Shares of Nordic American Tankers Ltd. (NYSE:NAT) dropped 5.2% during mid-day trading on Thursday . The stock traded as low as $11.68 and last traded at $12.11, with a volume of 3,523,260 shares traded. The stock had previously closed at $12.78.

NAT has been the topic of several analyst reports. Zacks Investment Research raised Nordic American Tankers from a “hold” rating to a “buy” rating and set a $17.00 target price on the stock in a report on Wednesday, April 27th. Vetr lowered Nordic American Tankers from a “buy” rating to a “hold” rating and set a $15.01 price objective on the stock. in a research note on Thursday, April 14th. Jefferies Group lowered Nordic American Tankers from a “hold” rating to an “underperform” rating and reduced their price objective for the company from $12.00 to $10.00 in a research note on Tuesday, May 10th. Finally, ABN Amro lowered Nordic American Tankers from a “buy” rating to a “sell” rating in a research note on Thursday, June 30th. Three analysts have rated the stock with a sell rating, one has issued a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $14.20.

The stock has a market capitalization of $1.09 billion and a PE ratio of 9.36. The company’s 50-day moving average is $13.99 and its 200-day moving average is $13.95.

Nordic American Tankers (NYSE:NAT) last issued its earnings results on Monday, May 9th. The company reported $0.33 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.31 by $0.02. During the same period in the prior year, the business earned $0.34 earnings per share. Analysts anticipate that Nordic American Tankers Ltd. will post $0.97 EPS for the current fiscal year.

Several hedge funds have recently modified their holdings of NAT. WCM Investment Management CA purchased a new stake in shares of Nordic American Tankers during the fourth quarter valued at about $9,111,000. Bank of Montreal Can raised its stake in shares of Nordic American Tankers by 284.5% in the fourth quarter. Bank of Montreal Can now owns 164,224 shares of the company’s stock valued at $2,552,000 after buying an additional 121,509 shares during the last quarter. California Public Employees Retirement System raised its stake in shares of Nordic American Tankers by 7.0% in the fourth quarter. California Public Employees Retirement System now owns 204,200 shares of the company’s stock valued at $3,173,000 after buying an additional 13,400 shares during the last quarter. State Board of Administration of Florida Retirement System raised its stake in shares of Nordic American Tankers by 17.4% in the fourth quarter. State Board of Administration of Florida Retirement System now owns 85,759 shares of the company’s stock valued at $1,333,000 after buying an additional 12,710 shares during the last quarter. Finally, New York State Common Retirement Fund raised its stake in shares of Nordic American Tankers by 4.3% in the fourth quarter. New York State Common Retirement Fund now owns 87,900 shares of the company’s stock valued at $1,366,000 after buying an additional 3,600 shares during the last quarter.

Nordic American Tankers Limited is an international tanker company. The Company owns approximately 30 vessels. The Company’s Suezmaxes tankers can carry over one million barrels of oil. The vessels in the Company’s fleet are homogenous and interchangeable. The Company’s vessels are employed in the spot market.

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