Nordic American Tankers Limited (NAT) Given New $5.00 Price Target at Morgan Stanley

Nordic American Tankers Limited (NYSE:NAT) had its price objective lowered by Morgan Stanley from $6.50 to $5.00 in a report released on Wednesday morning. The brokerage currently has an equal weight rating on the shipping company’s stock.

NAT has been the subject of a number of other research reports. Zacks Investment Research downgraded shares of Nordic American Tankers Limited from a hold rating to a sell rating in a report on Wednesday, July 12th. Maxim Group set a $4.00 price target on shares of Nordic American Tankers Limited and gave the company a sell rating in a report on Monday, August 7th. BidaskClub downgraded shares of Nordic American Tankers Limited from a sell rating to a strong sell rating in a report on Monday, July 24th. Jefferies Group LLC reaffirmed a sell rating and issued a $5.00 price target on shares of Nordic American Tankers Limited in a report on Monday, July 17th. Finally, Evercore ISI downgraded shares of Nordic American Tankers Limited from an in-line rating to an underperform rating and lowered their price target for the company from $6.00 to $5.00 in a report on Friday, July 21st. Five equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has given a strong buy rating to the company. The stock currently has an average rating of Hold and a consensus target price of $5.67.

Shares of Nordic American Tankers Limited (NYSE:NAT) traded up $0.02 during trading hours on Wednesday, hitting $4.28. 1,118,318 shares of the company were exchanged, compared to its average volume of 1,196,697. The company has a current ratio of 4.69, a quick ratio of 3.87 and a debt-to-equity ratio of 0.52. Nordic American Tankers Limited has a 1 year low of $4.09 and a 1 year high of $9.95. The company has a market cap of $425.12, a P/E ratio of 104.25 and a beta of 0.90.

Nordic American Tankers Limited (NYSE:NAT) last announced its quarterly earnings results on Monday, August 7th. The shipping company reported ($0.16) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.13) by ($0.03). Nordic American Tankers Limited had a negative net margin of 40.67% and a negative return on equity of 7.69%. The business had revenue of $39.10 million during the quarter, compared to the consensus estimate of $42.47 million. During the same period in the previous year, the business posted $0.15 EPS. The firm’s revenue was down 29.2% on a year-over-year basis. equities research analysts predict that Nordic American Tankers Limited will post -0.48 earnings per share for the current fiscal year.

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The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 5th. Shareholders of record on Monday, November 13th will be paid a $0.03 dividend. This represents a $0.12 annualized dividend and a yield of 2.80%. The ex-dividend date is Friday, November 10th.

A number of hedge funds and other institutional investors have recently made changes to their positions in NAT. Northern Trust Corp lifted its stake in Nordic American Tankers Limited by 40.4% in the second quarter. Northern Trust Corp now owns 2,292,777 shares of the shipping company’s stock worth $14,536,000 after purchasing an additional 659,827 shares during the last quarter. Greylin Investment Mangement Inc. increased its position in shares of Nordic American Tankers Limited by 105.0% during the second quarter. Greylin Investment Mangement Inc. now owns 398,075 shares of the shipping company’s stock worth $2,524,000 after acquiring an additional 203,850 shares during the period. Tocqueville Asset Management L.P. purchased a new position in shares of Nordic American Tankers Limited during the third quarter worth approximately $887,000. First Eagle Investment Management LLC purchased a new position in shares of Nordic American Tankers Limited during the third quarter worth approximately $886,000. Finally, Schwab Charles Investment Management Inc. increased its position in shares of Nordic American Tankers Limited by 46.7% during the second quarter. Schwab Charles Investment Management Inc. now owns 435,285 shares of the shipping company’s stock worth $2,760,000 after acquiring an additional 138,574 shares during the period. 23.59% of the stock is owned by institutional investors and hedge funds.

Nordic American Tankers Limited Company Profile

Nordic American Tankers Limited is an international tanker company. The Company owns approximately 26 vessels, including approximately two new buildings under construction, of approximately 156,000 deadweight tonnage (dwt) each. The Company’s Suezmaxes tankers can carry over one million barrels of oil.

Analyst Recommendations for Nordic American Tankers Limited (NYSE:NAT)

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