Dimensional Fund Advisors LP recently announced the acquisition of new stake in Nordic American Tankers Ltd (NYSE:NAT). The institutional investor has increased its shareholding in the Industrials company by 24.78% to 10.13 million shares with purchase of 2.01 million shares. This fresh investment now brings its stake to 4.85% valued currently at $39.32 million. In addition, BlackRock Fund Advisors raised its holdings by 17144.0 to 10.08 million shares. And Goldman Sachs Asset Management LP has lifted its position by 3.59% or 0.16 million shares – to 4.65 million shares.
With over 4.65 million Nordic American Tankers Ltd (NAT) shares trading Tuesday and a closing price of $4.36 on the day, the dollar volume was approximately $20.26 million. The shares have shown a positive half year performance of 24.22% and its price on 12/26/23 lost nearly -3.96%. Currently, there are 208.80M common shares owned by the public and among those 202.49M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 6 analysts who have offered their price forecasts for NAT have a consensus price objective of $5.37. The analysts have set the share’s price value over the next 12 months at a high of $6.00 and a low of $4.50. The average price target is 18.81% above its recent price level and an upside to the estimated low will see the stock gain 3.11% over that period. But an upside of 27.33% will see the stock hit the forecast high price target while median target price for the stock is $5.55.
The top 3 mutual fund holders in Nordic American Tankers Ltd are iShares Russell 2000 ETF, Allspring Special Small Cap Value, and iShares Russell 2000 Value ETF. iShares Russell 2000 ETF owns 4.93 million shares of the company’s stock, all valued at over $19.12 million. The company bought an additional 2424.0 shares recently to bring their total holdings to about 2.36% of the shares outstanding. iShares Russell 2000 Value ETF now owns shares totaling to 0.93% of the shares outstanding.
Shares of Nordic American Tankers Ltd (NYSE: NAT) opened at $4.49, down -$0.05 from a prior closing price of $4.54. However, the script later moved the day high at 4.5400, down -3.96%. The company’s stock has a 5-day price change of 3.81% and 9.00% over the past three months. NAT shares are trading 42.48% year to date (YTD), with the 12-month market performance up to 37.54% higher. It has a 12-month low price of $2.83 and touched a high of $4.83 over the same period. NAT has an average intraday trading volume of 3.32 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 7.32%, 1.52%, and 10.38% respectively.
Institutional ownership of Nordic American Tankers Ltd (NYSE: NAT) shares accounts for 44.64% of the company’s 208.80M shares outstanding. Mutual fund holders own 19.57%, while other institutional holders and individual stakeholders account for 25.18% and — respectively.
It has a market capitalization of $910.37M and a beta (3y monthly) value of -0.04. The stock’s trailing 12-month PE ratio is 7.80, while the earnings-per-share (ttm) stands at $0.56. The company has a PEG of 1.56 and a Quick Ratio of 1.41 with the debt-to-equity ratio at 0.48. Price movements for the stock have been influenced by the stock’s volatility, which stands at 4.25% over the week and 4.12% over the month.
Analysts forecast that Nordic American Tankers Ltd (NAT) will achieve an EPS of $0.05 for the current quarter, $0.14 for the next quarter and $0.59 for 2024. The lowest estimate earnings-per-share for the quarter is $0.03 while analysts give the company a high EPS estimate of $0.08. Comparatively, EPS for the current quarter was $0.05 a year ago. Earnings per share for the fiscal year are expected to increase by 769.60%, and 13.20% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 6 brokerage firm advisors rate Nordic American Tankers Ltd (NAT) as a “Strong Buy” at a consensus score of 1.33. Specifically, 5 Wall Street analysts polled rate the stock as a buy, while 1 of the 6 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the NAT, a number of firms have released research notes about the stock. Jefferies stated their Buy rating for the stock in a research note on September 06, 2022, with the firm’s price target at $3-$4.
