Nordic American Tankers Limited (NYSE:NAT) Announces $0.12 Quarterly Dividend

Nordic American Tankers Limited (NYSE:NAT) announced a quarterly dividend on Thursday, August 29th, Zacks reports. Stockholders of record on Thursday, September 26th will be given a dividend of 0.12 per share by the shipping company on Tuesday, November 26th. This represents a $0.48 annualized dividend and a dividend yield of 12.82%. The ex-dividend date is Thursday, September 26th.

Nordic American Tankers has increased its dividend by an average of 2.9% per year over the last three years. Nordic American Tankers has a payout ratio of 78.7% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings tumble. Analysts expect Nordic American Tankers to earn $0.50 per share next year, which means the company should continue to be able to cover its $0.48 annual dividend with an expected future payout ratio of 96.0%.

Nordic American Tankers Stock Up 2.0 %

NAT opened at $3.75 on Wednesday. The business has a 50 day simple moving average of $3.64 and a 200-day simple moving average of $3.87. The stock has a market capitalization of $781.96 million, a P/E ratio of 11.70 and a beta of -0.19. Nordic American Tankers has a 12 month low of $3.31 and a 12 month high of $4.83. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.79 and a quick ratio of 0.63.

Nordic American Tankers (NYSE:NAT) last issued its quarterly earnings data on Tuesday, September 3rd. The shipping company reported $0.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.07 by $0.03. The firm had revenue of $66.10 million during the quarter, compared to analysts’ expectations of $54.34 million. Nordic American Tankers had a return on equity of 11.60% and a net margin of 26.35%. During the same period in the previous year, the firm posted $0.13 earnings per share. On average, equities analysts anticipate that Nordic American Tankers will post 0.38 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on NAT. Jefferies Financial Group reaffirmed a “hold” rating and set a $4.00 price objective on shares of Nordic American Tankers in a report on Thursday, September 12th. Evercore ISI dropped their price target on Nordic American Tankers from $4.50 to $4.00 and set an “in-line” rating for the company in a research report on Friday, August 30th. Finally, StockNews.com downgraded Nordic American Tankers from a “hold” rating to a “sell” rating in a research report on Tuesday, August 13th.

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.