Nordic American Tankers (NYSE:NAT) Cut to “Sell” at StockNews.com

StockNews.com cut shares of Nordic American Tankers (NYSE:NAT) from a hold rating to a sell rating in a research report sent to investors on Saturday morning.

Separately, Jefferies Financial Group reiterated a “hold” rating and issued a $3.00 price objective on shares of Nordic American Tankers in a research note on Friday, February 28th.

Nordic American Tankers Price Performance

Nordic American Tankers stock opened at $2.44 on Friday. The stock has a 50-day moving average price of $2.66 and a two-hundred day moving average price of $3.04. Nordic American Tankers has a 12 month low of $2.40 and a 12 month high of $4.40. 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 company has a market capitalization of $508.42 million, a PE ratio of 8.40 and a beta of -0.33.

Nordic American Tankers (NYSE:NAT) last issued its quarterly earnings data on Wednesday, March 5th. The shipping company reported $0.01 earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.02). Nordic American Tankers had a return on equity of 11.95% and a net margin of 26.41%. The business had revenue of $46.39 million during the quarter, compared to the consensus estimate of $51.38 million. Analysts expect that Nordic American Tankers will post 0.24 EPS for the current year.

Nordic American Tankers Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 24th. Shareholders of record on Monday, March 10th will be given a $0.06 dividend. The ex-dividend date is Monday, March 10th. This represents a $0.24 annualized dividend and a yield of 9.86%. Nordic American Tankers’s dividend payout ratio is currently 109.09%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Wealth Enhancement Advisory Services LLC raised its stake in Nordic American Tankers by 26.4% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 33,213 shares of the shipping company’s stock valued at $122,000 after acquiring an additional 6,940 shares during the period. Sigma Planning Corp purchased a new position in shares of Nordic American Tankers in the third quarter worth about $108,000. Apollon Wealth Management LLC raised its position in shares of Nordic American Tankers by 268.1% in the third quarter. Apollon Wealth Management LLC now owns 122,991 shares of the shipping company’s stock valued at $451,000 after purchasing an additional 89,577 shares during the period. Victory Capital Management Inc. lifted its stake in shares of Nordic American Tankers by 135.1% during the 3rd quarter. Victory Capital Management Inc. now owns 58,309 shares of the shipping company’s stock valued at $214,000 after buying an additional 33,507 shares in the last quarter. Finally, MQS Management LLC bought a new position in shares of Nordic American Tankers in the third quarter worth $186,000. 44.29% of the stock is currently owned by hedge funds and other institutional investors.

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.