Nordic American Tanker Ltd (NAT) to Issue Quarterly Dividend of $0.10 on December 7th
Nordic American Tanker Ltd (NYSE:NAT) announced a quarterly dividend on Thursday, November 1st, NASDAQ reports. Stockholders of record on Wednesday, November 21st will be given a dividend of 0.10 per share by the shipping company on Friday, December 7th. This represents a $0.40 annualized dividend and a dividend yield of 13.89%. The ex-dividend date is Tuesday, November 20th. This is an increase from Nordic American Tanker’s previous quarterly dividend of $0.02.
Nordic American Tanker has decreased its dividend payment by an average of 10.5% per year over the last three years. Nordic American Tanker has a payout ratio of -8.7% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Nordic American Tanker to earn ($0.04) per share next year, which means the company may not be able to cover its $0.04 annual dividend with an expected future payout ratio of -100.0%.
NAT opened at $2.88 on Monday. Nordic American Tanker has a twelve month low of $1.82 and a twelve month high of $4.24. The company has a quick ratio of 2.53, a current ratio of 2.91 and a debt-to-equity ratio of 0.53. The firm has a market cap of $408.87 million, a PE ratio of -4.06 and a beta of -0.12.
Several equities research analysts have recently weighed in on NAT shares. Zacks Investment Research cut shares of Nordic American Tanker from a “hold” rating to a “sell” rating in a research report on Wednesday, September 26th. BTIG Research started coverage on shares of Nordic American Tanker in a research report on Thursday, September 27th. They set a “neutral” rating for the company. ValuEngine cut shares of Nordic American Tanker from a “hold” rating to a “sell” rating in a research report on Friday, September 7th. Maxim Group reiterated a “sell” rating and set a $1.00 price objective on shares of Nordic American Tanker in a research report on Tuesday, August 14th. Finally, B. Riley started coverage on shares of Nordic American Tanker in a research report on Friday, November 9th. They set a “buy” rating and a $4.25 price objective for the company. One research analyst has rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $2.68.
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About Nordic American Tanker
Nordic American Tankers Limited, a tanker company, acquires and charters double-hull tankers in Bermuda and internationally. It operates a fleet of 33 Suezmax crude oil tankers. The company was founded in 1995 and is based in Hamilton, Bermuda.
See Also: Initial Public Offering (IPO)
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