Zacks Investment Research Downgrades Nordic American Tanker (NYSE:NAT) to Hold

Nordic American Tanker (NYSE:NAT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Tuesday, Zacks.com reports.

According to Zacks, “NORDIC AMERICAN is engaged of acquiring, disposing, owning, leasing, and chartering three double hull Suezmax oil tankers. “

A number of other research analysts have also commented on NAT. B. Riley reissued a “buy” rating and set a $4.75 price objective on shares of Nordic American Tanker in a report on Monday, December 16th. ValuEngine lowered Nordic American Tanker from a “sell” rating to a “strong sell” rating in a report on Tuesday, January 28th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and two have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $4.75.

Shares of NAT traded up $0.08 during midday trading on Tuesday, reaching $2.98. 3,921,624 shares of the stock were exchanged, compared to its average volume of 2,984,131. Nordic American Tanker has a 12-month low of $1.66 and a 12-month high of $5.28. The firm has a 50 day simple moving average of $3.81 and a 200-day simple moving average of $3.37. The company has a quick ratio of 1.83, a current ratio of 2.18 and a debt-to-equity ratio of 0.68. The company has a market cap of $403.19 million, a price-to-earnings ratio of -37.25 and a beta of 0.92.

Nordic American Tanker (NYSE:NAT) last posted its quarterly earnings results on Tuesday, February 18th. The shipping company reported $0.09 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.17 by ($0.08). Nordic American Tanker had a negative return on equity of 1.77% and a negative net margin of 5.90%. The firm had revenue of $58.82 million for the quarter, compared to analysts’ expectations of $72.97 million. Research analysts expect that Nordic American Tanker will post 0.65 earnings per share for the current fiscal year.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Sunbelt Securities Inc. acquired a new stake in Nordic American Tanker in the 4th quarter valued at approximately $6,033,000. Geode Capital Management LLC grew its holdings in Nordic American Tanker by 16.4% in the 4th quarter. Geode Capital Management LLC now owns 1,230,503 shares of the shipping company’s stock valued at $6,053,000 after buying an additional 173,264 shares during the last quarter. Man Group plc grew its holdings in Nordic American Tanker by 4,193.3% in the 4th quarter. Man Group plc now owns 704,108 shares of the shipping company’s stock valued at $3,464,000 after buying an additional 687,708 shares during the last quarter. Caxton Associates LP acquired a new stake in Nordic American Tanker in the 4th quarter valued at approximately $279,000. Finally, Cubist Systematic Strategies LLC acquired a new stake in Nordic American Tanker in the 4th quarter valued at approximately $126,000. 37.09% of the stock is currently owned by hedge funds and other institutional investors.

Nordic American Tanker Company Profile

Nordic American Tankers Limited, a tanker company, acquires and charters double-hull tankers in Bermuda and internationally. It operates a fleet of 33 Suezmax crude oil tankers. The company was founded in 1995 and is based in Hamilton, Bermuda.

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