Nordic American Tankers Ltd. (NAT) Upgraded to Strong-Buy by Vetr Inc.
Nordic American Tankers Ltd. (NYSE:NAT) was upgraded by equities research analysts at Vetr from a “buy” rating to a “strong-buy” rating in a research note issued to investors on Monday. The brokerage presently has a $10.11 price target on the stock. Vetr‘s target price would suggest a potential upside of 15.02% from the company’s current price.
Other equities research analysts also recently issued research reports about the company. Zacks Investment Research raised Nordic American Tankers from a “sell” rating to a “hold” rating in a research report on Saturday, November 12th. Wells Fargo & Co. began coverage on Nordic American Tankers in a research report on Wednesday, November 16th. They set a “market perform” rating for the company. TheStreet downgraded Nordic American Tankers from a “buy” rating to a “hold” rating in a research report on Monday, October 24th. Morgan Stanley reissued an “equal weight” rating and set a $9.00 price target (down previously from $12.00) on shares of Nordic American Tankers in a research report on Friday, August 26th. Finally, Clarkson Capital cut Nordic American Tankers from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $15.00 to $10.00 in a research note on Monday, October 3rd. Two analysts have rated the stock with a sell rating, six have issued a hold rating and one has given a strong buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $11.69.
Nordic American Tankers (NYSE:NAT) traded down 2.98% during midday trading on Monday, reaching $8.79. The company’s stock had a trading volume of 1,656,618 shares. The company has a 50 day moving average of $8.91 and a 200-day moving average of $11.66. The company has a market capitalization of $896.31 million, a P/E ratio of 12.11 and a beta of 1.29. Nordic American Tankers has a 1-year low of $7.57 and a 1-year high of $16.18.
Nordic American Tankers (NYSE:NAT) last posted its quarterly earnings results on Thursday, November 10th. The company reported ($0.08) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.16) by $0.08. Nordic American Tankers had a return on equity of 7.34% and a net margin of 24.79%. During the same quarter in the prior year, the firm earned $0.29 earnings per share. Equities research analysts anticipate that Nordic American Tankers will post $0.41 earnings per share for the current fiscal year.
The firm 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. This is a boost from Nordic American Tankers’s previous quarterly dividend of $0.25. The ex-dividend date was Tuesday, October 25th. This represents a $1.04 annualized dividend and a dividend yield of 11.83%. Nordic American Tankers’s payout ratio is 140.54%.
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Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Murphy Capital Management Inc. boosted its position in Nordic American Tankers by 9.2% in the second quarter. Murphy Capital Management Inc. now owns 15,400 shares of the company’s stock valued at $213,000 after buying an additional 1,300 shares during the period. Bank of Montreal Can acquired a new position in Nordic American Tankers during the second quarter valued at approximately $724,000. Capital Fund Management S.A. boosted its position in Nordic American Tankers by 56.8% in the second quarter. Capital Fund Management S.A. now owns 88,282 shares of the company’s stock valued at $1,226,000 after buying an additional 31,990 shares during the period. Bank of New York Mellon Corp boosted its position in Nordic American Tankers by 90.9% in the second quarter. Bank of New York Mellon Corp now owns 1,158,340 shares of the company’s stock valued at $16,090,000 after buying an additional 551,470 shares during the period. Finally, Arlington Capital Management Inc. boosted its position in Nordic American Tankers by 44.1% in the second quarter. Arlington Capital Management Inc. now owns 145,272 shares of the company’s stock valued at $2,018,000 after buying an additional 44,453 shares during the period. Institutional investors and hedge funds own 30.98% of the company’s stock.
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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