Nordic American Offshore Ltd (NYSE:NAO) rose 2% during mid-day trading on Wednesday . The stock traded as high as $1.60 and last traded at $1.49. Approximately 193,710 shares changed hands during mid-day trading, a decline of 35% from the average daily volume of 295,909 shares. The stock had previously closed at $1.52.

Separately, Zacks Investment Research upgraded shares of Nordic American Offshore from a “hold” rating to a “buy” rating and set a $1.25 target price for the company in a report on Saturday, June 24th.

The stock’s market capitalization is $33.60 million. The stock has a 50 day moving average of $1.26 and a 200-day moving average of $1.14.

The company also recently declared a quarterly dividend, which was paid on Thursday, August 31st. Stockholders of record on Thursday, August 17th were given a dividend of $0.02 per share. The ex-dividend date of this dividend was Tuesday, August 15th. This represents a $0.08 annualized dividend and a dividend yield of 5.26%. Nordic American Offshore’s payout ratio is -6.35%.

Several hedge funds have recently made changes to their positions in NAO. Laurion Capital Management LP acquired a new position in shares of Nordic American Offshore during the 1st quarter valued at about $1,587,000. Mackenzie Financial Corp acquired a new position in shares of Nordic American Offshore during the 1st quarter valued at about $1,140,000. Shah Capital Management boosted its position in shares of Nordic American Offshore by 42.7% during the 2nd quarter. Shah Capital Management now owns 1,130,000 shares of the shipping company’s stock valued at $1,412,000 after acquiring an additional 338,000 shares during the last quarter. DnB Asset Management AS boosted its position in shares of Nordic American Offshore by 3.8% during the 2nd quarter. DnB Asset Management AS now owns 8,306,217 shares of the shipping company’s stock valued at $10,383,000 after acquiring an additional 306,217 shares during the last quarter. Finally, LMR Partners LLP acquired a new position in shares of Nordic American Offshore during the 1st quarter valued at about $285,000. 26.70% of the stock is currently owned by hedge funds and other institutional investors.

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Nordic American Offshore Company Profile

Nordic American Offshore Limited (NAO) operates platform supply vessels (PSV). The Company owns approximately eight vessels. The Company operates in the offshore support vessel market segment. The Company has approximately two vessels under construction. The Company’s vessels operate in the North Sea in both the term and spot market.

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