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Crude Tanker Updates and Analyst Recommendations for September

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Part 2
Crude Tanker Updates and Analyst Recommendations for September PART 2 OF 8

Nordic American Tankers: September Updates and Analyst Recommendations

Latest updates

In September 2017, Nordic American Tankers (NAT) announced the appointment of its new CFO, Bjorn Giaever. Giaever plans to join the company on October 16, 2017. Bjorn Giaver comes with a lot of experience in the shipping industry. 

Giaever has served as director and partner in the corporate finance division of Fearnley Securities AS—an investment bank that focuses on the maritime sector. He was also a corporate advisor in the John Fredrikson group, senior shipping analyst for DNB Markets, and a partner in Inge Steensland AS, specializing in gas-related shipping matters.

Nordic American Tankers: September Updates and Analyst Recommendations

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In September Nordic American Tankers (NAT) announced its new time charter contract. Nordic American Tankers entered into a two-year contract with British Petroleum. The company stated that the rate for this contract is well above the break-even level with an indexed-linked formula, which gives an upside potential. 

In August, NAT entered into two time charter contracts. The company now has five vessels on long-term contracts. Among the other crude tanker companies, Euronav (EURN), DHT Holdings (DHT), Teekay Tankers (TNK), and Tsakos Energy Navigation (TNP) also operate their vessels in the spot market and the time charter market.

Analyst recommendations

Nine analysts give recommendations on Nordic American Tankers, an increase from six analysts covering the stock in September 2016. According to Reuters, the consensus rating for the stock is ~3.7, which means a “sell.”

None of these analysts recommended a “strong buy” or “buy” for Nordic American Tankers. Since December 2016, not a single analyst was bullish on the stock. Five analysts give a “hold” rating to NAT. Two analysts recommended a “sell,” while the remaining two analysts recommended a “strong sell” for the stock.

The consensus 12-month target price is $5.50—unchanged from the previous month. Compared to the current market price of $5.32 on September 21, the target price implies a potential upside of 3.4%.

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