Nordic American Tankers (NYSE:NAT) Stock Price Up 4.2% – Here’s Why

Shares of Nordic American Tankers Limited (NYSE:NAT) traded up 4.2% on Monday . The company traded as high as $3.02 and last traded at $3.01. 973,261 shares changed hands during trading, a decline of 66% from the average session volume of 2,897,297 shares. The stock had previously closed at $2.89.

Analysts Set New Price Targets

Several research analysts recently weighed in on the company. StockNews.com raised Nordic American Tankers from a “sell” rating to a “hold” rating in a research report on Monday, December 2nd. Jefferies Financial Group reiterated a “hold” rating and issued a $3.50 target price on shares of Nordic American Tankers in a report on Friday, November 29th.

Nordic American Tankers Stock Performance

The company has a current ratio of 0.73, a quick ratio of 0.56 and a debt-to-equity ratio of 0.36. The firm’s fifty day moving average price is $2.76 and its 200 day moving average price is $3.33. The firm has a market capitalization of $618.04 million, a PE ratio of 10.21 and a beta of -0.29.

Nordic American Tankers Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Thursday, January 16th. Shareholders of record on Tuesday, December 17th will be given a $0.04 dividend. This represents a $0.48 annualized dividend and a yield of 16.22%. The ex-dividend date of this dividend is Tuesday, December 17th. Nordic American Tankers’s payout ratio is currently 55.17%.

Institutional Investors Weigh In On Nordic American Tankers

Institutional investors have recently made changes to their positions in the company. Two Sigma Advisers LP lifted its stake in Nordic American Tankers by 67.6% in the third quarter. Two Sigma Advisers LP now owns 3,774,100 shares of the shipping company’s stock valued at $13,851,000 after acquiring an additional 1,521,900 shares during the last quarter. Philip James Wealth Mangement LLC acquired a new stake in shares of Nordic American Tankers in the 3rd quarter valued at $4,069,000. American Century Companies Inc. boosted its holdings in Nordic American Tankers by 40.5% in the second quarter. American Century Companies Inc. now owns 3,499,565 shares of the shipping company’s stock worth $13,928,000 after purchasing an additional 1,009,096 shares in the last quarter. Millennium Management LLC increased its position in Nordic American Tankers by 122.8% during the second quarter. Millennium Management LLC now owns 1,291,682 shares of the shipping company’s stock worth $5,141,000 after buying an additional 711,973 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in shares of Nordic American Tankers by 5.7% in the second quarter. Dimensional Fund Advisors LP now owns 11,606,339 shares of the shipping company’s stock worth $46,195,000 after buying an additional 621,588 shares during the last quarter. 44.29% of the stock is currently owned by institutional investors and hedge funds.

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.