Nordic American Tankers Limited (NYSE:NAT) Downgraded to “Sell” at Zacks Investment Research

Zacks Investment Research downgraded shares of Nordic American Tankers Limited (NYSE:NAT) from a hold rating to a sell rating in a research note issued to investors on Wednesday.

According to Zacks, “NORDIC AMERICAN is engaged of acquiring, disposing, owning, leasing, and chartering three double hull Suezmax oil tankers. “

A number of other analysts have also weighed in on NAT. Vetr lowered Nordic American Tankers Limited from a strong-buy rating to a buy rating and set a $6.89 price objective for the company. in a research note on Thursday, June 1st. Jefferies Group LLC reissued a sell rating and set a $5.00 price objective (down previously from $7.00) on shares of Nordic American Tankers Limited in a research note on Monday, May 8th. Finally, Maxim Group dropped their price objective on Nordic American Tankers Limited from $6.00 to $5.00 and set a sell rating for the company in a research note on Monday, May 8th. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating and one has issued a strong buy rating to the company’s stock. Nordic American Tankers Limited has a consensus rating of Hold and a consensus target price of $7.42.

Shares of Nordic American Tankers Limited (NAT) opened at 6.11 on Wednesday. The firm’s market capitalization is $623.03 million. Nordic American Tankers Limited has a 52-week low of $5.47 and a 52-week high of $14.07. The company’s 50-day moving average is $6.37 and its 200 day moving average is $7.82.

Nordic American Tankers Limited (NYSE:NAT) last issued its quarterly earnings results on Monday, May 8th. The shipping company reported ($0.01) EPS for the quarter, missing analysts’ consensus estimates of $0.03 by $0.04. The business had revenue of $55.20 million for the quarter, compared to the consensus estimate of $55.53 million. Nordic American Tankers Limited had a net margin of 0.06% and a return on equity of 0.25%. The firm’s revenue was down 28.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.33 earnings per share. Analysts expect that Nordic American Tankers Limited will post ($0.21) EPS for the current fiscal year.

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A number of hedge funds have recently made changes to their positions in the company. State Street Corp raised its position in shares of Nordic American Tankers Limited by 12.3% in the fourth quarter. State Street Corp now owns 1,624,244 shares of the shipping company’s stock valued at $13,646,000 after buying an additional 177,465 shares in the last quarter. Van Den Berg Management I Inc. purchased a new position in shares of Nordic American Tankers Limited during the first quarter valued at approximately $9,082,000. Global X Management Co. LLC raised its position in shares of Nordic American Tankers Limited by 99.6% in the first quarter. Global X Management Co. LLC now owns 1,049,215 shares of the shipping company’s stock valued at $8,583,000 after buying an additional 523,510 shares in the last quarter. Norges Bank purchased a new position in shares of Nordic American Tankers Limited during the fourth quarter valued at approximately $5,608,000. Finally, WealthTrust Axiom LLC raised its position in shares of Nordic American Tankers Limited by 6.1% in the first quarter. WealthTrust Axiom LLC now owns 617,753 shares of the shipping company’s stock valued at $5,053,000 after buying an additional 35,392 shares in the last quarter. 26.78% of the stock is owned by institutional investors.

Nordic American Tankers Limited 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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