UPDATE: Cantor & Fitzgerald Cuts Target to $12 on Nordic American Tankers
Cantor & Fitzgerald reiterates its Hold rating on Nordic American Tankers (NYSE: NAT) and cuts its price target to $12 from $13 as earnings remain impacted by weakness on the tanker market.
Cantor & Fitzgerald notes, "This morning, before market open, NAT reported 4Q:11 operating EPS of ($0.37), a penny below our estimate of ($0.36) and well below the consensus forecast of ($0.26). The company declared a dividend of $0.30 based on 4Q:11 operations. For 2011, NAT reported EPS of ($1.19). The weak earnings were essentially due to a low rate achieved. The company's spot fleet achieved an average rate of only $12,000 per vessel/day during the quarter, below the average market rate of $20,704 per vessel/day (according to Clarkson's)."
NAT closed at $13.72 a share on Friday.
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