Evercore ISI Trims Nordic American Tankers (NYSE:NAT) Target Price to $4.00

Nordic American Tankers (NYSE:NAT) had its price target lowered by Evercore ISI from $4.50 to $4.00 in a report released on Friday morning, Benzinga reports. The firm currently has an in-line rating on the shipping company’s stock.

Other equities research analysts also recently issued reports about the stock. StockNews.com downgraded shares of Nordic American Tankers from a hold rating to a sell rating in a research note on Tuesday, August 13th. Jefferies Financial Group lowered their target price on shares of Nordic American Tankers from $5.00 to $4.00 and set a buy rating on the stock in a report on Thursday.

Nordic American Tankers Trading Up 1.9 %

Nordic American Tankers stock opened at $3.72 on Friday. The firm has a 50-day moving average of $3.73 and a 200-day moving average of $3.92. Nordic American Tankers has a one year low of $3.31 and a one year high of $4.83. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.77 and a quick ratio of 0.60. The company has a market cap of $776.74 million, a price-to-earnings ratio of 11.63 and a beta of -0.16.

Nordic American Tankers Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 26th. Stockholders of record on Thursday, September 26th will be issued a dividend of $0.12 per share. The ex-dividend date is Thursday, September 26th. This represents a $0.48 annualized dividend and a dividend yield of 12.90%. Nordic American Tankers’s dividend payout ratio is presently 150.00%.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Headlands Technologies LLC acquired a new stake in Nordic American Tankers in the second quarter valued at approximately $25,000. Diversify Advisory Services LLC acquired a new stake in Nordic American Tankers in the first quarter valued at approximately $41,000. B. Riley Wealth Advisors Inc. acquired a new stake in Nordic American Tankers in the first quarter valued at approximately $45,000. SG Americas Securities LLC acquired a new stake in Nordic American Tankers in the first quarter valued at approximately $47,000. Finally, Caprock Group LLC acquired a new stake in Nordic American Tankers in the second quarter valued at approximately $55,000. 44.29% of the stock is owned by institutional investors.

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.