Nordic American Tankers (NYSE:NAT) Sees Strong Trading Volume – Here’s Why

Shares of Nordic American Tankers Limited (NYSE:NAT) saw an uptick in trading volume on Friday . 2,020,712 shares were traded during mid-day trading, a decline of 19% from the previous session’s volume of 2,497,537 shares.The stock last traded at $2.71 and had previously closed at $2.88.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on NAT. Evercore ISI decreased their price target on shares of Nordic American Tankers from $4.50 to $4.00 and set an “in-line” rating for the company in a research note on Friday, August 30th. Jefferies Financial Group reiterated a “hold” rating and issued a $3.50 price target on shares of Nordic American Tankers in a research note on Friday. Finally, StockNews.com lowered shares of Nordic American Tankers from a “hold” rating to a “sell” rating in a research note on Thursday, November 14th.

Nordic American Tankers Stock Down 7.3 %

The company’s 50-day moving average is $3.36 and its 200 day moving average is $3.67. The company has a market capitalization of $557.50 million, a PE ratio of 9.31 and a beta of -0.21. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.63 and a current ratio of 0.79.

Nordic American Tankers (NYSE:NAT) last announced its quarterly earnings data on Tuesday, September 3rd. The shipping company reported $0.10 EPS for the quarter, beating the consensus estimate of $0.07 by $0.03. The company had revenue of $66.10 million for the quarter, compared to the consensus estimate of $54.34 million. Nordic American Tankers had a net margin of 26.35% and a return on equity of 11.60%. During the same period in the prior year, the firm posted $0.13 EPS. As a group, analysts anticipate that Nordic American Tankers Limited will post 0.28 EPS for the current year.

Institutional Trading of Nordic American Tankers

Institutional investors have recently made changes to their positions in the stock. Headlands Technologies LLC purchased a new position in shares of Nordic American Tankers in the second quarter worth approximately $25,000. Raymond James Trust N.A. purchased a new position in shares of Nordic American Tankers in the third quarter worth approximately $37,000. B. Riley Wealth Advisors Inc. purchased a new position in shares of Nordic American Tankers in the first quarter worth approximately $45,000. SG Americas Securities LLC bought a new stake in Nordic American Tankers during the 1st quarter worth approximately $47,000. Finally, Bluefin Capital Management LLC bought a new stake in Nordic American Tankers during the 2nd quarter worth approximately $47,000. Hedge funds and other institutional investors own 44.29% of the company’s stock.

Nordic American Tankers Company Profile

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.