The Zacks Investment Research lowers the Stock rating of Nordic American Tankers Ltd. (NAT)

The Zacks Investment Research lowers the Stock rating of Nordic American Tankers Ltd. (NAT)

Nordic American Tankers Ltd. (NYSE:NAT) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Tuesday.

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 also recently weighed in on the stock. Vetr downgraded shares of Nordic American Tankers from a “buy” rating to a “hold” rating and set a $13.86 price target for the company. in a report on Monday, July 11th. Jefferies Group set a $8.00 price target on shares of Nordic American Tankers and gave the company an “underperform” rating in a report on Wednesday, July 27th. ABN Amro downgraded shares of Nordic American Tankers from a “buy” rating to a “sell” rating in a report on Thursday, June 30th. Morgan Stanley reissued an “equal weight” rating and issued a $9.00 price target (down from $12.00) on shares of Nordic American Tankers in a report on Friday, August 26th. Finally, Clarkson Capital downgraded shares of Nordic American Tankers from a “buy” rating to a “neutral” rating and reduced their price target for the company from $15.00 to $10.00 in a report on Monday, October 3rd. Three equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $12.63.

Nordic American Tankers (NYSE:NAT) opened at 9.25 on Tuesday. The firm has a 50-day moving average of $10.27 and a 200 day moving average of $13.03. The company has a market cap of $826.20 million, a PE ratio of 8.41 and a beta of 1.05. Nordic American Tankers has a 52-week low of $9.22 and a 52-week high of $16.68.

Nordic American Tankers (NYSE:NAT) last posted its earnings results on Monday, August 8th. The company reported $0.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.13 by $0.02. Nordic American Tankers had a net margin of 34.79% and a return on equity of 11.28%. During the same period last year, the firm posted $0.35 EPS. Equities research analysts expect that Nordic American Tankers will post $0.64 earnings per share for the current fiscal year.

A number of institutional investors have recently made changes to their positions in NAT. Vanguard Group Inc. increased its position in shares of Nordic American Tankers by 3.6% in the second quarter. Vanguard Group Inc. now owns 4,314,203 shares of the company’s stock valued at $59,924,000 after buying an additional 149,318 shares in the last quarter. State Street Corp increased its position in shares of Nordic American Tankers by 4.6% in the second quarter. State Street Corp now owns 1,435,967 shares of the company’s stock valued at $19,947,000 after buying an additional 62,919 shares in the last quarter. Allianz Asset Management AG increased its position in shares of Nordic American Tankers by 26.0% in the second quarter. Allianz Asset Management AG now owns 1,224,015 shares of the company’s stock valued at $17,002,000 after buying an additional 252,467 shares in the last quarter. Bank of New York Mellon Corp increased its position in shares of Nordic American Tankers by 90.9% in the second quarter. Bank of New York Mellon Corp now owns 1,158,340 shares of the company’s stock valued at $16,090,000 after buying an additional 551,470 shares in the last quarter. Finally, UBS Group AG increased its position in shares of Nordic American Tankers by 17.5% in the first quarter. UBS Group AG now owns 759,057 shares of the company’s stock valued at $10,695,000 after buying an additional 112,961 shares in the last quarter. 29.31% of the stock is owned by hedge funds and other institutional investors.

About Nordic American Tankers

Nordic American Tankers Limited is an international tanker company. The Company owns approximately 30 vessels. The Company’s Suezmaxes tankers can carry over one million barrels of oil. The vessels in the Company’s fleet are homogenous and interchangeable. The Company’s vessels are employed in the spot market.

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