Nordic American Tankers (NYSE:NAT) Reaches New 12-Month Low – Here’s What Happened

Nordic American Tankers Limited (NYSE:NAT)’s stock price hit a new 52-week low during mid-day trading on Thursday . The company traded as low as $2.47 and last traded at $2.47, with a volume of 331441 shares changing hands. The stock had previously closed at $2.51.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on NAT shares. Jefferies Financial Group reiterated a “hold” rating and set a $3.50 target price on shares of Nordic American Tankers in a report on Friday, November 29th. Evercore ISI reduced their price target on Nordic American Tankers from $4.50 to $4.00 and set an “in-line” rating on the stock in a research note on Friday, August 30th. Finally, StockNews.com raised Nordic American Tankers from a “sell” rating to a “hold” rating in a research report on Monday, December 2nd.

Nordic American Tankers Stock Down 1.6 %

The company’s 50 day moving average price is $3.07 and its two-hundred day moving average price is $3.52. The company has a current ratio of 0.73, a quick ratio of 0.56 and a debt-to-equity ratio of 0.36. The firm has a market cap of $515.73 million, a PE ratio of 8.52 and a beta of -0.26.

Nordic American Tankers Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Thursday, January 16th. Investors of record on Tuesday, December 17th will be issued a $0.04 dividend. This represents a $0.48 annualized dividend and a yield of 19.43%. The ex-dividend date is Tuesday, December 17th. Nordic American Tankers’s dividend payout ratio is 55.17%.

Hedge Funds Weigh In On Nordic American Tankers

A number of hedge funds have recently made changes to their positions in the business. Two Sigma Advisers LP grew its holdings in shares of Nordic American Tankers by 67.6% in the third quarter. Two Sigma Advisers LP now owns 3,774,100 shares of the shipping company’s stock valued at $13,851,000 after purchasing an additional 1,521,900 shares in the last quarter. Philip James Wealth Mangement LLC bought a new position in shares of Nordic American Tankers in the 3rd quarter valued at about $4,069,000. TrueMark Investments LLC purchased a new position in Nordic American Tankers in the second quarter worth about $4,373,000. American Century Companies Inc. increased its stake in Nordic American Tankers by 40.5% during the second quarter. American Century Companies Inc. now owns 3,499,565 shares of the shipping company’s stock worth $13,928,000 after acquiring an additional 1,009,096 shares during the last quarter. Finally, Millennium Management LLC increased its stake in Nordic American Tankers by 122.8% during the second quarter. Millennium Management LLC now owns 1,291,682 shares of the shipping company’s stock worth $5,141,000 after acquiring an additional 711,973 shares during 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 20 Suezmax crude oil tankers. The company was incorporated in 1995 and is headquartered in Hamilton, Bermuda.