Nordic American Tankers Posts Weaker Than Expected Results (NAT)
August 06, 2010 11:25 AM
Nordic American Tankers (NYSE: NAT) posted weak 2Q10 numbers. EPS for the 2nd quarter was $0.17, compared to $0.28 consensus.
NAT declared a $0.60 dividend, 50 cents of which was from cash flow and $0.10 as a "bonus".
Dahlman Rose analysts said, "During 2Q10, one of NAT's vessels experienced 45 days of offhire time, and along with lower than expected average spot rates in the $28,000/day range, the impact was evident in the company's top line results. Net revenues of $38.6MM were lower than our $44.7MM forecast, driving the earnings miss."
Nordic American Tankers is currently rated Buy by Dahlman Rose, with a price target of $37. The analysts also forecast a $3.29 dividend for 2011, representing a 9% yield on their price target.
Shares of NAT are currently trading at $29.58.
