Nordic American Tankers (NYSE:NAT) Hits New 52-Week Low – Here’s What Happened

Nordic American Tankers Limited (NYSE:NAT) hit a new 52-week low on Thursday . The company traded as low as $2.47 and last traded at $2.47, with a volume of 331441 shares changing hands. The stock had previously closed at $2.51.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on NAT shares. Jefferies Financial Group reissued a “hold” rating and set a $3.50 target price on shares of Nordic American Tankers in a report on Friday, November 29th. Evercore ISI cut their price target 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. Finally, StockNews.com upgraded Nordic American Tankers from a “sell” rating to a “hold” rating in a research note on Monday, December 2nd.

Nordic American Tankers Trading Down 1.2 %

The firm has a 50-day moving average of $3.05 and a 200 day moving average of $3.51. The company has a current ratio of 0.73, a quick ratio of 0.56 and a debt-to-equity ratio of 0.36. The stock has a market capitalization of $509.46 million, a price-to-earnings ratio of 8.41 and a beta of -0.26.

Nordic American Tankers Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Thursday, January 16th. Shareholders of record on Tuesday, December 17th will be given a dividend of $0.04 per share. The ex-dividend date is Tuesday, December 17th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 19.67%. Nordic American Tankers’s dividend payout ratio (DPR) is 55.17%.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. SG Americas Securities LLC boosted its holdings in Nordic American Tankers by 260.2% during the second quarter. SG Americas Securities LLC now owns 43,343 shares of the shipping company’s stock worth $173,000 after buying an additional 31,310 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Nordic American Tankers by 10.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 692,602 shares of the shipping company’s stock worth $2,757,000 after acquiring an additional 67,009 shares in the last quarter. TrueMark Investments LLC acquired a new position in shares of Nordic American Tankers in the 2nd quarter worth $4,373,000. Principal Financial Group Inc. grew its holdings in shares of Nordic American Tankers by 8.6% in the 2nd quarter. Principal Financial Group Inc. now owns 128,756 shares of the shipping company’s stock worth $512,000 after acquiring an additional 10,171 shares during the last quarter. Finally, Commonwealth Equity Services LLC raised its position in shares of Nordic American Tankers by 30.5% during the second quarter. Commonwealth Equity Services LLC now owns 308,463 shares of the shipping company’s stock worth $1,228,000 after purchasing an additional 72,139 shares during the period. 44.29% of the stock is owned by institutional investors and hedge funds.

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.