Nordic American Tanker Receives a Sell from Maxim Group

By Austin Angelo

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 $1.97, close to its 52-week low of $1.82.

Jang said:

“NAT reported 4Q17 results which were ahead of our estimates, but below the consensus forecasts, and remained depressed. The beat was mainly attributable to a higher TCE rate of $13,800 per vessel/day versus our estimate of $10,500 per vessel/day.”

According to TipRanks.com, Jang is a 5-star analyst with an average return of 29.0% and a 41.0% 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 $2.33.

Based on Nordic American Tanker’s latest earnings report for the quarter ending September 30, the company posted quarterly revenue of $39.1 million and GAAP net loss of $15.9 million. In comparison, last year the company earned revenue of $52.54 million and had a GAAP net loss of $1.83 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 by Herbjørn Hansson on June 12, 1995 and is headquartered in Hamilton, Bermuda.