Nordic American Tankers (NYSE:NAT) Releases Earnings Results, Misses Estimates By $0.03 EPS

Nordic American Tankers (NYSE:NAT) posted its quarterly earnings results on Thursday. The shipping company reported $0.06 EPS for the quarter, missing the consensus estimate of $0.09 by ($0.03), Zacks reports. The business had revenue of $58.76 million during the quarter, compared to analyst estimates of $69.43 million. Nordic American Tankers had a net margin of 6.39% and a return on equity of 2.42%.

Nordic American Tankers Trading Up 5.6%

Shares of NAT traded up $0.31 during mid-day trading on Friday, reaching $5.71. The company had a trading volume of 7,336,586 shares, compared to its average volume of 3,439,852. Nordic American Tankers has a fifty-two week low of $2.13 and a fifty-two week high of $5.78. The firm has a fifty day simple moving average of $4.13 and a 200-day simple moving average of $3.64. The stock has a market cap of $1.21 billion, a price-to-earnings ratio of 81.51 and a beta of -0.43. The company has a current ratio of 1.95, a quick ratio of 1.64 and a debt-to-equity ratio of 0.86.

Nordic American Tankers Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 24th. Shareholders of record on Tuesday, March 10th will be paid a dividend of $0.17 per share. This is an increase from Nordic American Tankers’s previous quarterly dividend of $0.13. This represents a $0.68 dividend on an annualized basis and a yield of 11.9%. The ex-dividend date of this dividend is Tuesday, March 10th. Nordic American Tankers’s payout ratio is 2,600.00%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NAT. Cerity Partners LLC increased its position in shares of Nordic American Tankers by 4.7% during the fourth quarter. Cerity Partners LLC now owns 54,470 shares of the shipping company’s stock worth $187,000 after acquiring an additional 2,449 shares during the last quarter. Mercer Global Advisors Inc. ADV grew its stake in Nordic American Tankers by 8.3% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 44,606 shares of the shipping company’s stock valued at $153,000 after purchasing an additional 3,433 shares in the last quarter. Franklin Resources Inc. increased its holdings in Nordic American Tankers by 15.9% during the 3rd quarter. Franklin Resources Inc. now owns 27,236 shares of the shipping company’s stock worth $86,000 after purchasing an additional 3,735 shares during the last quarter. Focus Partners Wealth increased its holdings in Nordic American Tankers by 30.5% during the 3rd quarter. Focus Partners Wealth now owns 18,924 shares of the shipping company’s stock worth $59,000 after purchasing an additional 4,424 shares during the last quarter. Finally, Osaic Holdings Inc. raised its position in shares of Nordic American Tankers by 3.2% in the 2nd quarter. Osaic Holdings Inc. now owns 164,701 shares of the shipping company’s stock valued at $433,000 after purchasing an additional 5,133 shares in the last quarter. Institutional investors and hedge funds own 44.29% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on NAT shares. Wall Street Zen raised Nordic American Tankers from a “sell” rating to a “hold” rating in a research note on Saturday, January 17th. Jefferies Financial Group reiterated a “hold” rating and set a $3.50 price target on shares of Nordic American Tankers in a report on Friday, November 28th. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Nordic American Tankers in a report on Monday, December 29th. Three investment analysts have rated the stock with a Hold rating, According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $3.25.

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.