Nordic American Tankers Limited (NYSE:NAT) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research report issued on Saturday.

According to Zacks, “NORDIC AMERICAN is engaged of acquiring, disposing, owning, leasing, and chartering three double hull Suezmax oil tankers. “

Several other brokerages have also commented on NAT. Maxim Group reiterated a “sell” rating and issued a $6.00 target price on shares of Nordic American Tankers Limited in a research report on Friday, April 21st. Vetr upgraded Nordic American Tankers Limited from a “sell” rating to a “hold” rating and set a $7.08 target price for the company in a research report on Monday, May 15th. Jefferies Group LLC reiterated a “sell” rating and issued a $5.00 target price (down previously from $7.00) on shares of Nordic American Tankers Limited in a research report on Monday, May 8th. Finally, Evercore ISI lowered Nordic American Tankers Limited from an “in-line” rating to an “underperform” rating and decreased their target price for the stock from $6.00 to $5.00 in a research report on Friday, July 21st. Five research analysts have rated the stock with a sell rating, five have assigned a hold rating and one has given a strong buy rating to the company. Nordic American Tankers Limited currently has an average rating of “Hold” and a consensus price target of $7.07.

Shares of Nordic American Tankers Limited (NAT) opened at 5.71 on Friday. The stock has a 50 day moving average price of $6.10 and a 200 day moving average price of $7.40. The firm’s market capitalization is $582.24 million. Nordic American Tankers Limited has a 12-month low of $5.47 and a 12-month high of $12.52.

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A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NAT. Van Den Berg Management I Inc. bought a new position in Nordic American Tankers Limited during the first quarter worth about $9,082,000. Norges Bank bought a new position in Nordic American Tankers Limited during the fourth quarter worth about $5,608,000. Global X Management Co. LLC raised its position in Nordic American Tankers Limited by 99.6% in the first quarter. Global X Management Co. LLC now owns 1,049,215 shares of the shipping company’s stock worth $8,583,000 after buying an additional 523,510 shares in the last quarter. Greylin Investment Mangement Inc. raised its position in Nordic American Tankers Limited by 105.0% in the second quarter. Greylin Investment Mangement Inc. now owns 398,075 shares of the shipping company’s stock worth $2,524,000 after buying an additional 203,850 shares in the last quarter. Finally, Wells Fargo & Company MN raised its position in Nordic American Tankers Limited by 86.8% in the first quarter. Wells Fargo & Company MN now owns 408,783 shares of the shipping company’s stock worth $3,344,000 after buying an additional 189,905 shares in the last quarter. Institutional investors and hedge funds own 26.91% of the company’s stock.

About Nordic American Tankers Limited

Nordic American Tankers Limited is an international tanker company. The Company owns approximately 26 vessels, including approximately two new buildings under construction, of approximately 156,000 deadweight tonnage (dwt) each. The Company’s Suezmaxes tankers can carry over one million barrels of oil.

Analyst Recommendations for Nordic American Tankers Limited (NYSE:NAT)

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