Nordic American Tankers Limited (NYSE:NAT) Raises Dividend to $0.12 Per Share

Nordic American Tankers Limited (NYSE:NATGet Free Report) declared a quarterly dividend on Thursday, February 29th, Zacks reports. Stockholders of record on Wednesday, March 20th will be paid a dividend of 0.12 per share by the shipping company on Wednesday, April 10th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 11.82%. The ex-dividend date is Tuesday, March 19th. This is an increase from Nordic American Tankers’s previous quarterly dividend of $0.06.

Nordic American Tankers has raised its dividend by an average of 2.9% per year over the last three years and has raised its dividend annually for the last 1 consecutive years. Nordic American Tankers has a dividend payout ratio of 68.6% indicating that its dividend is sufficiently covered by earnings. Analysts expect Nordic American Tankers to earn $0.60 per share next year, which means the company should continue to be able to cover its $0.48 annual dividend with an expected future payout ratio of 80.0%.

Nordic American Tankers Stock Performance

NYSE NAT opened at $4.06 on Monday. The firm has a 50-day moving average of $4.24 and a 200-day moving average of $4.20. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.10 and a current ratio of 1.55. The stock has a market cap of $847.71 million, a PE ratio of 8.64 and a beta of -0.10. Nordic American Tankers has a 52-week low of $3.26 and a 52-week high of $4.83.

Nordic American Tankers (NYSE:NATGet Free Report) last posted its earnings results on Friday, March 1st. The shipping company reported $0.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.06). Nordic American Tankers had a return on equity of 18.12% and a net margin of 37.65%. The company had revenue of $59.25 million for the quarter, compared to analyst estimates of $68.90 million. During the same quarter in the prior year, the business posted $0.17 EPS. On average, sell-side analysts anticipate that Nordic American Tankers will post 0.55 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Kestra Private Wealth Services LLC acquired a new position in shares of Nordic American Tankers during the 1st quarter valued at $25,000. Quantbot Technologies LP acquired a new position in shares of Nordic American Tankers during the 2nd quarter valued at $30,000. B. Riley Wealth Advisors Inc. acquired a new position in shares of Nordic American Tankers during the 3rd quarter valued at $31,000. Franklin Resources Inc. acquired a new position in shares of Nordic American Tankers during the 4th quarter valued at $36,000. Finally, Clear Street Markets LLC acquired a new position in shares of Nordic American Tankers during the 4th quarter valued at $37,000. Institutional investors and hedge funds own 42.98% of the company’s stock.

Wall Street Analysts Forecast Growth

NAT has been the subject of several analyst reports. Jefferies Financial Group reiterated a “buy” rating and issued a $5.50 price objective on shares of Nordic American Tankers in a research note on Thursday, February 29th. TheStreet cut shares of Nordic American Tankers from a “b-” rating to a “c+” rating in a research report on Monday, February 5th. Finally, Evercore ISI dropped their target price on shares of Nordic American Tankers from $5.00 to $4.50 and set an “in-line” rating for the company in a research report on Thursday, February 29th. Two investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $5.33.

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About Nordic American Tankers

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Nordic American Tankers Limited, a tanker company, acquires and charters double-hull tankers in Bermuda and internationally. It operates a fleet of 19 Suezmax crude oil tankers. The company was incorporated in 1995 and is headquartered in Hamilton, Bermuda.

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Dividend History for Nordic American Tankers (NYSE:NAT)

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