Nordic American Tankers (NYSE:NAT) Shares Down 3.6% on Disappointing Earnings

Shares of Nordic American Tankers Limited (NYSE:NAT) dropped 3.6% on Friday following a weaker than expected earnings announcement. The stock traded as low as $3.62 and last traded at $3.6250. Approximately 1,624,085 shares changed hands during trading, a decline of 37% from the average daily volume of 2,563,829 shares. The stock had previously closed at $3.76.

The shipping company reported ($0.01) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.01 by ($0.02). The firm had revenue of $40.18 million for the quarter, compared to analyst estimates of $52.89 million. Nordic American Tankers had a net margin of 7.58% and a return on equity of 2.67%.

Nordic American Tankers Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 22nd. Shareholders of record on Monday, December 8th will be paid a $0.13 dividend. The ex-dividend date is Monday, December 8th. This is an increase from Nordic American Tankers’s previous quarterly dividend of $0.10. This represents a $0.52 annualized dividend and a dividend yield of 14.3%. Nordic American Tankers’s dividend payout ratio (DPR) is 2,600.00%.

Wall Street Analysts Forecast Growth

NAT has been the subject of several analyst reports. Weiss Ratings reiterated a “hold (c)” rating on shares of Nordic American Tankers in a research report on Wednesday, October 8th. Evercore ISI lifted their target price on Nordic American Tankers from $2.50 to $3.00 and gave the company an “in-line” rating in a research note on Tuesday, October 28th. Wall Street Zen lowered Nordic American Tankers from a “hold” rating to a “sell” rating in a research report on Saturday, November 22nd. Finally, Jefferies Financial Group reissued a “hold” rating and issued a $3.50 price target on shares of Nordic American Tankers in a research note on Friday. Three investment analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, Nordic American Tankers has a consensus rating of “Hold” and an average target price of $3.25.

Institutional Trading of Nordic American Tankers

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Savant Capital LLC bought a new position in Nordic American Tankers during the second quarter valued at about $28,000. Vanguard Personalized Indexing Management LLC acquired a new stake in Nordic American Tankers in the 3rd quarter valued at about $32,000. BlueStem Wealth Partners LLC bought a new position in shares of Nordic American Tankers during the 3rd quarter valued at about $32,000. HBK Sorce Advisory LLC acquired a new position in shares of Nordic American Tankers in the 3rd quarter worth approximately $33,000. Finally, Caprock Group LLC bought a new stake in shares of Nordic American Tankers in the 3rd quarter worth approximately $36,000. Institutional investors own 44.29% of the company’s stock.

Nordic American Tankers Trading Down 3.5%

The firm has a market capitalization of $768.66 million, a price-to-earnings ratio of 51.86 and a beta of -0.36. The company has a quick ratio of 2.04, a current ratio of 2.33 and a debt-to-equity ratio of 0.84. The firm’s 50 day moving average is $3.51 and its 200 day moving average is $3.08.

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.