Maxim Group Sticks to Their Sell Rating for Nordic American Tanker

In a report released today, James Jang from Maxim Group reiterated a Sell rating on Nordic American Tanker (NYSE: NAT), with a price target of $1. The company’s shares closed on Friday at $1.90, close to its 52-week low of $1.82.

Jang wrote:

“Nordic American Tankers (NAT) announced a cut to the quarterly dividend to $0.01 from $0.03, an all-time low, and vs. a peak of $0.43 in 2Q16. NAT is no longer a dividend yield story.”

According to TipRanks.com, Jang is a 5-star analyst with an average return of 26.3% and a 44.3% success rate. Jang covers the Services sector, focusing on stocks such as Dynagas LNG Partners LP , Eagle Bulk Shipping, and Navigator Holdings.

Nordic American Tanker has an analyst consensus of Moderate Sell, with a price target consensus of $2.

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Based on Nordic American Tanker’s latest earnings report for the quarter ending December 31, the company posted quarterly revenue of $36.72 million and GAAP net loss of $21.91 million. In comparison, last year the company earned revenue of $55.2 million and had a GAAP net loss of $3.43 million.

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Nordic American Tankers Ltd. is a tanker company. It owns and operates Suezmax crude oil tankers. The company was founded by Herbjørn Hansson on June 12, 1995 and is headquartered in Hamilton, Bermuda.