Nordic American Tankers Stock Rating Lowered by Jefferies Group (NAT)

Nordic American Tankers (NYSE:NAT) was downgraded by analysts at Jefferies Group from a “hold” rating to an “underperform” rating in a research report issued to clients and investors on Tuesday, reports. They currently have a $5.00 price objective on the stock, down from their previous price objective of $7.00. Jefferies Group’s price target would indicate a potential downside of 48.56% from the company’s current price.

The analysts wrote, “With NAT shares having increased ~40% over the past 7 weeks due to the surge in WAF-US Suezmax charter rates, we are downgrading NAT shares to Underperform from Hold as NAT shares now trade at ~200% of estimated NAV, a premium we believe is unsustainable once the surge in WAF-US Suezmax spot charter rates inevitably subsides.”

Separately, analysts at Cowen and Company downgraded shares of Nordic American Tankers from an “outperform” rating to a “market perform” rating in a research note to investors on Tuesday. They now have a $11.00 price target on the stock.

Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $8.75.

Nordic American Tankers (NYSE:NAT) opened at 9.72 on Tuesday. Nordic American Tankers has a 52-week low of $7.00 and a 52-week high of $12.96. The stock’s 50-day moving average is currently $8.69. The company’s market cap is $641.7 million.

The company also recently announced a quarterly dividend, which is scheduled for Tuesday, August 13th. Stockholders of record on Wednesday, July 31st will be paid a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 6.58%. The ex-dividend date is Monday, July 29th.

Nordic American Tankers Limited is an international tanker company. As of December 31, 2011, the Company owned 20 Suezmax tankers.

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