Summit Financial LLC Makes New $32,000 Investment in Nordic American Tankers Limited (NYSE:NAT)

Summit Financial LLC bought a new stake in shares of Nordic American Tankers Limited (NYSE:NAT) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 12,659 shares of the shipping company’s stock, valued at approximately $32,000.

Other institutional investors have also recently made changes to their positions in the company. Intech Investment Management LLC bought a new stake in shares of Nordic American Tankers in the 3rd quarter valued at approximately $237,000. Charles Schwab Investment Management Inc. lifted its position in Nordic American Tankers by 1.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 489,382 shares of the shipping company’s stock worth $1,796,000 after buying an additional 7,382 shares during the last quarter. Two Sigma Advisers LP boosted its stake in Nordic American Tankers by 67.6% during the third quarter. Two Sigma Advisers LP now owns 3,774,100 shares of the shipping company’s stock worth $13,851,000 after buying an additional 1,521,900 shares during the period. MML Investors Services LLC increased its position in Nordic American Tankers by 46.0% during the third quarter. MML Investors Services LLC now owns 86,357 shares of the shipping company’s stock valued at $317,000 after acquiring an additional 27,210 shares during the last quarter. Finally, Barclays PLC raised its stake in shares of Nordic American Tankers by 274.8% in the third quarter. Barclays PLC now owns 268,115 shares of the shipping company’s stock valued at $984,000 after acquiring an additional 196,571 shares during the period. Institutional investors own 44.29% of the company’s stock.

Nordic American Tankers Stock Performance

Shares of Nordic American Tankers stock opened at $2.21 on Friday. Nordic American Tankers Limited has a 12 month low of $2.15 and a 12 month high of $4.40. The stock’s fifty day moving average price is $2.58 and its 200-day moving average price is $2.90. The firm has a market cap of $461.44 million, a P/E ratio of 7.62 and a beta of -0.33. The company has a current ratio of 0.73, a quick ratio of 0.56 and a debt-to-equity ratio of 0.36.

Nordic American Tankers (NYSE:NAT) last announced its quarterly earnings results on Wednesday, March 5th. The shipping company reported $0.01 earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.02). The business had revenue of $46.39 million during the quarter, compared to analysts’ expectations of $51.38 million. Nordic American Tankers had a return on equity of 11.95% and a net margin of 26.41%. On average, equities research analysts expect that Nordic American Tankers Limited will post 0.24 earnings per share for the current fiscal year.

Nordic American Tankers Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 24th. Stockholders of record on Monday, March 10th were given a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 10.86%. The ex-dividend date of this dividend was Monday, March 10th. Nordic American Tankers’s payout ratio is 109.09%.

Analysts Set New Price Targets

Several brokerages recently commented on NAT. Jefferies Financial Group reiterated a “hold” rating and set a $3.00 price target on shares of Nordic American Tankers in a report on Friday, February 28th. StockNews.com raised Nordic American Tankers from a “sell” rating to a “hold” rating in a research report on Tuesday.

About Nordic American Tankers

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.