Nordic American Tankers (NYSE:NAT) Announces Earnings Results

Nordic American Tankers (NYSE:NAT) issued its quarterly earnings results on Friday. The shipping company reported ($0.01) earnings per share for the quarter, missing the consensus estimate of $0.01 by ($0.02), Zacks reports. Nordic American Tankers had a return on equity of 2.67% and a net margin of 7.58%.

Nordic American Tankers Trading Up 0.5%

Nordic American Tankers stock opened at $3.78 on Friday. Nordic American Tankers has a 52 week low of $2.13 and a 52 week high of $3.93. The company has a debt-to-equity ratio of 0.84, a quick ratio of 2.04 and a current ratio of 2.33. The stock has a market capitalization of $799.78 million, a P/E ratio of 54.21 and a beta of -0.36. The stock has a 50-day simple moving average of $3.50 and a 200 day simple moving average of $3.07.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Millennium Management LLC increased its holdings in shares of Nordic American Tankers by 108.3% during the 3rd quarter. Millennium Management LLC now owns 2,429,423 shares of the shipping company’s stock worth $7,628,000 after acquiring an additional 1,263,228 shares during the last quarter. UBS Group AG boosted its position in Nordic American Tankers by 83.9% during the third quarter. UBS Group AG now owns 2,277,830 shares of the shipping company’s stock worth $7,152,000 after purchasing an additional 1,039,353 shares during the period. Norges Bank acquired a new position in shares of Nordic American Tankers in the second quarter valued at $1,264,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Nordic American Tankers by 9.9% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,754,688 shares of the shipping company’s stock valued at $12,505,000 after purchasing an additional 427,769 shares during the period. Finally, Bridgeway Capital Management LLC lifted its stake in shares of Nordic American Tankers by 49.7% during the 2nd quarter. Bridgeway Capital Management LLC now owns 1,268,265 shares of the shipping company’s stock worth $3,336,000 after buying an additional 421,326 shares during the last quarter. 44.29% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several brokerages recently commented on NAT. Wall Street Zen cut shares of Nordic American Tankers from a “hold” rating to a “sell” rating in a report on Saturday, November 22nd. Weiss Ratings reissued a “hold (c)” rating on shares of Nordic American Tankers in a research report on Wednesday, October 8th. Jefferies Financial Group restated a “hold” rating and issued a $3.50 price objective on shares of Nordic American Tankers in a report on Friday. Finally, Evercore ISI lifted their target price 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. Three equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat, Nordic American Tankers presently has a consensus rating of “Hold” and an average target price of $3.25.

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.