Nordic American Tankers Limited (NYSE:NAT) Plans Quarterly Dividend of $0.22

Nordic American Tankers Limited (NYSE:NAT) declared a quarterly dividend on Thursday, May 28th. Shareholders of record on Wednesday, June 10th will be given a dividend of 0.22 per share by the shipping company on Wednesday, June 24th. This represents a c) dividend on an annualized basis and a yield of 17.5%. The ex-dividend date of this dividend is Wednesday, June 10th. This is a 29.4% increase from Nordic American Tankers’s previous quarterly dividend of $0.17.

Nordic American Tankers has decreased its dividend by an average of 0.0%annually over the last three years and has raised its dividend annually for the last 1 consecutive years. Nordic American Tankers has a payout ratio of 194.3% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect Nordic American Tankers to earn $0.38 per share next year, which means the company may not be able to cover its $0.68 annual dividend with an expected future payout ratio of 178.9%.

Nordic American Tankers Stock Down 3.5%

NYSE:NAT traded down $0.19 during trading hours on Thursday, reaching $5.04. 5,990,969 shares of the stock were exchanged, compared to its average volume of 2,710,062. Nordic American Tankers has a twelve month low of $2.55 and a twelve month high of $6.34. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.24 and a quick ratio of 1.94. The firm has a 50 day moving average of $5.68 and a 200 day moving average of $4.69. The stock has a market cap of $1.07 billion, a PE ratio of 71.94 and a beta of -0.54.

Nordic American Tankers (NYSE:NAT) last released its quarterly earnings results on Friday, February 27th. The shipping company reported $0.06 earnings per share for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.03). Nordic American Tankers had a return on equity of 2.47% and a net margin of 6.39%.The firm had revenue of $58.76 million for the quarter, compared to analyst estimates of $69.43 million. On average, equities analysts expect that Nordic American Tankers will post 0.43 earnings per share for the current year.

Wall Street Analyst Weigh In

Separately, Evercore downgraded Nordic American Tankers from an “in-line” rating to an “underperform” rating and set a $4.50 price target for the company. in a research report on Tuesday, April 21st. Two analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Reduce” and an average target price of $4.00.

Nordic American Tankers Company Profile

Nordic American Tankers Limited is a Bermuda-based shipping company specializing in the ownership and operation of Suezmax crude oil tankers. The company’s fleet is employed on the spot and period charter markets, transporting crude oil across major global trade routes. By focusing on commercially flexible employment strategies, Nordic American Tankers seeks to optimize vessel utilization and generate stable income for shareholders.

Founded in 1995 and headquartered in Hamilton, Bermuda, Nordic American Tankers maintains technical and commercial management arrangements through established ship-management partners.