The stock of Nordic American Tanker Ltd (NYSE:NAT) hit a new 52-week low and has $8.57 target or 6.00% below today’s $9.12 share price. The 8 months bearish chart indicates high risk for the $789.44M company. The 1-year low was reported on Oct, 13 by Barchart.com. If the $8.57 price target is reached, the company will be worth $47.37M less.
The 52-week low event is an important milestone for every stock because it shows very negative momentum and is time when sellers come in. During such technical setups, fundamental investors usually stay away and are careful buying the stock. About 1.29M shares traded hands. Nordic American Tanker Ltd (NYSE:NAT) has declined 32.09% since March 10, 2016 and is downtrending. It has underperformed by 39.60% the S&P500.
Analysts await Nordic American Tanker Ltd (NYSE:NAT) to report earnings on November, 9.
Nordic American Tanker Ltd (NYSE:NAT) Ratings Coverage
Out of 4 analysts covering Nordic American Tanker Shipping (NYSE:NAT), 1 rate it a “Buy”, 1 “Sell”, while 2 “Hold”. This means 25% are positive. Nordic American Tanker Shipping has been the topic of 6 analyst reports since August 12, 2015 according to StockzIntelligence Inc. Jefferies downgraded the stock to “Underperform” rating in Tuesday, May 10 report. Zacks downgraded the stock to “Hold” rating in Tuesday, September 22 report. The rating was upgraded by Euro Pacific Capital to “Buy” on Wednesday, August 12. The rating was maintained by Jefferies on Wednesday, July 27 with “Underperform”. The rating was reinitiated by Seaport Global with “Neutral” on Wednesday, May 4.
According to Zacks Investment Research, “NORDIC AMERICAN is engaged of acquiring, disposing, owning, leasing, and chartering three double hull Suezmax oil tankers.”
More recent Nordic American Tanker Ltd (NYSE:NAT) news were published by: Fool.com which released: “Better Buy: Textainer Group Holdings Limited vs. Nordic American Tankers Ltd.” on May 26, 2016. Also Finance.Yahoo.com published the news titled: “Nordic American Tankers Limited (NYSE:NAT) Announces Underwriters’ Exercise of …” on September 30, 2016. Fool.com‘s news article titled: “Why Nordic American Tanker Ltd.’s Shares Plunged 12% Today” with publication date: February 08, 2016 was also an interesting one.
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