Nordic American Tankers Limited (NAT) Downgraded to Underperform at Evercore ISI

Nordic American Tankers Limited (NYSE:NAT) was downgraded by equities research analysts at Evercore ISI from an “in-line” rating to an “underperform” rating in a research report issued to clients and investors on Friday, Marketbeat Ratings reports. They presently have a $5.00 target price on the shipping company’s stock, down from their prior target price of $6.00. Evercore ISI’s price objective would suggest a potential downside of 19.48% from the stock’s current price.

Other equities research analysts have also issued reports about the stock. Vetr upgraded shares of Nordic American Tankers Limited from a “sell” rating to a “hold” rating and set a $7.08 target price on the stock in a report on Monday, May 15th. Zacks Investment Research lowered shares of Nordic American Tankers Limited from a “hold” rating to a “sell” rating in a report on Thursday. Maxim Group cut their target price on shares of Nordic American Tankers Limited from $6.00 to $5.00 and set a “sell” rating on the stock in a report on Monday, May 8th. Finally, Jefferies Group LLC reiterated a “sell” rating and issued a $5.00 target price on shares of Nordic American Tankers Limited in a report on Monday. Four analysts have rated the stock with a sell rating, five have issued a hold rating and one has issued a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $7.07.

Nordic American Tankers Limited (NAT) traded down 6.8374% during trading on Friday, reaching $5.7854. 1,514,687 shares of the company’s stock traded hands. The company’s market cap is $589.93 million. The firm’s 50 day moving average is $6.15 and its 200 day moving average is $7.57. Nordic American Tankers Limited has a 12 month low of $5.47 and a 12 month high of $13.43.

Nordic American Tankers Limited (NYSE:NAT) last posted its earnings results on Monday, May 8th. The shipping company reported ($0.01) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.03 by $0.04. The firm had revenue of $55.20 million during the quarter, compared to analyst estimates of $55.53 million. Nordic American Tankers Limited had a return on equity of 0.25% and a net margin of 0.06%. The company’s revenue for the quarter was down 28.0% on a year-over-year basis. During the same quarter last year, the business posted $0.33 earnings per share. Analysts anticipate that Nordic American Tankers Limited will post ($0.21) EPS for the current year.

Large investors have recently modified their holdings of the company. Van Den Berg Management I Inc. bought a new stake in shares of Nordic American Tankers Limited during the first quarter valued at about $9,082,000. Norges Bank bought a new stake in shares of Nordic American Tankers Limited during the fourth quarter valued at about $5,608,000. Global X Management Co. LLC increased its stake in shares of Nordic American Tankers Limited by 99.6% in the first quarter. Global X Management Co. LLC now owns 1,049,215 shares of the shipping company’s stock valued at $8,583,000 after buying an additional 523,510 shares in the last quarter. Wells Fargo & Company MN increased its stake in shares of Nordic American Tankers Limited by 86.8% in the first quarter. Wells Fargo & Company MN now owns 408,783 shares of the shipping company’s stock valued at $3,344,000 after buying an additional 189,905 shares in the last quarter. Finally, State Street Corp increased its stake in shares of Nordic American Tankers Limited by 12.3% in the fourth quarter. State Street Corp now owns 1,624,244 shares of the shipping company’s stock valued at $13,646,000 after buying an additional 177,465 shares in the last quarter. 26.78% of the stock is owned by institutional investors.

About Nordic American Tankers Limited

Nordic American Tankers Limited is an international tanker company. The Company owns approximately 26 vessels, including approximately two new buildings under construction, of approximately 156,000 deadweight tonnage (dwt) each. The Company’s Suezmaxes tankers can carry over one million barrels of oil.