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

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

A number of other equities analysts have also recently weighed in on the stock. Seaport Global Securities set a $3.00 price objective on shares of Nordic American Tanker and gave the company a “hold” rating in a research report on Friday, January 5th. ValuEngine cut shares of Nordic American Tanker from a “sell” rating to a “strong sell” rating in a research report on Sunday, December 31st. Maxim Group decreased their price objective on shares of Nordic American Tanker from $3.00 to $2.00 and set a “sell” rating for the company in a research report on Thursday, December 14th. Jefferies Group raised shares of Nordic American Tanker from an “underperform” rating to a “hold” rating and set a $3.00 price objective for the company in a research report on Thursday, December 14th. Finally, Morgan Stanley decreased their price objective on shares of Nordic American Tanker from $6.50 to $5.00 and set an “equal weight” rating for the company in a research report on Wednesday, November 8th. Five analysts have rated the stock with a sell rating, four have issued a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $4.86.

Nordic American Tanker (NAT) traded down $0.01 during trading hours on Tuesday, reaching $2.63. 1,512,663 shares of the company’s stock were exchanged, compared to its average volume of 2,940,000. The company has a current ratio of 3.52, a quick ratio of 2.71 and a debt-to-equity ratio of 0.58. The stock has a market cap of $373.32, a PE ratio of -2.89 and a beta of 0.89. Nordic American Tanker has a one year low of $2.45 and a one year high of $9.39.

Hedge funds have recently modified their holdings of the company. Schwab Charles Investment Management Inc. lifted its position in shares of Nordic American Tanker by 46.7% during the second quarter. Schwab Charles Investment Management Inc. now owns 435,285 shares of the shipping company’s stock worth $2,760,000 after purchasing an additional 138,574 shares during the last quarter. Wells Fargo & Company MN lifted its position in shares of Nordic American Tanker by 19.0% during the second quarter. Wells Fargo & Company MN now owns 486,605 shares of the shipping company’s stock worth $3,085,000 after purchasing an additional 77,822 shares during the last quarter. Canada Pension Plan Investment Board lifted its position in shares of Nordic American Tanker by 73.2% during the third quarter. Canada Pension Plan Investment Board now owns 80,367 shares of the shipping company’s stock worth $429,000 after purchasing an additional 33,967 shares during the last quarter. Shelton Capital Management lifted its position in shares of Nordic American Tanker by 33.3% during the second quarter. Shelton Capital Management now owns 200,000 shares of the shipping company’s stock worth $1,268,000 after purchasing an additional 50,000 shares during the last quarter. Finally, The Manufacturers Life Insurance Company bought a new position in shares of Nordic American Tanker during the second quarter worth about $479,000. 16.93% of the stock is currently owned by institutional investors and hedge funds.

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Nordic American Tanker Company Profile

Nordic American Tankers Limited is an international tanker company. The Company owns approximately 26 vessels, including approximately two new buildings under construction, of approximately 156,000 deadweight tonnage (dwt) each. The Company’s Suezmaxes tankers can carry over one million barrels of oil.

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Analyst Recommendations for Nordic American Tanker (NYSE:NAT)

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