Nordic American Tankers (NYSE:NAT) Hits New 52-Week High – Here’s What Happened

Nordic American Tankers Limited (NYSE:NAT) hit a new 52-week high on Tuesday . The company traded as high as $6.34 and last traded at $6.13, with a volume of 764600 shares changing hands. The stock had previously closed at $6.18.

Analyst Upgrades and Downgrades

NAT has been the subject of several research reports. Weiss Ratings reissued a “hold (c+)” rating on shares of Nordic American Tankers in a report on Monday, December 29th. Wall Street Zen raised shares of Nordic American Tankers from a “sell” rating to a “hold” rating in a report on Saturday, January 17th. Three analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, Nordic American Tankers has a consensus rating of “Hold” and a consensus price target of $3.25.

Nordic American Tankers Trading Down 1.4%

The business has a fifty day moving average of $5.10 and a 200-day moving average of $4.11. The stock has a market capitalization of $1.29 billion, a price-to-earnings ratio of 86.66 and a beta of -0.52. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.24 and a quick ratio of 1.94.

Nordic American Tankers (NYSE:NAT) last released its earnings results on Friday, February 27th. The shipping company reported $0.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.03). The firm had revenue of $58.76 million for the quarter, compared to analyst estimates of $69.43 million. Nordic American Tankers had a return on equity of 2.47% and a net margin of 6.39%. On average, equities analysts anticipate that Nordic American Tankers Limited will post 0.24 earnings per share for the current fiscal year.

Nordic American Tankers Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 24th. Investors of record on Tuesday, March 10th were issued a dividend of $0.17 per share. The ex-dividend date was Tuesday, March 10th. This is a positive change from Nordic American Tankers’s previous quarterly dividend of $0.13. This represents a $0.68 dividend on an annualized basis and a yield of 11.2%. Nordic American Tankers’s payout ratio is 971.43%.

Institutional Investors Weigh In On Nordic American Tankers

A number of large investors have recently made changes to their positions in the company. Dimensional Fund Advisors LP grew its holdings in shares of Nordic American Tankers by 3.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 11,729,256 shares of the shipping company’s stock valued at $40,348,000 after buying an additional 354,013 shares in the last quarter. American Century Companies Inc. grew its holdings in shares of Nordic American Tankers by 25.2% during the third quarter. American Century Companies Inc. now owns 5,260,627 shares of the shipping company’s stock valued at $16,518,000 after buying an additional 1,057,232 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Nordic American Tankers by 7.8% during the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,124,150 shares of the shipping company’s stock valued at $16,090,000 after buying an additional 369,462 shares in the last quarter. CenterBook Partners LP boosted its holdings in shares of Nordic American Tankers by 110.1% during the fourth quarter. CenterBook Partners LP now owns 3,700,409 shares of the shipping company’s stock worth $12,729,000 after purchasing an additional 1,939,211 shares during the period. Finally, Millennium Management LLC boosted its holdings in shares of Nordic American Tankers by 108.3% during the third quarter. Millennium Management LLC now owns 2,429,423 shares of the shipping company’s stock worth $7,628,000 after purchasing an additional 1,263,228 shares during the period. Institutional investors and hedge funds own 44.29% of the company’s stock.

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.