Nordic American Offshore Ltd (NYSE:NAO) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Wednesday.

According to Zacks, “Nordic American Offshore Ltd. is an international offshore supply vessel company. The Company operates platform supply vessels (PSVs) which are part of the oil exploration business, transporting stores, provisions and equipment to offshore oil installations in such places as the North Sea, the Gulf of Mexico, the coast of Brazil and other locations where there are offshore oil activities. Nordic American Offshore Ltd. is based in Hamilton, Bermuda. “

Nordic American Offshore (NYSE NAO) remained flat at $1.15 on Wednesday. The company had a trading volume of 68,249 shares. The firm’s 50 day moving average is $1.14 and its 200-day moving average is $1.68. The stock’s market cap is $25.93 million. Nordic American Offshore has a 12 month low of $0.80 and a 12 month high of $4.83.

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Hedge funds have recently modified their holdings of the stock. LMR Partners LLP purchased a new stake in shares of Nordic American Offshore during the first quarter valued at $285,000. Shah Capital Management bought a new stake in Nordic American Offshore during the first quarter worth $871,000. Mackenzie Financial Corp bought a new stake in Nordic American Offshore during the first quarter worth $1,140,000. Laurion Capital Management LP bought a new stake in Nordic American Offshore during the first quarter worth $1,587,000. Finally, DnB Asset Management AS bought a new stake in Nordic American Offshore during the first quarter worth $8,800,000. 30.38% of the stock is currently owned by hedge funds and other institutional investors.

Nordic American Offshore Company Profile

Nordic American Offshore Limited (NAO) operates platform supply vessels (PSV). The Company owns approximately eight vessels. The Company operates in the offshore support vessel market segment. The Company has approximately two vessels under construction. The Company’s vessels operate in the North Sea in both the term and spot market.

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