Nordic American Tankers (NYSE:NAT) Share Price Crosses Above 200-Day Moving Average – Here’s What Happened

Nordic American Tankers Limited (NYSE:NAT)’s stock price passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $5.07 and traded as high as $5.94. Nordic American Tankers shares last traded at $5.8850, with a volume of 2,274,487 shares changing hands.

Analysts Set New Price Targets

A number of research firms recently commented on NAT. Wall Street Zen cut Nordic American Tankers from a “strong-buy” rating to a “buy” rating in a research report on Saturday, June 27th. Evercore lowered shares of Nordic American Tankers from an “in-line” rating to an “underperform” rating and set a $4.50 target price on the stock. in a report on Tuesday, April 21st. Two analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Reduce” and a consensus price target of $4.00.

Nordic American Tankers Trading Up 0.9%

The company has a market cap of $1.25 billion, a PE ratio of 21.80 and a beta of -0.57. The business has a 50 day simple moving average of $5.61 and a two-hundred day simple moving average of $5.07. The company has a current ratio of 3.00, a quick ratio of 2.75 and a debt-to-equity ratio of 0.83.

Nordic American Tankers (NYSE:NAT) last announced its quarterly earnings data on Thursday, May 28th. The shipping company reported $0.17 EPS for the quarter, beating analysts’ consensus estimates of $0.16 by $0.01. Nordic American Tankers had a return on equity of 9.16% and a net margin of 24.19%.The business had revenue of $77.51 million during the quarter, compared to the consensus estimate of $81.86 million. On average, analysts forecast that Nordic American Tankers Limited will post 0.58 EPS for the current fiscal year.

Nordic American Tankers Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 24th. Investors of record on Wednesday, June 10th were issued a $0.22 dividend. The ex-dividend date was Wednesday, June 10th. This is an increase from Nordic American Tankers’s previous quarterly dividend of $0.17. This represents a $0.88 dividend on an annualized basis and a yield of 15.0%. Nordic American Tankers’s payout ratio is 325.93%.

Hedge Funds Weigh In On Nordic American Tankers

Several hedge funds and other institutional investors have recently modified their holdings of NAT. Torren Management LLC purchased a new position in Nordic American Tankers in the 4th quarter valued at about $34,000. Diversify Wealth Management LLC acquired a new position in shares of Nordic American Tankers in the 1st quarter valued at approximately $56,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management purchased a new position in shares of Nordic American Tankers during the 1st quarter valued at approximately $61,000. ROI Financial Advisors LLC acquired a new stake in shares of Nordic American Tankers during the fourth quarter worth approximately $36,000. Finally, Stokes Family Office LLC acquired a new stake in shares of Nordic American Tankers during the fourth quarter worth approximately $37,000. 44.29% of the stock is owned by institutional investors and hedge funds.

About Nordic American Tankers

Nordic American Tankers Limited is a Bermuda-based shipping company specializing in the ownership and operation of Suezmax crude oil tankers. The company’s fleet is employed on the spot and period charter markets, transporting crude oil across major global trade routes. By focusing on commercially flexible employment strategies, Nordic American Tankers seeks to optimize vessel utilization and generate stable income for shareholders.

Founded in 1995 and headquartered in Hamilton, Bermuda, Nordic American Tankers maintains technical and commercial management arrangements through established ship-management partners.