The stock of Nordic American Tanker Ltd (NYSE:NAT) hit a new 52-week low and has $7.37 target or 7.00% below today’s $7.93 share price. The 7 months bearish chart indicates high risk for the $683.78M company. The 1-year low was reported on Nov, 1 by Barchart.com. If the $7.37 price target is reached, the company will be worth $47.86 million 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 1.87 million shares traded hands. Nordic American Tanker Ltd (NYSE:NAT) has declined 42.02% since March 30, 2016 and is downtrending. It has underperformed by 45.03% 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. The rating was downgraded by Zacks to “Hold” on Tuesday, September 22. Jefferies maintained the shares of NAT in a report on Wednesday, July 27 with “Underperform” rating. The company was upgraded on Wednesday, August 12 by Euro Pacific Capital. The company was downgraded on Tuesday, May 10 by Jefferies. The stock of Nordic American Tanker Ltd (NYSE:NAT) earned “Neutral” rating by Seaport Global 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 news for Nordic American Tanker Ltd (NYSE:NAT) were recently published by: Fool.com, which released: “Better Buy: Textainer Group Holdings Limited vs. Nordic American Tankers Ltd.” on May 26, 2016. Fool.com‘s article titled: “Why Nordic American Tanker Ltd.’s Shares Plunged 12% Today” and published on February 08, 2016 is yet another important article.
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