Nordic American Tankers Faces Rough Seas: Q1 Revenue Misses Estimates Amid Fleet Expansion
Written by Emily J. Thompson, Senior Investment Analyst
Updated: May 29 2024
0mins
Should l Buy NAT?
Source: Benzinga
- Nordic American Tankers Limited Financials: NAT reported lower-than-expected first-quarter net voyage revenue of $60.572 million, missing the consensus of $76.562 million.
- Financial Performance: The company's average time charter equivalent (TCE) for its fleet was $33,570 per day per ship in the quarter, with a significant decrease in net operating income and adjusted EBITDA compared to the previous year.
- Cash Flow and Debt: Operating cash flow for the quarter was $37.589 million, and NAT's net debt stood at $228 million, translating to $11.4 million per ship based on 20 vessels as of March-end.
- Dividend Declaration: Nordic American Tankers declared a dividend per share of $0.12, payable on July 18 to shareholders of record as of June 28.
- Future Fleet Expansion: The company plans to add new vessels to its Suezmax fleet in the coming years, with 6 in 2024, 23 in 2025, and 38 in 2026. Additionally, there are new build orders for 2027 and 2028.
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Analyst Views on NAT
Wall Street analysts forecast NAT stock price to fall over the next 12 months. According to Wall Street analysts, the average 1-year price target for NAT is 3.00 USD with a low forecast of 3.00 USD and a high forecast of 3.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
1 Analyst Rating
0 Buy
1 Hold
0 Sell
Hold
Current: 4.260
Low
3.00
Averages
3.00
High
3.00
Current: 4.260
Low
3.00
Averages
3.00
High
3.00
About NAT
Nordic American Tankers Limited is an international tanker company focusing solely on owning, operating, and chartering of Suezmax tankers. The Company has a fleet of approximately 20 Suezmax crude oil tankers. Its Suezmax vessels have a carrying capacity of one million barrels of oil. The Company's tankers operating in the spot market are chartered for a single voyage. The vessels in the Company's fleet are homogenous and interchangeable as they have the same freight capacity and ability to transport the same type of cargo. Its vessels include Nordic Pollux, Nordic Apollo, Nordic Luna, Nordic Castor, Nordic Freedom, Nordic Sprinter, Nordic Skier, Nordic Vega, Nordic Light, Nordic Cross, Nordic Breeze, Nordic Zenith, Nordic Star, Nordic Space, Nordic Aquarius, Nordic Cygnus, Nordic Tellus, Nordic Hunter and Nordic Harrier.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Strong Financial Position: This transaction will generate $25 million in net income for the company, further strengthening its capital base to support future investments and operations.
- Good Market Positioning: Nordic American Tankers is in a solid position within the current market environment, reflecting its competitiveness and sustainability in the tanker transportation industry.
- Management Confidence: Founder and CEO Herbjorn Hansson expresses optimism about the company's future, emphasizing its leadership position in the industry and potential for continued growth.
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- Market Environment: The current favorable tanker market conditions allow the company to actively engage in fleet refinancing and transactions, demonstrating its solid position and growth potential within the industry.
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- Sales Agreement Signed: Nordic American Tankers has entered into a sales agreement for a 2003-built suezmax tanker, with a sale price of $25 million and no debt on the vessel, indicating the company's solid financial health.
- Strong Financial Position: This transaction will generate $25 million in net income for the company, further strengthening its capital base to support future investments and operations.
- Good Market Positioning: Nordic American Tankers is in a solid position within the current market environment, reflecting its competitiveness and sustainability in the tanker transportation industry.
- Management Confidence: Founder and CEO Herbjorn Hansson expresses optimism about the company's future, emphasizing its leadership position in the industry and potential for continued growth.
See More
Dividend Stocks Gain Favor Amid Market Turbulence
- Investor Preference: During turbulent and uncertain market conditions, many investors are turning to dividend-yielding stocks, which typically have high free cash flows and reward shareholders with substantial dividends, indicating a strong demand for stable income.
- Analyst Ratings: Benzinga provides the latest analyst ratings for three high-yielding energy stocks, including Nordic American Tankers Ltd (NYSE:NAT), Kimbell Royalty Partners LP (NYSE:KRP), and Western Midstream Partners LP (NYSE:WES), offering decision-making support for investors.
- Market Trends: As market volatility increases, the appeal of dividend stocks rises, with investors seeking to mitigate investment risks through stable cash flows, potentially driving demand and prices for these stocks higher.
- Analyst Accuracy: Benzinga's analyst ratings page allows traders to sort ratings by analyst accuracy, helping investors identify the most promising high-yield stocks and enhancing the scientific basis of their investment decisions.
See More
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- New Ship Orders: Nordic American Tankers Ltd has signed contracts with Daehan Shipbuilding for the construction of two Suezmax tankers at $86 million each, expected to be delivered in 2028, thereby enhancing the company's competitive position in the tanker market.
- Asset Sales: The company has finalized the sale of two vessels built in 2004 and 2005, generating net cash proceeds of $50 million, which aids in optimizing asset structure and improving liquidity.
- Market Environment: The current favorable tanker market conditions allow the company to actively engage in fleet refinancing and transactions, demonstrating its solid position and growth potential within the industry.
- Strategic Adjustments: By selling four vessels and ordering two new ones, Nordic American Tankers Ltd showcases its ability to adapt to market changes, aiming to further enhance operational efficiency and increase market share.
See More
Mid-to-Low Cap Energy Stocks Earn A+ EPS Revision Ratings
- Analyst Rating Upgrades: Several mid-to-low cap energy stocks, including American Resources (AREC) and Black Stone Minerals (BSM), have received an A+ EPS Revision rating from analysts, indicating a significant increase in market confidence regarding their profitability outlook, which may attract more investor attention.
- Improved Earnings Expectations: CrossAmerica Partners LP (CAPL) and Delek US Holdings (DK) also achieved an A+ rating, reflecting analysts' upward revisions of their earnings forecasts, suggesting that their fundamentals are improving and could drive stock price increases.
- Industry Trend Analysis: VAALCO Energy (EGY) and KNOT Offshore Partners LP (KNOP) have also earned A+ ratings, indicating strong earnings momentum among low-cap energy stocks as the earnings season approaches, potentially eliciting positive investor reactions.
- Market Focus: Liberty Energy (LBRT) and Nordic American Tankers (NAT) receiving A+ ratings further demonstrate analysts' optimism about their earnings prospects, which could lead to increased capital inflows into these stocks and enhance market activity.
See More
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- Analyst Rating Update: Evercore ISI Group analyst Chris Baker lowered the price target for Vitesse Energy from $22 to $20 on October 6, 2025, maintaining an In-Line rating, reflecting a cautious outlook on the company's future performance.
- Attractive Dividend Yield: With a dividend yield of 11.79%, Vitesse Energy appeals to investors seeking stable cash flows, although recent stock price volatility indicates challenges in the energy sector.
- Competitive Analysis: Vitesse Energy's dividend yield surpasses many peers in the energy industry, highlighting its competitive advantage in capital returns despite facing market uncertainties.
- Market Dynamics: The mixed quarterly results from Vitesse Energy, coupled with analysts' rating adjustments, reveal differing perspectives on its future profitability, which may impact investor confidence.
See More
Nordic American Tanker Shares Rise as CEO Acquires 200,000 Shares, Increasing Total Holdings to 5.3 Million
CEO and Vice-Chair Purchases: The Chairman and CEO of Nordic American Tanker (NAT) purchased 200,000 shares at $3.50 each, increasing his total to 5.3 million shares, while the Vice-Chair also bought 200,000 shares, raising his holdings to 5,350,000 shares.
Family Ownership Notification: The combined family ownership now totals 10,650,000 shares, surpassing the 5% threshold, which necessitated a mandatory market notification as per regulatory requirements.
See More
