Analysts Reduced Nordic American Tankers’ Target Prices
In the previous parts of this series, we saw how Nordic American Tankers (NAT) performed in 3Q17. It was one of the toughest quarters for the industry since 3Q13. Now, let’s see what analysts are recommending for the company.
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On November 7, 2017, Morgan Stanley reduced the target price for Nordic American Tankers to $5 from $6.5. On November 6, Evercore reduced the target price to $4 from $4.5. In the last week of October, Evercore revised the target prices for other crude tanker companies.
- Evercore reduced the target price for Tsakos Energy Navigation (TNP) to $6.5 from $7.
- Evercore reduced the target price for Gener8 Maritime Partners (GNRT) to $6 from $6.5.
- Evercore raised Frontline’s (FRO) target price to $5.5 from $4.
- Evercore raised Euronav’s (EURN) target price to $10 from $9.
Earlier in October, a few analysts revised the target prices for Nordic American Tankers.
- Wells Fargo reduced the target price for Nordic American Tankers to $3.5 from $4.
- Maxim reduced the target price to $3 from $4.
- Jefferies reduced the target price to $4 and maintained an “underperform” rating on the stock.
Currently, nine analysts cover Nordic American Tankers. None of them rate the company as a “strong buy” or “buy.” Five analysts gave “hold” recommendations for Nordic American Tankers. Two analysts gave the company a “sell,” while two other gave the company a “strong sell” recommendation.
The 12-month consensus target price on Nordic American Tankers is $4.35. It implies a potential upside of 1.6% from the current price of $4.28 on November 9, 2017.