Vetr Inc. Upgrades Nordic American Tankers Ltd. (NAT) to Strong-Buy
Nordic American Tankers Ltd. (NYSE:NAT) was upgraded by investment analysts at Vetr from a “buy” rating to a “strong-buy” rating in a report released on Monday. The brokerage currently has a $10.11 price target on the stock. Vetr‘s price objective points to a potential upside of 15.15% from the company’s current price.
Several other equities research analysts also recently weighed in on the company. Jefferies Group set a $8.00 price target on Nordic American Tankers and gave the stock an “underperform” rating in a research report on Wednesday, July 27th. Zacks Investment Research lowered shares of Nordic American Tankers from a “hold” rating to a “strong sell” rating in a research note on Tuesday, July 19th. Clarkson Capital lowered shares of Nordic American Tankers from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $15.00 to $10.00 in a research note on Monday, October 3rd. Morgan Stanley reissued an “equal weight” rating and set a $9.00 target price (down from $12.00) on shares of Nordic American Tankers in a research note on Friday, August 26th. Finally, TheStreet lowered shares of Nordic American Tankers from a “buy” rating to a “hold” rating in a research note on Monday, October 24th. Two analysts have rated the stock with a sell rating, five have given a hold rating and one has assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $11.69.
Nordic American Tankers (NYSE:NAT) opened at 8.78 on Monday. The company has a market cap of $895.29 million, a price-to-earnings ratio of 12.09 and a beta of 1.29. Nordic American Tankers has a 52-week low of $7.57 and a 52-week high of $16.18. The firm’s 50-day moving average is $9.25 and its 200 day moving average is $12.17.
Nordic American Tankers (NYSE:NAT) last announced its quarterly earnings results on Thursday, November 10th. The company reported ($0.08) earnings per share for the quarter, topping the consensus estimate of ($0.16) by $0.08. Nordic American Tankers had a return on equity of 7.49% and a net margin of 24.79%. During the same quarter in the prior year, the company posted $0.29 EPS. On average, equities research analysts predict that Nordic American Tankers will post $0.49 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Thursday, November 10th. Investors of record on Thursday, October 27th were paid a $0.26 dividend. The ex-dividend date was Tuesday, October 25th. This is a positive change from Nordic American Tankers’s previous quarterly dividend of $0.25. This represents a $1.04 dividend on an annualized basis and a yield of 11.85%. Nordic American Tankers’s dividend payout ratio (DPR) is currently 140.54%.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its position in shares of Nordic American Tankers by 3.6% in the second quarter. Vanguard Group Inc. now owns 4,314,203 shares of the company’s stock worth $59,924,000 after buying an additional 149,318 shares in the last quarter. Laurion Capital Management LP acquired a new stake in Nordic American Tankers during the third quarter worth approximately $30,330,000. BlackRock Fund Advisors increased its stake in Nordic American Tankers by 8.3% in the third quarter. BlackRock Fund Advisors now owns 2,190,395 shares of the company’s stock worth $22,145,000 after buying an additional 168,167 shares during the last quarter. State Street Corp increased its stake in Nordic American Tankers by 4.6% in the second quarter. State Street Corp now owns 1,435,967 shares of the company’s stock worth $19,947,000 after buying an additional 62,919 shares during the last quarter. Finally, Allianz Asset Management AG increased its stake in Nordic American Tankers by 26.0% in the second quarter. Allianz Asset Management AG now owns 1,224,015 shares of the company’s stock worth $17,002,000 after buying an additional 252,467 shares during the last quarter. 27.68% of the stock is currently owned by hedge funds and other institutional investors.
About Nordic American Tankers
Nordic American Tankers Limited is an international tanker company. The Company owns approximately 26 vessels, including approximately two new buildings under construction, of approximately 156,000 deadweight tonnage (dwt) each. The Company’s Suezmaxes tankers can carry over one million barrels of oil.
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