Zacks Investment Research cut shares of Nordic American Tanker (NYSE:NAT) from a hold rating to a sell rating in a research note released on Tuesday.
According to Zacks, “NORDIC AMERICAN is engaged of acquiring, disposing, owning, leasing, and chartering three double hull Suezmax oil tankers. “
Other equities research analysts have also issued reports about the company. Morgan Stanley lowered their price target on 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. Seaport Global Securities set a $3.00 price target on Nordic American Tanker and gave the company a hold rating in a research report on Friday, January 5th. Jefferies Group raised Nordic American Tanker from an underperform rating to a hold rating and set a $3.00 price target for the company in a research report on Thursday, December 14th. Maxim Group lowered their price target on 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. Finally, ValuEngine lowered Nordic American Tanker from a sell rating to a strong sell rating in a research report on Sunday, December 31st. Five research analysts have rated the stock with a sell rating, four have given a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of Hold and a consensus target price of $4.86.
Nordic American Tanker (NAT) traded down $0.01 during midday trading on Tuesday, reaching $2.63. The company had a trading volume of 1,512,663 shares, compared to its average volume of 2,940,000. The stock has a market cap of $373.32, a price-to-earnings ratio of -2.89 and a beta of 0.89. Nordic American Tanker has a twelve month low of $2.45 and a twelve month high of $9.39. The company has a debt-to-equity ratio of 0.58, a current ratio of 3.52 and a quick ratio of 2.71.
Institutional investors have recently made changes to their positions in the company. Principal Financial Group Inc. increased its position in shares of Nordic American Tanker by 37.9% during the 2nd quarter. Principal Financial Group Inc. now owns 16,198 shares of the shipping company’s stock valued at $103,000 after purchasing an additional 4,454 shares during the last quarter. Dynamic Technology Lab Private Ltd bought a new position in shares of Nordic American Tanker during the 3rd quarter worth $158,000. Belpointe Asset Management LLC bought a new position in shares of Nordic American Tanker during the 3rd quarter worth $241,000. Voya Investment Management LLC grew its stake in shares of Nordic American Tanker by 14.0% during the 2nd quarter. Voya Investment Management LLC now owns 46,032 shares of the shipping company’s stock worth $292,000 after acquiring an additional 5,659 shares during the period. Finally, The Manufacturers Life Insurance Company bought a new position in shares of Nordic American Tanker during the 2nd quarter worth $479,000. 16.93% of the stock is owned by hedge funds and other institutional investors.
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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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