Maxim Group reaffirmed their sell rating on shares of Nordic American Tankers Limited (NYSE:NAT) in a research report released on Monday morning.

“Nordic American Tankers released 3Q17 earnings on Friday, November 3, 2017, post-close, earlier than the previously communicated release date of Monday, November 6, 2017. The company performed well-below our estimates and consensus expectations with revenues coming in at $23.7 million, net loss of $27.9 million, operating loss of ($0.34) per share, and EBITDA at negative $1 million. Furthermore, on Friday, November 3, 2017, within NAT’s Notice of the Annual Shareholders’ Meeting (LINK), the company disclosed its intention of reducing the paid-in capital account and reclassifying the $215.4 million into its contributed surplus line item. We are perplexed by this proposal and do not understand the financial reason behind this maneuver.”,” the firm’s analyst wrote.

NAT has been the subject of a number of other research reports. Zacks Investment Research downgraded Nordic American Tankers Limited from a hold rating to a sell rating in a research report on Wednesday, July 12th. Jefferies Group LLC reaffirmed a sell rating and set a $5.00 price target on shares of Nordic American Tankers Limited in a research report on Monday, July 17th. BidaskClub downgraded Nordic American Tankers Limited from a sell rating to a strong sell rating in a research report on Monday, July 24th. Evercore ISI downgraded Nordic American Tankers Limited from an in-line rating to an underperform rating and reduced their price target for the stock from $6.00 to $5.00 in a research report on Friday, July 21st. Finally, TheStreet downgraded Nordic American Tankers Limited from a c- rating to a d+ rating in a research report on Thursday, August 10th. Five equities research analysts have rated the stock with a sell rating, three have given a hold rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of Hold and a consensus target price of $5.67.

Nordic American Tankers Limited (NYSE:NAT) traded up $0.13 during trading on Monday, hitting $4.39. The stock had a trading volume of 584,003 shares, compared to its average volume of 1,144,255. The firm has a market cap of $425.12, a price-to-earnings ratio of 104.25 and a beta of 0.90. Nordic American Tankers Limited has a 52 week low of $4.09 and a 52 week high of $9.95. The company has a debt-to-equity ratio of 0.52, a current ratio of 4.69 and a quick ratio of 3.87.

Nordic American Tankers Limited (NYSE:NAT) last posted its earnings results on Monday, August 7th. The shipping company reported ($0.16) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.13) by ($0.03). Nordic American Tankers Limited had a return on equity of 0.25% and a net margin of 0.06%. The company had revenue of $39.10 million for the quarter, compared to analyst estimates of $42.47 million. During the same quarter in the previous year, the firm posted $0.15 earnings per share. Nordic American Tankers Limited’s quarterly revenue was down 29.2% compared to the same quarter last year. equities research analysts expect that Nordic American Tankers Limited will post -0.48 EPS for the current fiscal year.

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The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 5th. Stockholders of record on Monday, November 13th will be paid a dividend of $0.03 per share. This represents a $0.12 dividend on an annualized basis and a dividend yield of 2.73%. The ex-dividend date of this dividend is Friday, November 10th.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. TIAA CREF Investment Management LLC raised its stake in Nordic American Tankers Limited by 0.4% in the 2nd quarter. TIAA CREF Investment Management LLC now owns 264,049 shares of the shipping company’s stock valued at $1,674,000 after acquiring an additional 922 shares during the period. Legal & General Group Plc raised its stake in Nordic American Tankers Limited by 5.6% in the 1st quarter. Legal & General Group Plc now owns 34,598 shares of the shipping company’s stock valued at $283,000 after acquiring an additional 1,835 shares during the period. Bank of New York Mellon Corp raised its stake in Nordic American Tankers Limited by 0.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 343,384 shares of the shipping company’s stock valued at $2,176,000 after acquiring an additional 2,019 shares during the period. Metropolitan Life Insurance Co. NY raised its stake in Nordic American Tankers Limited by 4.0% in the 1st quarter. Metropolitan Life Insurance Co. NY now owns 69,792 shares of the shipping company’s stock valued at $571,000 after acquiring an additional 2,675 shares during the period. Finally, Teachers Advisors LLC raised its stake in Nordic American Tankers Limited by 1.8% in the 1st quarter. Teachers Advisors LLC now owns 167,065 shares of the shipping company’s stock valued at $1,367,000 after acquiring an additional 2,945 shares during the period. Institutional investors and hedge funds own 23.59% of the company’s stock.

Nordic American Tankers Limited Company Profile

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.

Analyst Recommendations for Nordic American Tankers Limited (NYSE:NAT)

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