Nordic American Tankers Limited (NAT) to Issue Quarterly Dividend of $0.13 on October 5th

Nordic American Tankers Limited (NYSE:NAT) announced a quarterly dividend on Monday, August 28th, Zacks reports. Stockholders of record on Thursday, September 14th will be given a dividend of 0.13 per share by the shipping company on Thursday, October 5th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 13.27%. The ex-dividend date of this dividend is Wednesday, September 13th.

Nordic American Tankers has raised its dividend payment by an average of 3.2% annually over the last three years. Nordic American Tankers has a payout ratio of 66.7% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Nordic American Tankers to earn $0.73 per share next year, which means the company should continue to be able to cover its $0.52 annual dividend with an expected future payout ratio of 71.2%.

Nordic American Tankers Stock Performance

Shares of NAT stock opened at $3.92 on Monday. The stock has a fifty day moving average of $4.01 and a 200 day moving average of $3.85. Nordic American Tankers has a 52 week low of $2.47 and a 52 week high of $4.65. The firm has a market capitalization of $818.50 million, a price-to-earnings ratio of 6.88 and a beta of 0.17. The company has a quick ratio of 0.78, a current ratio of 0.99 and a debt-to-equity ratio of 0.29.

Nordic American Tankers (NYSE:NAT) last announced its quarterly earnings results on Monday, August 28th. The shipping company reported $0.13 EPS for the quarter, hitting analysts’ consensus estimates of $0.13. Nordic American Tankers had a return on equity of 22.16% and a net margin of 43.81%. The company had revenue of $67.80 million during the quarter, compared to analyst estimates of $65.15 million. During the same quarter last year, the firm posted ($0.02) earnings per share. As a group, research analysts expect that Nordic American Tankers will post 0.6 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on NAT. StockNews.com began coverage on Nordic American Tankers in a research note on Thursday, August 17th. They issued a “hold” rating for the company. B. Riley increased their price objective on Nordic American Tankers from $5.50 to $6.00 and gave the stock a “buy” rating in a report on Tuesday, August 29th. Finally, TheStreet upgraded Nordic American Tankers from a “c+” rating to a “b” rating in a report on Monday, May 22nd.

Hedge Funds Weigh In On Nordic American Tankers

A number of institutional investors have recently added to or reduced their stakes in NAT. Bank of New York Mellon Corp increased its holdings in shares of Nordic American Tankers by 2.8% during the first quarter. Bank of New York Mellon Corp now owns 510,212 shares of the shipping company’s stock valued at $1,087,000 after acquiring an additional 14,048 shares in the last quarter. American Century Companies Inc. increased its holdings in shares of Nordic American Tankers by 25.3% during the first quarter. American Century Companies Inc. now owns 606,947 shares of the shipping company’s stock valued at $1,293,000 after acquiring an additional 122,381 shares in the last quarter. HighTower Advisors LLC increased its holdings in shares of Nordic American Tankers by 26.6% during the first quarter. HighTower Advisors LLC now owns 128,599 shares of the shipping company’s stock valued at $274,000 after acquiring an additional 26,995 shares in the last quarter. Rhumbline Advisers increased its holdings in shares of Nordic American Tankers by 11.1% during the first quarter. Rhumbline Advisers now owns 257,510 shares of the shipping company’s stock valued at $548,000 after acquiring an additional 25,644 shares in the last quarter. Finally, BlackRock Inc. increased its holdings in shares of Nordic American Tankers by 3.8% during the first quarter. BlackRock Inc. now owns 9,897,210 shares of the shipping company’s stock valued at $21,082,000 after acquiring an additional 366,761 shares in the last quarter. Institutional investors own 42.98% 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 19 Suezmax crude oil tankers. The company was incorporated in 1995 and is headquartered in Hamilton, Bermuda.