Nordic American Tankers (NYSE:NAT) Reaches New 52-Week Low – Here’s Why

Nordic American Tankers Limited (NYSE:NAT)’s stock price reached a new 52-week low on Monday . The stock traded as low as $2.40 and last traded at $2.42, with a volume of 348165 shares trading hands. The stock had previously closed at $2.46.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on NAT shares. StockNews.com lowered shares of Nordic American Tankers from a “hold” rating to a “sell” rating in a report on Saturday. Jefferies Financial Group reaffirmed a “hold” rating and set a $3.00 target price on shares of Nordic American Tankers in a research report on Friday, February 28th.

Nordic American Tankers Stock Down 1.8 %

The stock has a fifty day moving average of $2.66 and a 200 day moving average of $3.04. The firm has a market capitalization of $504.24 million, a P/E ratio of 8.33 and a beta of -0.33. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.73 and a quick ratio of 0.56.

Nordic American Tankers (NYSE:NAT) last posted its earnings results on Wednesday, March 5th. The shipping company reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by ($0.02). The company had revenue of $46.39 million for the quarter, compared to analysts’ expectations of $51.38 million. Nordic American Tankers had a return on equity of 11.95% and a net margin of 26.41%. On average, research analysts anticipate that Nordic American Tankers Limited will post 0.24 EPS for the current fiscal year.

Nordic American Tankers Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 24th. Stockholders of record on Monday, March 10th will be issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 9.94%. The ex-dividend date of this dividend is Monday, March 10th. Nordic American Tankers’s payout ratio is 109.09%.

Hedge Funds Weigh In On Nordic American Tankers

Several hedge funds have recently bought and sold shares of NAT. Two Sigma Advisers LP boosted its holdings in Nordic American Tankers by 0.4% in the 4th quarter. Two Sigma Advisers LP now owns 3,787,400 shares of the shipping company’s stock valued at $9,468,000 after purchasing an additional 13,300 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Nordic American Tankers by 10.1% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,678,423 shares of the shipping company’s stock worth $6,696,000 after buying an additional 246,365 shares in the last quarter. Geode Capital Management LLC increased its stake in Nordic American Tankers by 0.9% in the 4th quarter. Geode Capital Management LLC now owns 2,493,016 shares of the shipping company’s stock worth $6,233,000 after acquiring an additional 22,615 shares during the last quarter. Northern Trust Corp increased its position in shares of Nordic American Tankers by 3.3% in the fourth quarter. Northern Trust Corp now owns 1,376,932 shares of the shipping company’s stock worth $3,442,000 after purchasing an additional 44,380 shares during the last quarter. Finally, Philip James Wealth Mangement LLC lifted its position in Nordic American Tankers by 8.8% during the fourth quarter. Philip James Wealth Mangement LLC now owns 1,206,410 shares of the shipping company’s stock valued at $3,016,000 after purchasing an additional 97,819 shares during the last quarter. Hedge funds and other institutional investors own 44.29% of the company’s stock.

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.