Nordic American Tanker (NAT) Stock Price Down 27.8% on Analyst Downgrade
Nordic American Tanker Ltd (NYSE:NAT) shares fell 27.8% on Thursday after Maxim Group lowered their price target on the stock from $3.00 to $2.00. Maxim Group currently has a sell rating on the stock. Nordic American Tanker traded as low as $2.65 and last traded at $2.65. 22,173,700 shares traded hands during trading, an increase of 1,661% from the average session volume of 1,258,894 shares. The stock had previously closed at $3.67.
Several other analysts also recently issued reports on the company. Jefferies Group raised Nordic American Tanker from an “underperform” rating to a “hold” rating and set a $3.00 target price on the stock in a research note on Thursday. Zacks Investment Research raised Nordic American Tanker from a “sell” rating to a “hold” rating in a research note on Saturday, December 2nd. Finally, Morgan Stanley decreased their target price on Nordic American Tanker from $6.50 to $5.00 and set an “equal weight” rating on the stock in a research note on Wednesday, November 8th. Three research analysts have rated the stock with a sell rating, four have given a hold rating and one has assigned a strong buy rating to the company. The company has an average rating of “Hold” and an average price target of $5.17.
A number of large investors have recently added to or reduced their stakes in NAT. Northern Trust Corp increased its stake in Nordic American Tanker by 40.4% in the 2nd quarter. Northern Trust Corp now owns 2,292,777 shares of the shipping company’s stock worth $14,536,000 after acquiring an additional 659,827 shares during the last quarter. Tocqueville Asset Management L.P. bought a new stake in Nordic American Tanker in the 3rd quarter worth approximately $887,000. First Eagle Investment Management LLC bought a new stake in Nordic American Tanker in the 3rd quarter worth approximately $886,000. Schwab Charles Investment Management Inc. increased its stake in Nordic American Tanker by 46.7% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 435,285 shares of the shipping company’s stock worth $2,760,000 after acquiring an additional 138,574 shares during the last quarter. Finally, State Street Corp increased its stake in Nordic American Tanker by 6.9% in the 2nd quarter. State Street Corp now owns 1,778,065 shares of the shipping company’s stock worth $11,272,000 after acquiring an additional 114,052 shares during the last quarter. 23.68% of the stock is currently owned by institutional investors and hedge funds.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 5th. Shareholders of record on Monday, November 13th were paid a $0.03 dividend. This represents a $0.12 dividend on an annualized basis and a yield of 4.53%. The ex-dividend date of this dividend was Friday, November 10th. Nordic American Tanker’s payout ratio is -13.19%.
ILLEGAL ACTIVITY WARNING: This piece of content was posted by Watch List News and is owned by of Watch List News. If you are reading this piece of content on another site, it was illegally stolen and republished in violation of United States & international copyright and trademark laws. The legal version of this piece of content can be read at https://www.watchlistnews.com/nordic-american-tanker-nat-stock-price-down-27-8-on-analyst-downgrade/1763912.html.
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.
Receive News & Ratings for Nordic American Tanker Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Nordic American Tanker and related companies with MarketBeat.com's FREE daily email newsletter.