Nordic American Tankers (NYSE:NAT) Share Price Passes Above 200 Day Moving Average – What’s Next?

Shares of Nordic American Tankers Limited (NYSE:NAT) crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $2.97 and traded as high as $3.66. Nordic American Tankers shares last traded at $3.6340, with a volume of 1,873,270 shares trading hands.

Wall Street Analysts Forecast Growth

NAT has been the topic of a number of analyst reports. Weiss Ratings restated a “hold (c)” rating on shares of Nordic American Tankers in a research note on Wednesday, October 8th. Evercore ISI boosted their price objective on Nordic American Tankers from $2.50 to $3.00 and gave the company an “in-line” rating in a research report on Tuesday, October 28th. Wall Street Zen raised Nordic American Tankers from a “sell” rating to a “hold” rating in a research note on Saturday, November 1st. Finally, Jefferies Financial Group reissued a “hold” rating and set a $3.00 target price on shares of Nordic American Tankers in a research note on Thursday, August 28th. Three equities research analysts have rated the stock with a Hold rating, According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $3.00.

Nordic American Tankers Price Performance

The firm’s fifty day simple moving average is $3.37 and its 200 day simple moving average is $2.97. The firm has a market cap of $769.50 million, a P/E ratio of 51.91 and a beta of -0.36. The company has a debt-to-equity ratio of 0.84, a quick ratio of 2.04 and a current ratio of 2.33.

Nordic American Tankers (NYSE:NAT) last issued its earnings results on Thursday, August 28th. The shipping company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by ($0.05). The firm had revenue of $40.15 million during the quarter, compared to the consensus estimate of $53.35 million. Nordic American Tankers had a return on equity of 2.67% and a net margin of 7.58%. As a group, analysts forecast that Nordic American Tankers Limited will post 0.24 earnings per share for the current year.

Nordic American Tankers Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 29th. Stockholders of record on Friday, September 12th were issued a dividend of $0.10 per share. This is a positive change from Nordic American Tankers’s previous quarterly dividend of $0.07. The ex-dividend date of this dividend was Friday, September 12th. This represents a $0.40 annualized dividend and a dividend yield of 11.0%. Nordic American Tankers’s payout ratio is currently 571.43%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. CenterBook Partners LP lifted its position in Nordic American Tankers by 88.0% during the first quarter. CenterBook Partners LP now owns 3,135,619 shares of the shipping company’s stock valued at $7,714,000 after purchasing an additional 1,467,916 shares during the last quarter. Nuveen LLC bought a new stake in shares of Nordic American Tankers in the 1st quarter worth about $3,150,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Nordic American Tankers by 61.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,326,919 shares of the shipping company’s stock valued at $10,644,000 after buying an additional 1,648,496 shares in the last quarter. Jump Financial LLC lifted its holdings in shares of Nordic American Tankers by 44.7% in the 1st quarter. Jump Financial LLC now owns 264,617 shares of the shipping company’s stock valued at $651,000 after acquiring an additional 81,724 shares during the last quarter. Finally, Sequoia Financial Advisors LLC grew its position in Nordic American Tankers by 33.7% in the second quarter. Sequoia Financial Advisors LLC now owns 15,865 shares of the shipping company’s stock worth $42,000 after acquiring an additional 3,998 shares in the last quarter. 44.29% of the stock is owned by hedge funds and other institutional investors.

About Nordic American Tankers

Nordic American Tankers Limited, a tanker company, acquires and charters double-hull tankers in Bermuda and internationally. It operates a fleet of 20 Suezmax crude oil tankers. The company was incorporated in 1995 and is headquartered in Hamilton, Bermuda.