B. Riley Has Bearish Estimate for NAT FY2024 Earnings

Nordic American Tankers Limited (NYSE:NAT - Free Report) - Investment analysts at B. Riley dropped their FY2024 earnings estimates for Nordic American Tankers in a report released on Thursday, October 24th. B. Riley analyst L. Burke now expects that the shipping company will post earnings per share of $0.28 for the year, down from their previous forecast of $0.40. The consensus estimate for Nordic American Tankers' current full-year earnings is $0.32 per share. B. Riley also issued estimates for Nordic American Tankers' Q4 2024 earnings at $0.06 EPS.

Nordic American Tankers (NYSE:NAT - Get Free Report) last announced its earnings results on Tuesday, September 3rd. The shipping company reported $0.10 EPS for the quarter, topping the consensus estimate of $0.07 by $0.03. Nordic American Tankers had a net margin of 26.35% and a return on equity of 11.60%. The company had revenue of $66.10 million during the quarter, compared to analysts' expectations of $54.34 million. During the same period last year, the company posted $0.13 earnings per share.

A number of other research firms have also issued reports on NAT. StockNews.com raised shares of Nordic American Tankers from a "sell" rating to a "hold" rating in a research report on Wednesday, October 2nd. Jefferies Financial Group reissued a "hold" rating and issued a $4.00 price target on shares of Nordic American Tankers in a research report on Thursday, September 12th. Finally, Evercore ISI reduced 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 report on Friday, August 30th.

Nordic American Tankers Stock Performance

Shares of NAT remained flat at $3.35 during midday trading on Monday. 2,737,583 shares of the company's stock traded hands, compared to its average volume of 2,217,281. The stock's fifty day moving average price is $3.62 and its 200-day moving average price is $3.81. The company has a current ratio of 0.79, a quick ratio of 0.63 and a debt-to-equity ratio of 0.36. The company has a market capitalization of $698.44 million, a price-to-earnings ratio of 11.53 and a beta of -0.20. Nordic American Tankers has a one year low of $3.29 and a one year high of $4.83.

Nordic American Tankers Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 26th. Investors of record on Thursday, September 26th will be given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 14.35%. The ex-dividend date of this dividend is Thursday, September 26th. Nordic American Tankers's payout ratio is presently 165.52%.

Hedge Funds Weigh In On Nordic American Tankers

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Headlands Technologies LLC bought a new position in Nordic American Tankers during the second quarter valued at approximately $25,000. Diversify Advisory Services LLC bought a new position in Nordic American Tankers during the first quarter valued at approximately $41,000. B. Riley Wealth Advisors Inc. bought a new position in Nordic American Tankers during the first quarter valued at approximately $45,000. Bluefin Capital Management LLC bought a new position in Nordic American Tankers during the second quarter valued at approximately $47,000. Finally, SG Americas Securities LLC bought a new position in Nordic American Tankers during the first quarter valued at approximately $47,000. 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.