Brokerages forecast that Nordic American Tanker Ltd (NYSE:NAT) will report sales of $25.69 million for the current fiscal quarter, according to Zacks Investment Research. Three analysts have provided estimates for Nordic American Tanker’s earnings. The lowest sales estimate is $24.30 million and the highest is $27.98 million. Nordic American Tanker reported sales of $23.67 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 8.5%. The firm is expected to issue its next quarterly earnings results on Friday, November 2nd.

According to Zacks, analysts expect that Nordic American Tanker will report full year sales of $120.28 million for the current year, with estimates ranging from $114.20 million to $126.82 million. For the next financial year, analysts expect that the business will report sales of $154.72 million, with estimates ranging from $145.29 million to $177.67 million. Zacks Investment Research’s sales calculations are an average based on a survey of research firms that follow Nordic American Tanker.

Nordic American Tanker (NYSE:NAT) last released its quarterly earnings results on Tuesday, August 14th. The shipping company reported ($0.16) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.14) by ($0.02). Nordic American Tanker had a negative net margin of 87.25% and a negative return on equity of 13.97%. The business had revenue of $27.01 million during the quarter, compared to analyst estimates of $28.57 million.

A number of equities research analysts have issued reports on the stock. Morgan Stanley increased their price objective on shares of Nordic American Tanker from $2.25 to $2.50 and gave the stock a “$2.37” rating in a research note on Wednesday, July 18th. ValuEngine upgraded shares of Nordic American Tanker from a “sell” rating to a “hold” rating in a research note on Tuesday, October 2nd. Zacks Investment Research downgraded shares of Nordic American Tanker from a “buy” rating to a “hold” rating in a research note on Wednesday, August 1st. Maxim Group reiterated a “sell” rating and set a $1.00 price objective on shares of Nordic American Tanker in a research note on Tuesday, August 14th. Finally, BTIG Research assumed coverage on shares of Nordic American Tanker in a research note on Thursday, September 27th. They set a “neutral” rating on the stock. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the stock. Nordic American Tanker has an average rating of “Hold” and an average target price of $2.38.

Shares of Nordic American Tanker stock opened at $2.31 on Friday. The stock has a market cap of $296.72 million, a price-to-earnings ratio of -3.25 and a beta of 0.30. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.53 and a current ratio of 2.91. Nordic American Tanker has a 12-month low of $1.82 and a 12-month high of $5.67.

Institutional investors have recently made changes to their positions in the business. MetLife Investment Advisors LLC grew its stake in Nordic American Tanker by 568.7% during the first quarter. MetLife Investment Advisors LLC now owns 67,571 shares of the shipping company’s stock worth $131,000 after buying an additional 57,466 shares in the last quarter. Raymond James & Associates lifted its holdings in shares of Nordic American Tanker by 89.3% in the second quarter. Raymond James & Associates now owns 52,165 shares of the shipping company’s stock worth $140,000 after acquiring an additional 24,603 shares during the last quarter. Renaissance Technologies LLC bought a new position in shares of Nordic American Tanker in the second quarter worth about $142,000. Metropolitan Life Insurance Co. NY lifted its holdings in shares of Nordic American Tanker by 116.6% in the second quarter. Metropolitan Life Insurance Co. NY now owns 60,328 shares of the shipping company’s stock worth $162,000 after acquiring an additional 32,471 shares during the last quarter. Finally, The Manufacturers Life Insurance Company lifted its holdings in shares of Nordic American Tanker by 34.7% in the first quarter. The Manufacturers Life Insurance Company now owns 108,757 shares of the shipping company’s stock worth $211,000 after acquiring an additional 28,033 shares during the last quarter. Hedge funds and other institutional investors own 24.81% of the company’s stock.

About Nordic American Tanker

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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