Nordic American Tanker (NAT) Sees Strong Trading Volume Following Dividend Announcement

Shares of Nordic American Tanker Ltd (NYSE:NAT) saw strong trading volume on Wednesday after the company announced a dividend. 4,468,900 shares were traded during trading, an increase of 250% from the previous session’s volume of 1,278,648 shares.The stock last traded at $2.40 and had previously closed at $2.20.

The newly announced dividend which will be paid on Wednesday, June 12th. Stockholders of record on Tuesday, May 28th will be paid a $0.03 dividend. This represents a $0.12 annualized dividend and a dividend yield of 4.63%. The ex-dividend date of this dividend is Friday, May 24th. Nordic American Tanker’s dividend payout ratio is currently -26.23%.

Several equities analysts have recently weighed in on the stock. Maxim Group set a $1.00 price target on shares of Nordic American Tanker and gave the stock a “sell” rating in a research note on Wednesday, February 20th. Zacks Investment Research downgraded shares of Nordic American Tanker from a “hold” rating to a “sell” rating in a research note on Wednesday, April 24th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $2.60.

The company has a current ratio of 3.11, a quick ratio of 2.55 and a debt-to-equity ratio of 0.69. The company has a market capitalization of $390.03 million, a price-to-earnings ratio of -4.25 and a beta of 0.58.

Nordic American Tanker (NYSE:NAT) last released its quarterly earnings data on Tuesday, May 14th. The shipping company reported $0.04 earnings per share (EPS) for the quarter. Nordic American Tanker had a negative net margin of 47.28% and a negative return on equity of 7.36%. The firm had revenue of $53.63 million during the quarter, compared to analysts’ expectations of $49.84 million. As a group, analysts anticipate that Nordic American Tanker Ltd will post -0.18 EPS for the current fiscal year.

A number of institutional investors have recently added to or reduced their stakes in NAT. Wells Fargo & Company MN increased its position in Nordic American Tanker by 54.5% during the third quarter. Wells Fargo & Company MN now owns 315,844 shares of the shipping company’s stock worth $660,000 after purchasing an additional 111,455 shares during the last quarter. BlackRock Inc. increased its position in Nordic American Tanker by 1.6% during the third quarter. BlackRock Inc. now owns 7,232,489 shares of the shipping company’s stock worth $15,116,000 after purchasing an additional 112,110 shares during the last quarter. Morgan Stanley increased its position in Nordic American Tanker by 6.6% during the third quarter. Morgan Stanley now owns 4,858,639 shares of the shipping company’s stock worth $10,155,000 after purchasing an additional 300,750 shares during the last quarter. Virtu Financial LLC increased its position in Nordic American Tanker by 28.7% during the fourth quarter. Virtu Financial LLC now owns 48,845 shares of the shipping company’s stock worth $98,000 after purchasing an additional 10,878 shares during the last quarter. Finally, Rhumbline Advisers increased its position in Nordic American Tanker by 44.3% during the fourth quarter. Rhumbline Advisers now owns 199,448 shares of the shipping company’s stock worth $399,000 after purchasing an additional 61,188 shares during the last quarter. Hedge funds and other institutional investors own 26.44% of the company’s stock.

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About Nordic American Tanker (NYSE:NAT)

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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