Maxim Group Reiterates a Sell Rating on Nordic American Tanker (NAT)

By Jason Carr

Maxim Group analyst James Jang reiterated a Sell rating on Nordic American Tanker (NYSE: NAT) today and set a price target of $1. The company’s shares opened today at $2.30, close to its 52-week low of $1.82.

Jang wrote:

“Nordic American Tankers (NAT) reported 2Q18 results with revenue and EBITDA that were below consensus. Although the company reported the fifth consecutive quarter of losses, a $0.02 cash dividend was declared. Results for the quarter remained below cash breakeven levels, with the reported fleet-wide TCE rate of $10,500 per vessel/day trailing the global average of $12,700 per vessel/day. Introducing our 2019E NAV analysis of $0.98 ($1.27 prior) and maintaining our Sell rating and $1 price target.”

According to TipRanks.com, Jang is a 4-star analyst with an average return of 17.0% and a 41.4% success rate. Jang covers the Services sector, focusing on stocks such as Dynagas LNG Partners LP, Eagle Bulk Shipping, and Navigator Holdings.

Nordic American Tanker has an analyst consensus of Moderate Sell, with a price target consensus of $1.38.

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Based on Nordic American Tanker’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $18.72 million. In comparison, last year the company had a GAAP net loss of $15.9 million.

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Nordic American Tankers Ltd. is a 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.