Nordic American Tankers (NYSE:NAT) Stock Price Down 3.6% Following Weak Earnings

Nordic American Tankers Limited (NYSE:NAT - Get Free Report) shares dropped 3.6% during trading on Friday following a weaker than expected earnings announcement. The stock traded as low as $3.62 and last traded at $3.6250. Approximately 1,624,085 shares traded hands during trading, a decline of 37% from the average daily volume of 2,563,829 shares. The stock had previously closed at $3.76.Tankers, Takedowns & Air Taxis: Insiders Are Buying These 3 NamesThe shipping company reported ($0.01) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.01 by ($0.02). Nordic American Tankers had a net margin of 7.58% and a return on equity of 2.67%. Analyst Upgrades and DowngradesNAT has been the subject of a number of research analyst reports. Weiss Ratings reiterated a "hold (c)" rating on shares of Nordic American Tankers in a report on Wednesday, October 8th. Wall Street Zen lowered shares of Nordic American Tankers from a "hold" rating to a "sell" rating in a research report on Saturday, November 22nd. Jefferies Financial Group reaffirmed a "hold" rating and set a $3.50 price target on shares of Nordic American Tankers in a research note on Friday. Finally, Evercore ISI increased their price objective on Nordic American Tankers from $2.50 to $3.00 and gave the stock an "in-line" rating in a research note on Tuesday, October 28th. Three research analysts have rated the stock with a Hold rating, According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $3.25.Oil Tankers In Buy Range After Breaking Out Of BasesGet Our Latest Research Report on NATHedge Funds Weigh In On Nordic American TankersA number of hedge funds and other institutional investors have recently added to or reduced their stakes in NAT. Sequoia Financial Advisors LLC boosted its holdings in Nordic American Tankers by 21.4% in the third quarter. Sequoia Financial Advisors LLC now owns 19,260 shares of the shipping company's stock valued at $60,000 after purchasing an additional 3,395 shares during the last quarter. SBI Securities Co. Ltd. grew its stake in shares of Nordic American Tankers by 8.3% during the 2nd quarter. SBI Securities Co. Ltd. now owns 44,932 shares of the shipping company's stock worth $118,000 after purchasing an additional 3,445 shares during the period. Franklin Resources Inc. increased its holdings in shares of Nordic American Tankers by 15.9% during the 3rd quarter. Franklin Resources Inc. now owns 27,236 shares of the shipping company's stock valued at $86,000 after purchasing an additional 3,735 shares in the last quarter. Russell Investments Group Ltd. increased its holdings in shares of Nordic American Tankers by 19.4% during the 1st quarter. Russell Investments Group Ltd. now owns 23,886 shares of the shipping company's stock valued at $59,000 after purchasing an additional 3,875 shares in the last quarter. Finally, Prospera Financial Services Inc lifted its stake in shares of Nordic American Tankers by 21.4% in the 2nd quarter. Prospera Financial Services Inc now owns 24,680 shares of the shipping company's stock valued at $65,000 after purchasing an additional 4,343 shares during the period. Hedge funds and other institutional investors own 44.29% of the company's stock. Nordic American Tankers Price PerformanceOil Tankers Boost Dividends, See Continued Robust Business In '23The stock has a market capitalization of $767.60 million, a PE ratio of 51.79 and a beta of -0.36. The company has a debt-to-equity ratio of 0.84, a current ratio of 2.33 and a quick ratio of 2.04. The stock's fifty day moving average is $3.50 and its 200-day moving average is $3.07. About Nordic American Tankers (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 20 Suezmax crude oil tankers. The company was incorporated in 1995 and is headquartered in Hamilton, Bermuda. Featured StoriesFive stocks we like better than Nordic American TankersWhy Understanding Call Option Volume is Essential to Successful Options Trading2 Reasons to Load Up on Fiserv, 1 to Stay AwayDiversification Can Smooth Returns And Mitigate Portfolio Risk3 Stocks to Buy for the Evolution of AI InfrastructureWhat is a buyback in stocks? A comprehensive guide for investorsHow Semtech’s Data Center Chips Are Powering the AI BoomThis instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. 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