Q1 2024 Earnings Forecast for Nordic American Tankers Limited (NYSE:NAT) Issued By B. Riley (2024)

Nordic American Tankers Limited (NYSE:NAT – Free Report) – Investment analysts at B. Riley cut their Q1 2024 EPS estimates for Nordic American Tankers in a report issued on Thursday, April 11th. B. Riley analyst L. Burke now anticipates that the shipping company will earn $0.11 per share for the quarter, down from their previous estimate of $0.12. The consensus estimate for Nordic American Tankers’ current full-year earnings is $0.60 per share. B. Riley also issued estimates for Nordic American Tankers’ Q2 2024 earnings at $0.01 EPS, FY2024 earnings at $0.40 EPS and FY2025 earnings at $0.52 EPS.

Nordic American Tankers (NYSE:NAT – Get Free Report) last announced its earnings results on Friday, March 1st. The shipping company reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate 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 during the quarter, compared to analysts’ expectations of $68.90 million. During the same quarter last year, the firm posted $0.17 earnings per share.

Several other equities analysts also recently commented on the stock. Jefferies Financial Group reaffirmed a “buy” rating and set a $5.50 price objective on shares of Nordic American Tankers in a research note on Thursday, February 29th. Evercore ISI decreased their price target on shares of Nordic American Tankers from $5.00 to $4.50 and set an “in-line” rating for the company in a research note on Thursday, February 29th. Finally, TheStreet downgraded shares of Nordic American Tankers from a “b-” rating to a “c+” rating in a research note on Monday, February 5th. Two analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $5.33.

View Our Latest Report on Nordic American Tankers

Nordic American Tankers Stock Performance

NYSE NAT opened at $3.83 on Monday. The company has a 50-day simple moving average of $4.04 and a two-hundred day simple moving average of $4.21. The company has a quick ratio of 1.10, a current ratio of 1.55 and a debt-to-equity ratio of 0.50. Nordic American Tankers has a 12-month low of $3.26 and a 12-month high of $4.83. The firm has a market cap of $798.66 million, a price-to-earnings ratio of 8.14 and a beta of -0.10.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. BlackRock Inc. boosted its stake in shares of Nordic American Tankers by 1.0% during the 2nd quarter. BlackRock Inc. now owns 12,245,230 shares of the shipping company’s stock worth $44,940,000 after acquiring an additional 126,557 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of Nordic American Tankers by 1.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 10,296,248 shares of the shipping company’s stock valued at $43,245,000 after purchasing an additional 162,870 shares during the period. Goldman Sachs Group Inc. raised its position in shares of Nordic American Tankers by 3.0% during the 4th quarter. Goldman Sachs Group Inc. now owns 7,526,137 shares of the shipping company’s stock valued at $31,610,000 after purchasing an additional 221,478 shares during the period. Millennium Management LLC raised its position in shares of Nordic American Tankers by 42.5% during the 4th quarter. Millennium Management LLC now owns 7,464,144 shares of the shipping company’s stock valued at $22,840,000 after purchasing an additional 2,225,910 shares during the period. Finally, Morgan Stanley raised its position in shares of Nordic American Tankers by 0.8% during the 4th quarter. Morgan Stanley now owns 6,792,916 shares of the shipping company’s stock valued at $20,786,000 after purchasing an additional 57,089 shares during the period. Hedge funds and other institutional investors own 44.29% of the company’s stock.

Nordic American Tankers Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, April 10th. Investors of record on Wednesday, March 20th were issued a $0.12 dividend. The ex-dividend date was Tuesday, March 19th. This represents a $0.48 annualized dividend and a yield of 12.55%. This is a boost from Nordic American Tankers’s previous quarterly dividend of $0.06. Nordic American Tankers’s dividend payout ratio (DPR) is currently 102.13%.

Nordic American Tankers Company Profile

(Get Free Report)

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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