Nordic American Tanker Ltd (NYSE:NAT) announced a quarterly dividend on Tuesday, May 14th, NASDAQ reports. Investors of record on Tuesday, May 28th will be paid a dividend of 0.03 per share by the shipping company on Wednesday, June 12th. This represents a $0.12 dividend on an annualized basis and a yield of 4.63%. The ex-dividend date of this dividend is Friday, May 24th.
Nordic American Tanker has decreased its dividend payment by an average of 63.0% annually over the last three years. Nordic American Tanker has a payout ratio of -34.8% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Nordic American Tanker to earn $0.18 per share next year, which means the company should continue to be able to cover its $0.16 annual dividend with an expected future payout ratio of 88.9%.
Shares of NAT stock opened at $2.59 on Friday. Nordic American Tanker has a 1-year low of $1.81 and a 1-year high of $3.47. The stock has a market cap of $367.70 million, a P/E ratio of -4.25 and a beta of 0.58. The company has a debt-to-equity ratio of 0.69, a quick ratio of 2.55 and a current ratio of 3.11.
A number of equities research analysts recently weighed in on the company. Zacks Investment Research downgraded Nordic American Tanker from a “hold” rating to a “sell” rating in a research report on Wednesday, April 24th. Maxim Group set a $1.00 price objective on Nordic American Tanker and gave the company a “sell” rating in a research report on Wednesday, February 20th. One analyst has rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $2.60.
A hedge fund recently raised its stake in Nordic American Tanker stock. Geode Capital Management LLC lifted its position in Nordic American Tanker Ltd (NYSE:NAT) by 18.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 490,347 shares of the shipping company’s stock after purchasing an additional 76,914 shares during the quarter. Geode Capital Management LLC owned about 0.35% of Nordic American Tanker worth $980,000 as of its most recent SEC filing. 26.44% of the stock is currently owned by hedge funds and other institutional investors.
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About Nordic American Tanker
Nordic American Tankers Limited, a tanker company, acquires and charters double-hull tankers in Bermuda and internationally. It operates a fleet of 33 Suezmax crude oil tankers. The company was founded in 1995 and is based in Hamilton, Bermuda.
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