Nordic American Tankers (NYSE:NAT) Reaches New 1-Year Low – Here’s What Happened

Nordic American Tankers Limited (NYSE:NAT)’s share price hit a new 52-week low on Wednesday . The company traded as low as $2.83 and last traded at $2.90, with a volume of 479747 shares changing hands. The stock had previously closed at $2.88.

Analysts Set New Price Targets

A number of equities research analysts have commented on NAT shares. StockNews.com downgraded shares of Nordic American Tankers from a “hold” rating to a “sell” rating in a research report on Thursday, November 14th. Jefferies Financial Group cut their price objective on Nordic American Tankers from $4.00 to $3.50 and set a “hold” rating for the company in a report on Thursday, November 14th. Finally, Evercore ISI lowered their target price on Nordic American Tankers from $4.50 to $4.00 and set an “in-line” rating on the stock in a report on Friday, August 30th.

Nordic American Tankers Price Performance

The company’s 50 day moving average price is $3.38 and its two-hundred day moving average price is $3.68. 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 $601.34 million, a PE ratio of 9.93 and a beta of -0.21.

Nordic American Tankers (NYSE:NAT) last released its earnings results on Tuesday, September 3rd. The shipping company reported $0.10 earnings per share for the quarter, beating the consensus estimate of $0.07 by $0.03. Nordic American Tankers had a return on equity of 11.60% and a net margin of 26.35%. The company had revenue of $66.10 million for the quarter, compared to the consensus estimate of $54.34 million. During the same period in the previous year, the business earned $0.13 earnings per share. On average, equities research analysts expect that Nordic American Tankers Limited will post 0.28 EPS for the current fiscal year.

Institutional Investors Weigh In On Nordic American Tankers

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Franklin Resources Inc. boosted its position in shares of Nordic American Tankers by 99.8% in the third quarter. Franklin Resources Inc. now owns 25,333 shares of the shipping company’s stock worth $92,000 after purchasing an additional 12,651 shares during the period. Barclays PLC boosted its holdings in Nordic American Tankers by 274.8% in the 3rd quarter. Barclays PLC now owns 268,115 shares of the shipping company’s stock worth $984,000 after buying an additional 196,571 shares during the period. MML Investors Services LLC boosted its holdings in Nordic American Tankers by 46.0% in the 3rd quarter. MML Investors Services LLC now owns 86,357 shares of the shipping company’s stock worth $317,000 after buying an additional 27,210 shares during the period. Two Sigma Advisers LP increased its stake in Nordic American Tankers by 67.6% in the 3rd quarter. Two Sigma Advisers LP now owns 3,774,100 shares of the shipping company’s stock worth $13,851,000 after buying an additional 1,521,900 shares in the last quarter. Finally, Penn Mutual Asset Management raised its holdings in Nordic American Tankers by 25.2% during the third quarter. Penn Mutual Asset Management now owns 134,000 shares of the shipping company’s stock valued at $492,000 after acquiring an additional 27,000 shares during the period. 44.29% of the stock is 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.