Nordic American Tanker (NAT) Shares Up 0% Following Strong Earnings

Shares of Nordic American Tanker Ltd (NYSE:NAT) shot up 0% during mid-day trading on Thursday after the company announced better than expected quarterly earnings. The company 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, topping analysts’ consensus estimates 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 company also recently declared 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 dividend on an annualized basis and a dividend yield of 1.88%. The ex-dividend date of this dividend is Wednesday, May 23rd. Nordic American Tanker’s payout ratio is -16.90%.

A number of brokerages have recently issued reports 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 lowered their price target 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 lowered their price target 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 target on shares of Nordic American Tanker and gave the stock a “hold” rating in a report on Monday, February 12th. Four research analysts have rated the stock with a sell rating, five have given a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $3.32.

Several hedge funds have recently bought and sold shares of NAT. MetLife Investment Advisors LLC increased its position in shares of Nordic American Tanker by 568.7% in the first quarter. MetLife Investment Advisors LLC now owns 67,571 shares of the shipping company’s stock worth $131,000 after purchasing an additional 57,466 shares during the last quarter. Wilbanks Smith & Thomas Asset Management LLC increased its position in shares of Nordic American Tanker by 157.2% in the fourth quarter. Wilbanks Smith & Thomas Asset Management LLC now owns 67,464 shares of the shipping company’s stock worth $166,000 after purchasing an additional 41,232 shares during the last quarter. Jane Street Group LLC increased its position in shares of Nordic American Tanker by 433.5% in the fourth quarter. Jane Street Group LLC now owns 83,563 shares of the shipping company’s stock worth $206,000 after purchasing an additional 67,899 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in shares of Nordic American Tanker by 34.7% in the first quarter. The Manufacturers Life Insurance Company now owns 108,757 shares of the shipping company’s stock worth $211,000 after purchasing an additional 28,033 shares during the last quarter. Finally, Millennium Management LLC increased its position in shares of Nordic American Tanker by 257.3% in the fourth quarter. Millennium Management LLC now owns 99,981 shares of the shipping company’s stock worth $246,000 after purchasing an additional 72,002 shares during the last quarter. Institutional investors own 29.19% of the company’s stock.

The company has a current ratio of 5.01, a quick ratio of 4.10 and a debt-to-equity ratio of 0.46. The stock has a market capitalization of $291.04 million, a price-to-earnings ratio of -3.00 and a beta of 0.74.

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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