Nordic American Tanker Received its Third Sell in a Row

By Austin Angelo

After Jefferies and Evercore ISI assigned a Sell rating to Nordic American Tanker in the last month, the company received another Sell, this time from Maxim Group. Analyst James Jang maintained a Sell rating on Nordic American Tanker (NYSE: NAT) today and set a price target of $5. The company’s shares opened today at $5.93, close to its 52-week high of $13.43.

Jang said:

“This morning before the market open, Nordic American Tankers issued a press release lowering the trademark cash dividend from $0.20 per share to $0.10 per share.”

According to TipRanks.com, Jang is a 2-star analyst with an average return of 2.6% and a 56.0% success rate. Jang covers the Services sector, focusing on stocks such as Dynagas LNG Partners LP , Navigator Holdings, and Pyxis Tankers Inc.

Currently, the analyst consensus on Nordic American Tanker is Strong Sell and the average price target is $5, representing a -15.7% downside.

In a report released today, Evercore ISI also downgraded the stock to Sell with a $5 price target.

Based on Nordic American Tanker’s latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $55.2 million and GAAP net loss of $3.43 million. In comparison, last year the company earned revenue of $61.65 million and had a net profit of $12.97 million.

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Nordic American Tankers Ltd. is a tanker company. It owns and operates Suezmax crude oil tankers. The company was founded on June 12, 1995 by Herbjørn Hansson and is headquartered in Hamilton, Bermuda.