Noteworthy Price Action: What Will Happen to Nordic American Tanker Ltd Next? The Stock Just Reaches Yearly Low

Noteworthy Price Action: What Will Happen to Nordic American Tanker Ltd Next? The Stock Just Reaches Yearly Low

The stock of Nordic American Tanker Ltd (NYSE:NAT) hit a new 52-week low and has $7.38 target or 8.00% below today’s $8.02 share price. The 9 months bearish chart indicates high risk for the $703.35M company. The 1-year low was reported on Nov, 9 by Barchart.com. If the $7.38 price target is reached, the company will be worth $56.27 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 1.17M shares traded hands. Nordic American Tanker Ltd (NYSE:NAT) has declined 45.03% since April 7, 2016 and is downtrending. It has underperformed by 49.81% the S&P500.

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 firm earned “Neutral” rating on Wednesday, May 4 by Seaport Global. The stock of Nordic American Tanker Ltd (NYSE:NAT) has “Hold” rating given on Tuesday, September 22 by Zacks. The rating was downgraded by Jefferies on Tuesday, May 10 to “Underperform”. The company was maintained on Wednesday, July 27 by Jefferies. The stock of Nordic American Tanker Ltd (NYSE:NAT) has “Buy” rating given on Wednesday, August 12 by Euro Pacific Capital.

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 Fool.com published the news titled: “Why Nordic American Tanker Ltd.’s Shares Plunged 12% Today” on February 08, 2016. Globenewswire.com‘s news article titled: “Nordic American Tankers Limited (NYSE:NAT) Announces Underwriters’ Exercise of …” with publication date: September 30, 2016 was also an interesting one.

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