic American Tankers by 110.1% during the 4th quarter. CenterBook Partners LP now owns 3,700,409 shares of the shipping company’s stock worth $12,729,000 after purchasing an additional 1,939,211 shares during the period. Finally, Millennium Management LLC grew its stake in shares of Nordic American Tankers by 108.3% during the 3rd quarter. Millennium Management LLC now owns 2,429,423 shares of the shipping company’s stock worth $7,628,000 after purchasing an additional 1,263,228 shares during the period. Hedge funds and other institutional investors own 44.29% of the company’s stock.

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.