Nordic American Tankers Limited Expected to Earn Q1 2024 Earnings of $0.11 Per Share (NYSE:NAT)

Nordic American Tankers Limited (NYSE:NAT) – Analysts at B. Riley lowered their Q1 2024 earnings per share (EPS) estimates for shares of Nordic American Tankers in a note issued to investors on Thursday, April 11th. B. Riley analyst L. Burke now expects that the shipping company will post earnings of $0.11 per share for the quarter, down from their prior estimate of $0.12. The consensus estimate for Nordic American Tankers’ current full-year earnings is $0.60 per share. B. Riley also issued estimates for Nordic American Tankers’ Q2 2024 earnings at $0.01 EPS, FY2024 earnings at $0.40 EPS and FY2025 earnings at $0.52 EPS.

Nordic American Tankers (NYSE:NAT) last released its quarterly earnings results on Friday, March 1st. The shipping company reported $0.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.06). The firm had revenue of $59.25 million for the quarter, compared to the consensus estimate of $68.90 million. Nordic American Tankers had a net margin of 37.65% and a return on equity of 18.12%. During the same quarter in the prior year, the firm earned $0.17 earnings per share.

A number of other research analysts have also recently commented on the company. Evercore ISI lowered their price target on Nordic American Tankers from $5.00 to $4.50 and set an “in-line” rating on the stock in a report on Thursday, February 29th. Jefferies Financial Group restated a “buy” rating and set a $5.50 price target on shares of Nordic American Tankers in a report on Thursday, February 29th. Finally, TheStreet lowered Nordic American Tankers from a “b-” rating to a “c+” rating in a report on Monday, February 5th. Two equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $5.33.

Nordic American Tankers Trading Down 2.5 %

Shares of NYSE:NAT opened at $3.88 on Monday. The stock has a 50 day moving average of $4.05 and a 200 day moving average of $4.21. The company has a market cap of $810.13 million, a PE ratio of 8.26 and a beta of -0.10. The company has a current ratio of 1.55, a quick ratio of 1.10 and a debt-to-equity ratio of 0.50. Nordic American Tankers has a 12-month low of $3.26 and a 12-month high of $4.83.

Nordic American Tankers Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, April 10th. Shareholders of record on Wednesday, March 20th were given a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 12.37%. The ex-dividend date was Tuesday, March 19th. This is an increase from Nordic American Tankers’s previous quarterly dividend of $0.06. Nordic American Tankers’s dividend payout ratio is 102.13%.

Hedge Funds Weigh In On Nordic American Tankers

Hedge funds have recently bought and sold shares of the business. Bank of New York Mellon Corp grew its position in shares of Nordic American Tankers by 2.8% during the 1st quarter. Bank of New York Mellon Corp now owns 510,212 shares of the shipping company’s stock worth $1,087,000 after buying an additional 14,048 shares in the last quarter. American Century Companies Inc. grew its position in shares of Nordic American Tankers by 25.3% during the 1st quarter. American Century Companies Inc. now owns 606,947 shares of the shipping company’s stock worth $1,293,000 after buying an additional 122,381 shares in the last quarter. HighTower Advisors LLC grew its position in shares of Nordic American Tankers by 26.6% during the 1st quarter. HighTower Advisors LLC now owns 128,599 shares of the shipping company’s stock worth $274,000 after buying an additional 26,995 shares in the last quarter. Rhumbline Advisers grew its position in shares of Nordic American Tankers by 11.1% during the 1st quarter. Rhumbline Advisers now owns 257,510 shares of the shipping company’s stock worth $548,000 after buying an additional 25,644 shares in the last quarter. Finally, BlackRock Inc. grew its position in shares of Nordic American Tankers by 3.8% during the 1st quarter. BlackRock Inc. now owns 9,897,210 shares of the shipping company’s stock worth $21,082,000 after buying an additional 366,761 shares in the last quarter. Institutional investors own 44.29% of the company’s stock.

About Nordic American Tankers

Nordic American Tankers Limited, a tanker company, acquires and charters double-hull tankers in Bermuda and internationally. It operates a fleet of 19 Suezmax crude oil tankers. The company was incorporated in 1995 and is headquartered in Hamilton, Bermuda.