Nordic American Tankers (NYSE:NAT) Reaches New 12-Month High – Time to Buy?

Shares of Nordic American Tankers Limited (NYSE:NAT) hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $7.70 and last traded at $7.6270, with a volume of 6560705 shares. The stock had previously closed at $7.46.

Wall Street Analyst Weigh In

NAT has been the topic of several recent research reports. B Riley reiterated a “buy” rating on shares of Nordic American Tankers in a research report on Friday, August 28th. Weiss Ratings lowered Nordic American Tankers from a “hold (c+)” rating to a “hold (c)” rating in a research note on Friday, August 28th. B. Riley Financial increased their price target on shares of Nordic American Tankers from $7.50 to $8.00 and gave the company a “buy” rating in a research report on Friday, August 28th. Finally, Wall Street Zen raised shares of Nordic American Tankers from a “buy” rating to a “strong-buy” rating in a research note on Saturday, August 29th. Two equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Nordic American Tankers currently has an average rating of “Hold” and an average price target of $5.33.

Nordic American Tankers Stock Performance

The company has a market cap of $1.69 billion, a P/E ratio of 13.53 and a beta of -0.54. The business has a 50 day moving average price of $6.70 and a two-hundred day moving average price of $6.01. The company has a debt-to-equity ratio of 0.78, a quick ratio of 3.05 and a current ratio of 3.27.

Nordic American Tankers (NYSE:NAT) last announced its quarterly earnings results on Thursday, August 27th. The shipping company reported $0.32 EPS for the quarter, topping analysts’ consensus estimates of $0.30 by $0.02. Nordic American Tankers had a return on equity of 20.58% and a net margin of 47.04%.The business had revenue of $79.30 million for the quarter, compared to analysts’ expectations of $84.18 million. On average, sell-side analysts anticipate that Nordic American Tankers Limited will post 0.6 earnings per share for the current year.

Nordic American Tankers Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 24th. Investors of record on Thursday, September 10th will be issued a dividend of $0.27 per share. The ex-dividend date is Thursday, September 10th. This represents a $1.08 dividend on an annualized basis and a yield of 13.5%. This is an increase from Nordic American Tankers’s previous quarterly dividend of $0.22. Nordic American Tankers’s dividend payout ratio (DPR) is currently 183.05%.

Hedge Funds Weigh In On Nordic American Tankers

Hedge funds have recently modified their holdings of the company. Public Employees Retirement System of Ohio purchased a new stake in shares of Nordic American Tankers during the second quarter worth about $30,000. Integrated Wealth Concepts LLC purchased a new position in Nordic American Tankers during the 2nd quarter valued at about $32,000. FNY Investment Advisers LLC bought a new position in Nordic American Tankers during the 2nd quarter valued at approximately $32,000. Diversify Wealth Management LLC bought a new position in Nordic American Tankers during the 1st quarter valued at approximately $56,000. Finally, Diversify Advisory Services LLC purchased a new stake in Nordic American Tankers in the 2nd quarter worth approximately $66,000. Hedge funds and other institutional investors own 44.29% of the company’s stock.

Nordic American Tankers Company Profile

Nordic American Tankers Limited (NYSE: NAT) is an international tanker company that owns and operates crude oil tankers. The company’s fleet is primarily composed of Suezmax vessels, which transport large quantities of crude oil between major ports and energy markets.

Nordic American Tankers provides seaborne crude oil transportation services to oil companies, trading firms and other customers worldwide. Its vessels may operate under voyage charters, time charters or other commercial arrangements, allowing the company to serve changing demand across global shipping routes.

Founded in 1995 and headquartered in Hamilton, Bermuda, Nordic American Tankers has historically emphasized operating a focused Suezmax tanker fleet and maintaining a presence in international crude oil transportation.