Nordic American Tankers (NYSE:NAT) Posts Earnings Results, Beats Expectations By $0.01 EPS

Nordic American Tankers (NYSE:NAT) announced its quarterly earnings results on Thursday. The shipping company reported $0.17 EPS for the quarter, beating analysts’ consensus estimates of $0.16 by $0.01, Zacks reports. Nordic American Tankers had a return on equity of 2.47% and a net margin of 6.39%.

Nordic American Tankers Price Performance

Nordic American Tankers stock opened at $5.22 on Thursday. The stock’s 50 day moving average is $5.68 and its 200 day moving average is $4.68. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.24 and a quick ratio of 1.94. The firm has a market cap of $1.11 billion, a P/E ratio of 74.64 and a beta of -0.54. Nordic American Tankers has a one year low of $2.55 and a one year high of $6.34.

Wall Street Analyst Weigh In

Separately, Evercore lowered Nordic American Tankers from an “in-line” rating to an “underperform” rating and set a $4.50 price target on the stock. in a research note on Tuesday, April 21st. Two analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Reduce” and an average price target of $4.00.

Hedge Funds Weigh In On Nordic American Tankers

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Cerity Partners LLC lifted its stake in Nordic American Tankers by 4.7% in the fourth quarter. Cerity Partners LLC now owns 54,470 shares of the shipping company’s stock valued at $187,000 after buying an additional 2,449 shares during the period. Mercer Global Advisors Inc. ADV lifted its stake in Nordic American Tankers by 8.3% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 44,606 shares of the shipping company’s stock valued at $153,000 after buying an additional 3,433 shares during the period. Franklin Resources Inc. lifted its stake in Nordic American Tankers by 15.9% in the third quarter. Franklin Resources Inc. now owns 27,236 shares of the shipping company’s stock valued at $86,000 after buying an additional 3,735 shares during the period. Focus Partners Wealth lifted its stake in Nordic American Tankers by 30.5% in the third quarter. Focus Partners Wealth now owns 18,924 shares of the shipping company’s stock valued at $59,000 after buying an additional 4,424 shares during the period. Finally, Osaic Holdings Inc. lifted its stake in Nordic American Tankers by 3.2% in the second quarter. Osaic Holdings Inc. now owns 164,701 shares of the shipping company’s stock valued at $433,000 after buying an additional 5,133 shares during the period. 44.29% of the stock is owned by institutional investors and hedge funds.

About Nordic American Tankers

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.