Balboa Wealth Partners Purchases New Holdings in Nordic American Tankers Limited (NYSE:NAT)

Balboa Wealth Partners purchased a new stake in Nordic American Tankers Limited (NYSE:NAT) in the 4th quarter, HoldingsChannel reports. The fund purchased 17,750 shares of the shipping company’s stock, valued at approximately $75,000.

Several other hedge funds have also made changes to their positions in the company. Quadrant Capital Group LLC lifted its position in Nordic American Tankers by 22.9% in the 4th quarter. Quadrant Capital Group LLC now owns 16,057 shares of the shipping company’s stock worth $68,000 after buying an additional 2,990 shares in the last quarter. Aigen Investment Management LP lifted its position in Nordic American Tankers by 11.0% in the 3rd quarter. Aigen Investment Management LP now owns 56,060 shares of the shipping company’s stock worth $231,000 after buying an additional 5,548 shares in the last quarter. Apollon Wealth Management LLC lifted its position in Nordic American Tankers by 26.0% in the 4th quarter. Apollon Wealth Management LLC now owns 32,797 shares of the shipping company’s stock worth $138,000 after buying an additional 6,768 shares in the last quarter. Principal Financial Group Inc. increased its stake in shares of Nordic American Tankers by 39.2% during the 3rd quarter. Principal Financial Group Inc. now owns 30,344 shares of the shipping company’s stock worth $125,000 after purchasing an additional 8,539 shares during the last quarter. Finally, Kingswood Wealth Advisors LLC acquired a new position in shares of Nordic American Tankers during the 4th quarter worth $43,000. Hedge funds and other institutional investors own 44.29% of the company’s stock.

Nordic American Tankers Stock Performance

NYSE:NAT traded up $0.07 during midday trading on Friday, reaching $4.27. The stock had a trading volume of 531,823 shares, compared to its average volume of 2,738,678. Nordic American Tankers Limited has a 1-year low of $3.44 and a 1-year high of $4.83. The firm’s fifty day simple moving average is $3.99 and its 200-day simple moving average is $4.16. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.55 and a quick ratio of 1.10. The stock has a market capitalization of $891.58 million, a P/E ratio of 8.93 and a beta of -0.09.

Nordic American Tankers (NYSE:NAT) last posted its quarterly earnings data on Friday, March 1st. The shipping company reported $0.08 earnings per share for the quarter, missing the consensus estimate of $0.14 by ($0.06). Nordic American Tankers had a net margin of 37.65% and a return on equity of 18.12%. The company had revenue of $59.25 million during the quarter, compared to analyst estimates of $68.90 million. During the same quarter in the previous year, the business posted $0.17 EPS. On average, equities research analysts forecast that Nordic American Tankers Limited will post 0.6 EPS for the current fiscal year.

Nordic American Tankers Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, April 10th. Investors of record on Wednesday, March 20th were issued a dividend of $0.12 per share. The ex-dividend date of this dividend was Tuesday, March 19th. This represents a $0.48 dividend on an annualized basis and a yield of 11.24%. This is a boost from Nordic American Tankers’s previous quarterly dividend of $0.06. Nordic American Tankers’s payout ratio is currently 102.13%.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on NAT. TheStreet lowered shares of Nordic American Tankers from a “b-” rating to a “c+” rating in a research note on Monday, February 5th. StockNews.com lowered shares of Nordic American Tankers from a “hold” rating to a “sell” rating in a research note on Monday, May 13th. Evercore ISI dropped their price target on shares of Nordic American Tankers from $5.00 to $4.50 and set an “in-line” rating on the stock in a research note on Thursday, February 29th. Finally, Jefferies Financial Group restated a “buy” rating and set a $5.50 price target on shares of Nordic American Tankers in a research note on Thursday, February 29th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, Nordic American Tankers presently has an average rating of “Hold” and a consensus price target of $5.33.

Nordic American Tankers Company Profile

Nordic American Tankers Limited, a tanker company, acquires and charters double-hull tankers in Bermuda and internationally. It operates a fleet of 20 Suezmax crude oil tankers. The company was incorporated in 1995 and is headquartered in Hamilton, Bermuda.