Evercore ISI Trims Nordic American Tankers (NYSE:NAT) Target Price to $4.00

Nordic American Tankers (NYSE:NAT) had its price objective trimmed by Evercore ISI from $4.50 to $4.00 in a research note released on Friday morning, Benzinga reports. The brokerage currently has an in-line rating on the shipping company’s stock.

Other equities research analysts also recently issued reports about the company. StockNews.com downgraded Nordic American Tankers from a hold rating to a sell rating in a report on Tuesday, August 13th. Jefferies Financial Group lowered their price objective on shares of Nordic American Tankers from $5.00 to $4.00 and set a buy rating for the company in a research note on Thursday, August 29th.

Nordic American Tankers Stock Performance

NAT stock opened at $3.72 on Friday. The firm has a market cap of $776.72 million, a PE ratio of 11.63 and a beta of -0.16. The company has a current ratio of 0.77, a quick ratio of 0.60 and a debt-to-equity ratio of 0.36. The stock has a 50-day moving average price of $3.72 and a 200-day moving average price of $3.92. Nordic American Tankers has a 1-year low of $3.31 and a 1-year high of $4.83.

Nordic American Tankers Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 26th. Shareholders of record on Thursday, September 26th will be issued a $0.12 dividend. The ex-dividend date of this dividend is Thursday, September 26th. This represents a $0.48 annualized dividend and a yield of 12.90%. Nordic American Tankers’s payout ratio is currently 150.00%.

Institutional Investors Weigh In On Nordic American Tankers

Several hedge funds and other institutional investors have recently modified their holdings of NAT. Headlands Technologies LLC bought a new position in shares of Nordic American Tankers in the 2nd quarter worth $25,000. Diversify Advisory Services LLC bought a new position in shares of Nordic American Tankers in the first quarter valued at $41,000. B. Riley Wealth Advisors Inc. acquired a new position in shares of Nordic American Tankers during the first quarter valued at about $45,000. SG Americas Securities LLC bought a new stake in shares of Nordic American Tankers during the first quarter worth about $47,000. Finally, Caprock Group LLC acquired a new stake in shares of Nordic American Tankers in the 2nd quarter worth about $55,000. Institutional investors own 44.29% of the company’s stock.

About Nordic American Tankers

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.