B. Riley Analysts Decrease Earnings Estimates for NAT

Nordic American Tankers Limited (NYSE:NAT) – Equities research analysts at B. Riley reduced their FY2024 earnings estimates for Nordic American Tankers in a research note issued on Thursday, October 24th. B. Riley analyst L. Burke now expects that the shipping company will earn $0.28 per share for the year, down from their previous estimate of $0.40. The consensus estimate for Nordic American Tankers’ current full-year earnings is $0.32 per share. B. Riley also issued estimates for Nordic American Tankers’ Q4 2024 earnings at $0.06 EPS.

Nordic American Tankers (NYSE:NAT) last posted its quarterly earnings data on Tuesday, September 3rd. The shipping company reported $0.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.07 by $0.03. The business had revenue of $66.10 million for the quarter, compared to analysts’ expectations of $54.34 million. Nordic American Tankers had a return on equity of 11.60% and a net margin of 26.35%. During the same quarter last year, the firm earned $0.13 earnings per share.

A number of other equities research analysts also recently issued reports on NAT. StockNews.com upgraded shares of Nordic American Tankers from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. Jefferies Financial Group restated a “hold” rating and set a $4.00 target price on shares of Nordic American Tankers in a report on Thursday, September 12th. Finally, Evercore ISI cut their price objective on Nordic American Tankers from $4.50 to $4.00 and set an “in-line” rating on the stock in a research report on Friday, August 30th.

Nordic American Tankers Price Performance

Shares of NYSE:NAT opened at $3.35 on Monday. Nordic American Tankers has a 12-month low of $3.29 and a 12-month high of $4.83. The stock’s 50-day moving average price is $3.62 and its two-hundred day moving average price is $3.81. The company has a current ratio of 0.79, a quick ratio of 0.63 and a debt-to-equity ratio of 0.36. The firm has a market cap of $698.44 million, a price-to-earnings ratio of 11.53 and a beta of -0.20.

Hedge Funds Weigh In On Nordic American Tankers

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Headlands Technologies LLC purchased a new position in shares of Nordic American Tankers during the 2nd quarter valued at approximately $25,000. Diversify Advisory Services LLC acquired a new stake in shares of Nordic American Tankers during the first quarter worth $41,000. B. Riley Wealth Advisors Inc. acquired a new position in shares of Nordic American Tankers in the 1st quarter valued at about $45,000. SG Americas Securities LLC acquired a new position in shares of Nordic American Tankers in the 1st quarter valued at about $47,000. Finally, Bluefin Capital Management LLC bought a new stake in shares of Nordic American Tankers during the 2nd quarter valued at about $47,000. 44.29% of the stock is owned by hedge funds and other institutional investors.

Nordic American Tankers Dividend Announcement

The company also recently disclosed 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 dividend on an annualized basis and a yield of 14.35%. Nordic American Tankers’s dividend payout ratio is currently 165.52%.

Nordic American Tankers Company Profile

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.