The stock of Nordic American Tankers Limited (NYSE:NAT) is now priced at $4.33 and the shares are -0.09 points down or -2.04% lower compared to its previous closing price of $4.42. The stock had 5.211 million contracts set over the past session. NAT shares’ daily volume is compared to its average trading volume at 4.831 million shares. However, it has a float of 46.81 million and although its performance was -3.35% over the week, it’s one to watch. Analysts have given the NAT stock a yearly average price target of $6.28 per share. It means the stock’s upside potential is 45.03% with the NAT share price recently placing at $4.22 to $4.415. However, some brokerage firms have priced the stock below the average, including one that has called $1.4.
The shorts are running away from the Nordic American Tankers Limited stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the NAT shares have declined. Short interest in the stock represents just 28.8% of its float, but the volume has dropped by 0.
In the last trading session, Nordic American Tankers Limited (NYSE:NAT) dropped by -$0.15 over the week and gained $0.17 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $9. The stock recorded its established 52-week high on 04/28/20.
Since 09/03/19, the stock has traded to a low of $1.66 at 160.84%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 0.46. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Nordic American Tankers Limited’s two-week RSI is 45.45. This suggests that the stock is neutral at the moment and that NAT shares’ price movement remains stable. The stochastic readings are equally revealing at 30.55% meaning the NAT share price is currently in neutral territory.
The technical chart shows that the NAT stock will likely settle at between $4.42 and $4.52 per share. However, if the stock dips below $4.23, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $4.13.
Currently, the stock is trading in the red of MACD, with a reading of -0.07. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Evercore ISI cut their recommendation for NAT from In-line to Underperform in May 04 review. Evercore ISI analysts upgraded their recommendation of the stock from Underperform to In-line while keeping its target price at $4 in a flash note released to investors on October 18. BTIG Research seeing the improvements upgraded the stock from Neutral to Buy on October 08, placing it at $4.
The average rating for the NAT equity is 2.33 and is currently gathering a bullish momentum. Of 6 analysts tracking Nordic American Tankers Limited polled by Reuters, 1 rated NAT as a hold. The remaining 5 analysts were split evenly. However, the split wasn’t equal as a majority (4) rated it as a buy or strong buy. 1 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the NAT stock price is 10.12X ahead of its 12-month Consensus earnings per share estimates.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Nordic American Tankers Limited (NYSE:NAT) will decrease by about -99.92%, which will see them reach $65.97 million. The company’s full-year revenues are, however, expected to increase by about 60.06%, up from $175 million to $281 million. NAT’s expected adjusted earnings should drop almost -120% to end up at $0.02 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -1042.86% to record $0.66/share.