Nordic American Tankers Ltd. (NYSE:NAT) shares were up 7.6% during mid-day trading on Monday following a dividend announcement from the company. The company traded as high as $9.70 and last traded at $9.67, with a volume of 2,291,029 shares traded. The stock had previously closed at $8.99.
The newly announced dividend which will be paid on Thursday, November 10th. Investors of record on Thursday, October 27th will be issued a dividend of $0.26 per share. This is an increase from Nordic American Tankers’s previous quarterly dividend of $0.25. The ex-dividend date is Tuesday, October 25th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 10.60%. Nordic American Tankers’s payout ratio is 90.09%.
A number of equities research analysts recently commented on NAT shares. Vetr raised Nordic American Tankers from a “hold” rating to a “buy” rating and set a $13.78 target price for the company in a report on Thursday, July 7th. Morgan Stanley reaffirmed an “equal weight” rating and set a $9.00 target price (down previously from $12.00) on shares of Nordic American Tankers in a report on Friday, August 26th. Zacks Investment Research raised Nordic American Tankers from a “sell” rating to a “hold” rating in a report on Wednesday, August 17th. Clarkson Capital downgraded Nordic American Tankers from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $15.00 to $10.00 in a report on Monday, October 3rd. Finally, Jefferies Group reaffirmed a “sell” rating on shares of Nordic American Tankers in a report on Monday, September 12th. Three research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $12.63.
The firm has a 50 day moving average price of $10.17 and a 200-day moving average price of $12.88. The company has a market capitalization of $876.22 million, a P/E ratio of 8.92 and a beta of 1.05.
Nordic American Tankers (NYSE:NAT) last issued its quarterly earnings data on Monday, August 8th. The company reported $0.15 EPS for the quarter, topping the Zacks’ consensus estimate of $0.13 by $0.02. Nordic American Tankers had a return on equity of 11.28% and a net margin of 34.79%. During the same quarter in the previous year, the firm earned $0.35 EPS. Equities analysts predict that Nordic American Tankers Ltd. will post $0.64 earnings per share for the current fiscal year.
Several hedge funds and other institutional investors have recently modified their holdings of NAT. Mission Wealth Management LLC acquired a new position in Nordic American Tankers during the second quarter valued at approximately $139,000. Paloma Partners Management Co acquired a new position in Nordic American Tankers during the second quarter valued at approximately $141,000. Stevens Capital Management LP acquired a new position in Nordic American Tankers during the second quarter valued at approximately $142,000. BB&T Securities LLC acquired a new position in Nordic American Tankers during the second quarter valued at approximately $144,000. Finally, MSI Financial Services Inc boosted its position in Nordic American Tankers by 1.3% in the third quarter. MSI Financial Services Inc now owns 10,530 shares of the company’s stock valued at $106,000 after buying an additional 134 shares during the period. Institutional investors own 28.84% of the company’s stock.
About Nordic American Tankers
Nordic American Tankers Limited is an international tanker company. The Company owns approximately 30 vessels. The Company’s Suezmaxes tankers can carry over one million barrels of oil. The vessels in the Company’s fleet are homogenous and interchangeable. The Company’s vessels are employed in the spot market.
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