Nordic American Tankers (NYSE:NAT) Trading Up 5.3% – Here’s What Happened

Nordic American Tankers Limited (NYSE:NAT)’s stock price shot up 5.3% during mid-day trading on Tuesday . The stock traded as high as $2.78 and last traded at $2.78. 1,427,902 shares were traded during trading, a decline of 43% from the average session volume of 2,524,628 shares. The stock had previously closed at $2.64.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Evercore ISI decreased their price target on Nordic American Tankers from $4.50 to $4.00 and set an “in-line” rating for the company in a research note on Friday, August 30th. StockNews.com upgraded shares of Nordic American Tankers from a “sell” rating to a “hold” rating in a research note on Monday. Finally, Jefferies Financial Group restated a “hold” rating and set a $3.50 price target on shares of Nordic American Tankers in a research note on Friday.

Nordic American Tankers Price Performance

The stock has a fifty day moving average of $3.33 and a 200 day moving average of $3.64. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.79 and a quick ratio of 0.63. The stock has a market cap of $578.38 million, a price-to-earnings ratio of 9.59 and a beta of -0.26.

Nordic American Tankers Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Thursday, January 16th. Stockholders of record on Tuesday, December 17th will be paid a $0.04 dividend. The ex-dividend date is Tuesday, December 17th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 17.33%. Nordic American Tankers’s payout ratio is currently 165.52%.

Hedge Funds Weigh In On Nordic American Tankers

A number of institutional investors have recently modified their holdings of the stock. Headlands Technologies LLC purchased a new stake in Nordic American Tankers during the second quarter worth $25,000. Raymond James Trust N.A. purchased a new stake in shares of Nordic American Tankers during the 3rd quarter worth about $37,000. B. Riley Wealth Advisors Inc. acquired a new stake in shares of Nordic American Tankers during the 1st quarter valued at about $45,000. Bluefin Capital Management LLC purchased a new position in shares of Nordic American Tankers in the 2nd quarter valued at about $47,000. Finally, Caprock Group LLC acquired a new position in Nordic American Tankers in the 2nd quarter worth about $55,000. 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.