Nordic American Tanker Ltd (NAT) Expected to Post Quarterly Sales of $25.69 Million

Brokerages forecast that Nordic American Tanker Ltd (NYSE:NAT) will report sales of $25.69 million for the current fiscal quarter, according to Zacks Investment Research. Three analysts have provided estimates for Nordic American Tanker’s earnings. The lowest sales estimate is $24.30 million and the highest is $27.98 million. Nordic American Tanker reported sales of $23.67 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 8.5%. The firm is expected to issue its next quarterly earnings results on Friday, November 2nd.

According to Zacks, analysts expect that Nordic American Tanker will report full year sales of $120.28 million for the current year, with estimates ranging from $114.20 million to $126.82 million. For the next financial year, analysts expect that the business will report sales of $154.72 million, with estimates ranging from $145.29 million to $177.67 million. Zacks Investment Research’s sales calculations are an average based on a survey of research firms that follow Nordic American Tanker.

Nordic American Tanker (NYSE:NAT) last released its earnings results on Tuesday, August 14th. The shipping company reported ($0.16) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.14) by ($0.02). The company had revenue of $27.01 million during the quarter, compared to analysts’ expectations of $28.57 million. Nordic American Tanker had a negative net margin of 87.25% and a negative return on equity of 13.97%.

A number of analysts have issued reports on NAT shares. Morgan Stanley lifted their price target on Nordic American Tanker from $2.25 to $2.50 and gave the stock a “$2.37” rating in a report on Wednesday, July 18th. Zacks Investment Research downgraded Nordic American Tanker from a “buy” rating to a “hold” rating in a report on Wednesday, August 1st. Maxim Group reaffirmed a “sell” rating and set a $1.00 price target on shares of Nordic American Tanker in a report on Tuesday, August 14th. Finally, ValuEngine raised Nordic American Tanker from a “sell” rating to a “hold” rating in a report on Friday, August 3rd. Three analysts have rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $2.38.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Raymond James & Associates increased its position in shares of Nordic American Tanker by 89.3% during the second quarter. Raymond James & Associates now owns 52,165 shares of the shipping company’s stock worth $140,000 after purchasing an additional 24,603 shares in the last quarter. Renaissance Technologies LLC acquired a new stake in shares of Nordic American Tanker during the second quarter worth about $142,000. Metropolitan Life Insurance Co. NY increased its position in shares of Nordic American Tanker by 116.6% during the second quarter. Metropolitan Life Insurance Co. NY now owns 60,328 shares of the shipping company’s stock worth $162,000 after purchasing an additional 32,471 shares in the last quarter. MetLife Investment Advisors LLC increased its position in shares of Nordic American Tanker by 568.7% during the first quarter. MetLife Investment Advisors LLC now owns 67,571 shares of the shipping company’s stock worth $131,000 after purchasing an additional 57,466 shares in the last quarter. Finally, California Public Employees Retirement System increased its position in shares of Nordic American Tanker by 39.7% during the second quarter. California Public Employees Retirement System now owns 96,521 shares of the shipping company’s stock worth $259,000 after purchasing an additional 27,421 shares in the last quarter. 24.81% of the stock is owned by institutional investors.

NYSE:NAT opened at $2.06 on Thursday. The firm has a market capitalization of $308.07 million, a P/E ratio of -3.06 and a beta of 0.33. Nordic American Tanker has a 12-month low of $1.82 and a 12-month high of $5.84. The company has a quick ratio of 2.53, a current ratio of 2.91 and a debt-to-equity ratio of 0.53.

The firm also recently declared a quarterly dividend, which was paid on Friday, September 7th. Shareholders of record on Wednesday, August 22nd were issued a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a yield of 3.88%. This is an increase from Nordic American Tanker’s previous quarterly dividend of $0.01. The ex-dividend date was Tuesday, August 21st. Nordic American Tanker’s payout ratio is -11.27%.

About Nordic American Tanker

Nordic American Tankers Limited, a tanker company, acquires and charters double-hull tankers in Bermuda and internationally. It operates a fleet of 33 Suezmax crude oil tankers. The company was founded in 1995 and is based in Hamilton, Bermuda.

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