Nordic American Tankers (NYSE:NAT) Issues Earnings Results

Nordic American Tankers (NYSE:NAT) released its quarterly earnings results on Thursday. The shipping company reported $0.06 EPS for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.03), Zacks reports. Nordic American Tankers had a return on equity of 2.42% and a net margin of 6.39%.The firm had revenue of $58.76 million for the quarter, compared to analyst estimates of $69.43 million.

Nordic American Tankers Stock Up 5.6%

Shares of Nordic American Tankers stock traded up $0.31 on Friday, reaching $5.71. 7,336,586 shares of the company were exchanged, compared to its average volume of 3,439,852. The stock’s 50 day moving average price is $4.13 and its 200-day moving average price is $3.64. The company has a debt-to-equity ratio of 0.86, a current ratio of 1.95 and a quick ratio of 1.64. Nordic American Tankers has a 1-year low of $2.13 and a 1-year high of $5.78. The company has a market cap of $1.21 billion, a P/E ratio of 81.51 and a beta of -0.43.

Nordic American Tankers Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 24th. Stockholders of record on Tuesday, March 10th will be paid a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 11.9%. The ex-dividend date is Tuesday, March 10th. This is a boost from Nordic American Tankers’s previous quarterly dividend of $0.13. Nordic American Tankers’s dividend payout ratio (DPR) is 2,600.00%.

Institutional Investors Weigh In On Nordic American Tankers

A number of large investors have recently modified their holdings of NAT. Millennium Management LLC raised its holdings in shares of Nordic American Tankers by 108.3% in the 3rd quarter. Millennium Management LLC now owns 2,429,423 shares of the shipping company’s stock valued at $7,628,000 after purchasing an additional 1,263,228 shares in the last quarter. UBS Group AG increased its holdings in Nordic American Tankers by 83.9% in the third quarter. UBS Group AG now owns 2,277,830 shares of the shipping company’s stock valued at $7,152,000 after buying an additional 1,039,353 shares during the last quarter. Norges Bank acquired a new stake in Nordic American Tankers in the second quarter valued at $1,264,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Nordic American Tankers by 9.9% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,754,688 shares of the shipping company’s stock worth $12,505,000 after buying an additional 427,769 shares during the last quarter. Finally, Bridgeway Capital Management LLC lifted its holdings in Nordic American Tankers by 49.7% during the 2nd quarter. Bridgeway Capital Management LLC now owns 1,268,265 shares of the shipping company’s stock worth $3,336,000 after buying an additional 421,326 shares during the last quarter. 44.29% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Wall Street Zen raised Nordic American Tankers from a “sell” rating to a “hold” rating in a research note on Saturday, January 17th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Nordic American Tankers in a research note on Monday, December 29th. Finally, Jefferies Financial Group reissued a “hold” rating and set a $3.50 price target on shares of Nordic American Tankers in a research report on Friday, November 28th. Three analysts have rated the stock with a Hold rating, According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $3.25.

Nordic American Tankers Company Profile

Nordic American Tankers Limited is a Bermuda-based shipping company specializing in the ownership and operation of Suezmax crude oil tankers. The company’s fleet is employed on the spot and period charter markets, transporting crude oil across major global trade routes. By focusing on commercially flexible employment strategies, Nordic American Tankers seeks to optimize vessel utilization and generate stable income for shareholders.

Founded in 1995 and headquartered in Hamilton, Bermuda, Nordic American Tankers maintains technical and commercial management arrangements through established ship-management partners.