B.Riley FBR Keeps a Buy Rating on Nordic American Tanker (NAT)

By Carrie Williams

B.Riley FBR analyst Liam Burke maintained a Buy rating on Nordic American Tanker (NATResearch Report) on August 16 and set a price target of $4.75. The company’s shares closed last Monday at $1.76, close to its 52-week low of $1.71.

Burke wrote:

“Nordic American (NAT) reported 2Q19 results with net voyage revenue of $30.7 million, which reflected a Y/Y increase of 13.5%. Adjusted EBITDA was $11.5 million compared to $843,000 a year ago. Consensus net voyage revenue and adjusted EBITDA were $30.4 million and $9.6 million, respectively. Loss per share of $0.11 for 2Q19 compares to a loss per share of $0.19 a year ago. Daily TCE for the first half of 2019 was $20,414 compared to $10,850 a year ago. With its concentration in Suezmax class vessels operating primarily in the spot market, Nordic American has, in our opinion, the asset base in place to capitalize on the implementation of International Maritime Organization (IMO) 2020 in the near-term while benefiting in the long- term from an an improving supply/demand dynamic.”

According to TipRanks.com, Burke is ranked #4707 out of 5231 analysts.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Nordic American Tanker with a $4.03 average price target, implying a 127.7% upside from current levels. In a report issued on August 16, Cleaves Securities also reiterated a Buy rating on the stock with a $3.30 price target.

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The company has a one-year high of $3.47 and a one-year low of $1.71. Currently, Nordic American Tanker has an average volume of 1.02M.

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Nordic American Tankers Ltd. is an international tanker company, which engages in owning and operating of Suezmax crude oil tankers. The company was founded by Herbjørn Hansson on June 12, 1995 and is headquartered in Hamilton, Bermuda.