Nordic American Tanker (NAT) Shares Up 0% After Earnings Beat

Nordic American Tanker Ltd (NYSE:NAT) shot up 0% during trading on Thursday after the company announced better than expected quarterly earnings. The stock traded as high as $2.22 and last traded at $2.21. 2,696,977 shares were traded during trading, an increase of 84% from the average session volume of 1,462,796 shares. The stock had previously closed at $2.21.

The shipping company reported ($0.13) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.20) by $0.07. Nordic American Tanker had a negative net margin of 48.82% and a negative return on equity of 9.01%.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 12th. Stockholders of record on Thursday, May 24th will be issued a $0.01 dividend. This represents a $0.04 annualized dividend and a dividend yield of 1.81%. The ex-dividend date of this dividend is Wednesday, May 23rd. Nordic American Tanker’s dividend payout ratio (DPR) is currently -16.90%.

Several research firms have recently commented on NAT. ValuEngine raised shares of Nordic American Tanker from a “sell” rating to a “hold” rating in a report on Thursday, May 3rd. Morgan Stanley dropped their price objective on shares of Nordic American Tanker from $2.50 to $2.25 and set an “equal weight” rating on the stock in a report on Wednesday, April 25th. Zacks Investment Research downgraded shares of Nordic American Tanker from a “hold” rating to a “sell” rating in a report on Wednesday, April 25th. Credit Suisse Group dropped their price objective on shares of Nordic American Tanker from $4.00 to $2.00 and set a “neutral” rating on the stock in a report on Tuesday, February 13th. Finally, Seaport Global Securities set a $3.00 price objective on shares of Nordic American Tanker and gave the company a “hold” rating in a report on Monday, February 12th. Four equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $3.32.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. The Manufacturers Life Insurance Company boosted its holdings in Nordic American Tanker by 34.7% during the first quarter. The Manufacturers Life Insurance Company now owns 108,757 shares of the shipping company’s stock worth $211,000 after buying an additional 28,033 shares in the last quarter. Wilbanks Smith & Thomas Asset Management LLC boosted its holdings in Nordic American Tanker by 157.2% during the fourth quarter. Wilbanks Smith & Thomas Asset Management LLC now owns 67,464 shares of the shipping company’s stock worth $166,000 after buying an additional 41,232 shares in the last quarter. California State Teachers Retirement System boosted its holdings in Nordic American Tanker by 34.5% during the first quarter. California State Teachers Retirement System now owns 212,072 shares of the shipping company’s stock worth $411,000 after buying an additional 54,411 shares in the last quarter. New York State Common Retirement Fund boosted its holdings in Nordic American Tanker by 57.1% during the first quarter. New York State Common Retirement Fund now owns 150,700 shares of the shipping company’s stock worth $292,000 after buying an additional 54,800 shares in the last quarter. Finally, MetLife Investment Advisors LLC boosted its holdings in Nordic American Tanker by 568.7% during the first quarter. MetLife Investment Advisors LLC now owns 67,571 shares of the shipping company’s stock worth $131,000 after buying an additional 57,466 shares in the last quarter. 29.19% of the stock is currently owned by hedge funds and other institutional investors.

The firm has a market capitalization of $285.36 million, a PE ratio of -3.11 and a beta of 0.74. The company has a current ratio of 5.01, a quick ratio of 4.10 and a debt-to-equity ratio of 0.46.

Nordic American Tanker Company Profile

Nordic American Tankers Limited, a tanker company, engages in acquiring and chartering double-hull tankers worldwide. It operates a fleet of 33 Suezmax crude oil tankers. The company was founded in 1995 and is based in Hamilton, Bermuda.

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