Nordic American Tankers (NYSE:NAT) Posts Quarterly Earnings Results, Beats Estimates By $0.09 EPS

Nordic American Tankers (NYSE:NAT) announced its quarterly earnings data on Thursday. The shipping company reported $0.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.23 by $0.09, FiscalAI reports. Nordic American Tankers had a return on equity of 9.16% and a net margin of 24.19%.The company had revenue of $79.30 million for the quarter, compared to the consensus estimate of $84.18 million.

Nordic American Tankers Stock Performance

Shares of NAT opened at $6.75 on Friday. 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 stock has a 50-day moving average of $6.33 and a 200-day moving average of $5.76. The company has a market cap of $1.43 billion, a PE ratio of 24.99 and a beta of -0.57. Nordic American Tankers has a one year low of $2.96 and a one year high of $7.20.

Nordic American Tankers Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 24th. Stockholders of record on Thursday, September 10th will be given a dividend of $0.27 per share. This is a boost from Nordic American Tankers’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend is Thursday, September 10th. This represents a $1.08 dividend on an annualized basis and a dividend yield of 16.0%. Nordic American Tankers’s payout ratio is currently 325.93%.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in NAT. Vise Technologies Inc. bought a new stake in shares of Nordic American Tankers during the fourth quarter valued at approximately $71,000. Jump Financial LLC acquired a new position in shares of Nordic American Tankers during the fourth quarter worth approximately $70,000. CIBC Bancorp USA Inc. bought a new position in shares of Nordic American Tankers in the 3rd quarter worth $69,000. Prudential Financial Inc. lifted its holdings in shares of Nordic American Tankers by 70.4% in the 2nd quarter. Prudential Financial Inc. now owns 24,235 shares of the shipping company’s stock worth $64,000 after purchasing an additional 10,010 shares in the last quarter. Finally, Franklin Resources Inc. grew its position in Nordic American Tankers by 41.2% in the 2nd quarter. Franklin Resources Inc. now owns 23,501 shares of the shipping company’s stock valued at $62,000 after purchasing an additional 6,854 shares during the period. 44.29% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

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.