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

Nordic American Tankers Limited (NYSE:NAT) shares reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $7.10 and last traded at $7.0210, with a volume of 2612567 shares. The stock had previously closed at $6.93.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen downgraded shares of Nordic American Tankers from a “strong-buy” rating to a “buy” rating in a research note on Sunday, July 26th. Two equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Reduce” and an average target price of $4.00.

Nordic American Tankers Stock Performance

The company has a market cap of $1.47 billion, a P/E ratio of 25.78 and a beta of -0.57. The stock has a fifty day moving average price of $6.23 and a two-hundred day moving average price of $5.68. The company has a debt-to-equity ratio of 0.83, a current ratio of 3.00 and a quick ratio of 2.75.

Nordic American Tankers (NYSE:NAT) last announced its quarterly earnings data on Thursday, May 28th. The shipping company reported $0.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.16 by $0.01. Nordic American Tankers had a net margin of 24.19% and a return on equity of 9.16%. The company had revenue of $77.51 million for the quarter, compared to analysts’ expectations of $81.86 million. On average, equities analysts forecast that Nordic American Tankers Limited will post 0.58 earnings per share for the current fiscal year.

Nordic American Tankers Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 24th. Investors of record on Wednesday, June 10th were issued a $0.22 dividend. This is an increase from Nordic American Tankers’s previous quarterly dividend of $0.17. The ex-dividend date was Wednesday, June 10th. This represents a $0.88 annualized dividend and a yield of 12.6%. Nordic American Tankers’s dividend payout ratio is presently 325.93%.

Institutional Trading of Nordic American Tankers

Institutional investors have recently modified their holdings of the company. AXQ Capital LP increased its stake in Nordic American Tankers by 16.4% in the second quarter. AXQ Capital LP now owns 51,174 shares of the shipping company’s stock valued at $284,000 after acquiring an additional 7,198 shares during the period. Headlands Technologies LLC bought a new stake in shares of Nordic American Tankers during the second quarter worth $69,000. Two Sigma Securities LLC bought a new stake in shares of Nordic American Tankers during the second quarter worth approximately $133,000. Wellington Management Group LLP bought a new position in Nordic American Tankers during the second quarter worth about $195,000. Finally, Empowered Funds LLC bought a new stake in shares of Nordic American Tankers in the 2nd quarter valued at $5,514,000. 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.