Reported Earnings • May 05
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: US$0.058 (down from US$0.22 in FY 2024). Revenue: US$292.4m (down 16% from FY 2024). Net income: US$12.3m (down 74% from FY 2024). Profit margin: 4.2% (down from 13% in FY 2024). Revenue missed analyst estimates by 5.5%. Earnings per share (EPS) also missed analyst estimates by 40%. Revenue is expected to decline by 5.6% p.a. on average during the next 2 years, while revenues in the Oil and Gas industry in the US are expected to grow by 1.6%. Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has increased by 20% per year, which means it is well ahead of earnings. Major Estimate Revision • Apr 19
Consensus EPS estimates increase by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has improved. 2026 revenue forecast increased from US$268.5m to US$274.5m. EPS estimate increased from US$0.38 to US$0.43 per share. Net income forecast to grow 646% next year vs 32% growth forecast for Oil and Gas industry in the US. Consensus price target of US$6.25 unchanged from last update. Share price rose 5.4% to US$6.03 over the past week. Declared Dividend • Mar 01
Fourth quarter dividend of US$0.17 announced Shareholders will receive a dividend of US$0.17. Ex-date: 10th March 2026 Payment date: 24th March 2026 Dividend yield will be 8.2%, which is higher than the industry average of 4.5%. Sustainability & Growth Dividend is not covered by earnings (dividend approximately 39x earnings) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 4,338% to bring the payout ratio under control. EPS is expected to grow by 153% over the next 2 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Reported Earnings • Feb 28
Third quarter 2025 earnings released: US$0.013 loss per share (vs US$0.042 profit in 3Q 2024) Third quarter 2025 results: US$0.013 loss per share (down from US$0.042 profit in 3Q 2024). Revenue: US$45.7m (down 12% from 3Q 2024). Net loss: US$2.78m (down 132% from profit in 3Q 2024). Revenue is expected to decline by 4.9% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in the US are expected to grow by 4.1%. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 8% per year, which means it is tracking significantly ahead of earnings growth. Major Estimate Revision • Feb 27
Consensus revenue estimates increase by 11% The consensus outlook for revenues in fiscal year 2026 has improved. 2026 revenue forecast increased from US$241.1m to US$268.5m. EPS estimate increased from US$0.21 to US$0.38 per share. Net income forecast to grow 3,287% next year vs 13% growth forecast for Oil and Gas industry in the US. Consensus price target up from US$4.50 to US$6.25. Share price rose 16% to US$5.73 over the past week. Price Target Changed • Feb 26
Price target increased by 47% to US$6.25 Up from US$4.25, the current price target is an average from 2 analysts. New target price is 16% above last closing price of US$5.40. Stock is up 120% over the past year. The company is forecast to post earnings per share of US$0.10 for next year compared to US$0.22 last year. Announcement • Feb 12
Nordic American Tankers Limited to Report Q4, 2025 Results on Feb 26, 2026 Nordic American Tankers Limited announced that they will report Q4, 2025 results Pre-Market on Feb 26, 2026 Buy Or Sell Opportunity • Jan 06
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 6.5% to US$3.45. The fair value is estimated to be US$2.87, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 4.1% over the last 3 years, while earnings per share has been flat. Revenue is forecast to decline by 20% in a year. Earnings are forecast to grow by 1,947% in the next year. Buy Or Sell Opportunity • Dec 15
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 9.0% to US$3.50. The fair value is estimated to be US$2.87, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 4.1% over the last 3 years, while earnings per share has been flat. Revenue is forecast to decline by 20% in a year. Earnings are forecast to grow by 1,947% in the next year. Declared Dividend • Nov 30
Third quarter dividend of announced Shareholders will receive a dividend of . Sustainability & Growth Dividend is not covered by earnings (dividend approximately 39x earnings) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 4,338% to bring the payout ratio under control. EPS is expected to grow by 238% over the next 2 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Reported Earnings • Nov 30
Third quarter 2025 earnings: EPS and revenues miss analyst expectations Third quarter 2025 results: US$0.013 loss per share (down from US$0.042 profit in 3Q 2024). Revenue: US$45.7m (down 12% from 3Q 2024). Net loss: US$2.78m (down 132% from profit in 3Q 2024). Revenue missed analyst estimates by 7.8%. Earnings per share (EPS) were also behind analyst expectations. Revenue is expected to decline by 1.3% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in the US are expected to grow by 3.2%. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has fallen by 1% per year. Announcement • Nov 28
Nordic American Tankers Limited Announces Cash Dividend for the Third Quarter of 2025, Payable on December 22, 2025 Nordic American Tankers Limited announced the dividend for the third quarter is 13 cents ($0.13) per share. This is 113th consecutive quarterly cash dividend. The dividend is payable December 22, 2025, to shareholders on record as of December 8, 2025. Buy Or Sell Opportunity • Nov 17
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 35% to US$3.82. The fair value is estimated to be US$3.13, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 3.9% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to decline by 17% in 2 years. Earnings are forecast to grow by 324% in the next 2 years. Price Target Changed • Oct 29
Price target increased by 9.5% to US$3.83 Up from US$3.50, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of US$3.70. Stock is up 14% over the past year. The company is forecast to post earnings per share of US$0.09 for next year compared to US$0.22 last year. Major Estimate Revision • Oct 22
Consensus EPS estimates fall by 18%, revenue upgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast increased from US$198.0m to US$201.5m. EPS estimate fell from US$0.085 to US$0.07 per share. Net income forecast to grow 137% next year vs 18% growth forecast for Oil and Gas industry in the US. Consensus price target of US$3.67 unchanged from last update. Share price rose 7.7% to US$3.51 over the past week. Announcement • Sep 30
Nordic American Tankers Limited, Annual General Meeting, Nov 21, 2025 Nordic American Tankers Limited, Annual General Meeting, Nov 21, 2025. Location: le castellara, 9, avenue j.f kennedy, 98000 monaco, United States Buy Or Sell Opportunity • Sep 11
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 15% to US$3.27. The fair value is estimated to be US$2.67, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 3.9% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to decline by 20% in 2 years. Earnings are forecast to grow by 268% in the next 2 years. Upcoming Dividend • Sep 05
Upcoming dividend of US$0.10 per share Eligible shareholders must have bought the stock before 12 September 2025. Payment date: 29 September 2025. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 10%. Within top quartile of American dividend payers (4.4%). Higher than average of industry peers (4.0%). Major Estimate Revision • Sep 04
Consensus EPS estimates fall by 29% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from US$0.12 to US$0.085 per share. Revenue forecast steady at US$198.0m. Net income forecast to grow 125% next year vs 17% growth forecast for Oil and Gas industry in the US. Consensus price target of US$3.50 unchanged from last update. Share price rose 7.3% to US$3.23 over the past week. Reported Earnings • Aug 29
Second quarter 2025 earnings released: US$0.004 loss per share (vs US$0.10 profit in 2Q 2024) Second quarter 2025 results: US$0.004 loss per share (down from US$0.10 profit in 2Q 2024). Revenue: US$40.2m (down 70% from 2Q 2024). Net loss: US$852.0k (down 104% from profit in 2Q 2024). Revenue is expected to decline by 6.7% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in the US are expected to grow by 3.7%. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Announcement • Aug 28
Nordic American Tankers Limited Announces Second Quarter Dividend, Payable on September 29, 2025 Nordic American Tankers Limited announced the dividend for the second quarter is 10 cents ($0.10) per share. This is our 112th consecutive quarterly cash dividend. The dividend is payable September 29, 2025, to shareholders on record as of September 12, 2025. Upcoming Dividend • Jun 05
Upcoming dividend of US$0.07 per share Eligible shareholders must have bought the stock before 12 June 2025. Payment date: 26 June 2025. The company is paying out more than 100% of its profits and is paying out 98% of its cash flow. Trailing yield: 12%. Within top quartile of American dividend payers (4.8%). Higher than average of industry peers (4.2%). New Risk • Jun 02
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 170% Cash payout ratio: 98% Dividend yield: 13% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.9x net interest cover). Dividend is not well covered by earnings and cash flows. Payout ratio: 170% Cash payout ratio: 98% Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (11% net profit margin). New Risk • May 30
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 0% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.6x net interest cover). Minor Risks Dividend is not well covered by earnings (153% payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (13% net profit margin). Reported Earnings • May 30
Full year 2024 earnings released: EPS: US$0.22 (vs US$0.47 in FY 2023) Full year 2024 results: EPS: US$0.22 (down from US$0.47 in FY 2023). Revenue: US$349.7m (down 11% from FY 2023). Net income: US$46.6m (down 53% from FY 2023). Profit margin: 13% (down from 25% in FY 2023). The decrease in margin was primarily driven by lower revenue. Revenue is expected to decline by 15% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in the US are expected to grow by 3.6%. Over the last 3 years on average, earnings per share has increased by 95% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • May 30
Consensus EPS estimates fall by 10%, revenue upgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast increased from US$205.4m to US$217.3m. EPS estimate fell from US$0.20 to US$0.18 per share. Net income forecast to shrink 13% next year vs 6.6% growth forecast for Oil and Gas industry in the US . Consensus price target of US$3.50 unchanged from last update. Share price was steady at US$2.65 over the past week. New Risk • May 01
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 13% Last year net profit margin: 25% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.6x net interest cover). Minor Risks Dividend is not well covered by earnings (153% payout ratio). Profit margins are more than 30% lower than last year (13% net profit margin). Reported Earnings • Apr 30
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: US$0.22 (down from US$0.47 in FY 2023). Revenue: US$225.1m (down 43% from FY 2023). Net income: US$46.6m (down 53% from FY 2023). Profit margin: 21% (down from 25% in FY 2023). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 2.2%. Earnings per share (EPS) also missed analyst estimates by 8.3%. Revenue is forecast to grow 3.6% p.a. on average during the next 2 years, compared to a 3.6% growth forecast for the Oil and Gas industry in the US. Over the last 3 years on average, earnings per share has increased by 95% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Announcement • Mar 12
Nordic American Tankers Limited has filed a Follow-on Equity Offering in the amount of $60 million. Nordic American Tankers Limited has filed a Follow-on Equity Offering in the amount of $60 million.
Security Name: Common Shares
Security Type: Common Stock
Transaction Features: At the Market Offering Announcement • Mar 08
Nordic American Tankers Limited Declares Cash Dividend for the Fourth Quarter of 2024, Payable on March 24, 2025 Nordic American Tankers Limited Declared Cash Dividend of 6 cents ($0.06) per share for the fourth Quarter of 2024, Payable on March 24, 2025 to shareholder on record as of March 10, 2025. Declared Dividend • Mar 03
Fourth quarter dividend of US$0.06 announced Shareholders will receive a dividend of US$0.06. Ex-date: 10th March 2025 Payment date: 24th March 2025 Dividend yield will be 14%, which is higher than the industry average of 4.5%. Sustainability & Growth Dividend is not covered by earnings (133% earnings payout ratio). However, it is covered by cash flows (79% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 48% to bring the payout ratio under control. EPS is expected to grow by 32% over the next 2 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Price Target Changed • Mar 02
Price target decreased by 8.0% to US$4.33 Down from US$4.70, the current price target is an average from 4 analysts. New target price is 77% above last closing price of US$2.45. Stock is down 41% over the past year. The company is forecast to post earnings per share of US$0.19 for next year compared to US$0.22 last year. Reported Earnings • Feb 28
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: US$0.22 (down from US$0.47 in FY 2023). Revenue: US$225.1m (down 43% from FY 2023). Net income: US$46.6m (down 53% from FY 2023). Profit margin: 21% (down from 25% in FY 2023). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 2.2%. Earnings per share (EPS) also missed analyst estimates by 8.3%. Revenue is forecast to grow 8.0% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Oil and Gas industry in the US. Over the last 3 years on average, earnings per share has increased by 95% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Announcement • Feb 12
Nordic American Tankers Limited to Report Q4, 2024 Results on Feb 28, 2025 Nordic American Tankers Limited announced that they will report Q4, 2024 results Pre-Market on Feb 28, 2025 New Risk • Jan 15
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 9.0% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 133% Cash payout ratio: 224% Earnings are forecast to decline by an average of 9.0% per year for the foreseeable future. Minor Risks High level of debt (47% net debt to equity). Profit margins are more than 30% lower than last year (17% net profit margin). Valuation Update With 7 Day Price Move • Jan 13
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to US$3.00, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 11x in the Oil and Gas industry in the US. Total returns to shareholders of 129% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$1.95 per share. Declared Dividend • Dec 04
Third quarter dividend of US$0.04 announced Shareholders will receive a dividend of US$0.04. Ex-date: 17th December 2024 Payment date: 16th January 2025 Dividend yield will be 14%, which is higher than the industry average of 4.5%. Sustainability & Growth Dividend is not covered by earnings (133% earnings payout ratio) nor is it covered by cash flows (224% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 48% to bring the payout ratio under control. EPS is expected to grow by 73% over the next 2 years, which is sufficient to bring the dividend into a sustainable range. Announcement • Dec 03
Nordic American Tankers Limited Declares Cash Dividend for the Third Quarter of 2024, Payable on January 16, 2025 Nordic American Tankers Limited announced cash dividend of 4 cent ($0.04) per share for the third quarter of 2024 has been declared. Payment of the dividend will be on January 16, 2025, to shareholders of record on December 17, 2024. Price Target Changed • Dec 02
Price target decreased by 7.6% to US$4.58 Down from US$4.95, the current price target is an average from 4 analysts. New target price is 73% above last closing price of US$2.64. Stock is down 34% over the past year. The company is forecast to post earnings per share of US$0.25 for next year compared to US$0.47 last year. Reported Earnings • Dec 01
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: EPS: US$0.042 (up from US$0.036 in 3Q 2023). Revenue: US$52.0m (up 8.3% from 3Q 2023). Net income: US$8.69m (up 16% from 3Q 2023). Profit margin: 17% (up from 16% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 8.6%. Earnings per share (EPS) also missed analyst estimates by 27%. Revenue is expected to decline by 3.9% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in the US are expected to grow by 3.5%. Over the last 3 years on average, earnings per share has increased by 100% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Announcement • Nov 28
Nordic American Tankers Limited Appoints Mr. James Kelly to the Board of Directors Nordic American Tankers Limited announced that it has appointed Mr. James Kelly to the Board of Directors to fill the vacancy following the Annual Meeting of NAT when the number of Board Members was reduced from four to three. The remaining three board members have the right to replenish a vacant position and has decided to increase the number of board members from three to four. Announcement • Nov 19
Nordic American Tankers Limited to Report Q3, 2024 Results on Nov 29, 2024 Nordic American Tankers Limited announced that they will report Q3, 2024 results Pre-Market on Nov 29, 2024 Major Estimate Revision • Oct 27
Consensus EPS estimates fall by 16% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from US$273.1m to US$264.9m. EPS estimate also fell from US$0.38 per share to US$0.32 per share. Net income forecast to grow 30% next year vs 4.2% growth forecast for Oil and Gas industry in the US. Consensus price target of US$4.95 unchanged from last update. Share price fell 6.2% to US$3.35 over the past week. Reported Earnings • Oct 02
Second quarter 2024 earnings: EPS and revenues exceed analyst expectations Second quarter 2024 results: EPS: US$0.10 (down from US$0.13 in 2Q 2023). Revenue: US$132.5m (flat on 2Q 2023). Net income: US$21.6m (down 19% from 2Q 2023). Profit margin: 16% (down from 20% in 2Q 2023). Revenue exceeded analyst estimates by 9.5%. Earnings per share (EPS) also surpassed analyst estimates by 54%. Revenue is expected to decline by 5.6% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in the US are expected to grow by 2.2%. Over the last 3 years on average, earnings per share has increased by 97% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Announcement • Sep 24
Nordic American Tankers Limited, Annual General Meeting, Nov 21, 2024 Nordic American Tankers Limited, Annual General Meeting, Nov 21, 2024. Upcoming Dividend • Sep 19
Upcoming dividend of US$0.12 per share Eligible shareholders must have bought the stock before 26 September 2024. Payment date: 26 November 2024. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 12%. Within top quartile of American dividend payers (4.3%). Higher than average of industry peers (4.1%). Reported Earnings • Sep 01
Second quarter 2024 earnings: EPS and revenues exceed analyst expectations Second quarter 2024 results: EPS: US$0.10 (down from US$0.13 in 2Q 2023). Revenue: US$66.1m (down 51% from 2Q 2023). Net income: US$21.6m (down 19% from 2Q 2023). Profit margin: 33% (up from 20% in 2Q 2023). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 9.5%. Earnings per share (EPS) also surpassed analyst estimates by 54%. Revenue is expected to decline by 5.3% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in the US are expected to grow by 2.2%. Over the last 3 years on average, earnings per share has increased by 97% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Declared Dividend • Sep 01
Second quarter dividend of US$0.12 announced Shareholders will receive a dividend of US$0.12. Ex-date: 26th September 2024 Payment date: 26th November 2024 Dividend yield will be 11%, which is higher than the industry average of 4.5%. Sustainability & Growth Dividend is not covered by earnings (142% earnings payout ratio) nor is it covered by cash flows (272% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 58% to bring the payout ratio under control. EPS is expected to grow by 82% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Price Target Changed • Aug 30
Price target decreased by 7.0% to US$4.95 Down from US$5.33, the current price target is an average from 4 analysts. New target price is 33% above last closing price of US$3.72. Stock is down 5.1% over the past year. The company is forecast to post earnings per share of US$0.41 for next year compared to US$0.47 last year. Announcement • Aug 09
Nordic American Tankers Limited to Report Q2, 2024 Results on Aug 29, 2024 Nordic American Tankers Limited announced that they will report Q2, 2024 results Pre-Market on Aug 29, 2024 Upcoming Dividend • Jun 21
Upcoming dividend of US$0.12 per share Eligible shareholders must have bought the stock before 28 June 2024. Payment date: 18 July 2024. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 12%. Within top quartile of American dividend payers (4.8%). Higher than average of industry peers (4.1%). Major Estimate Revision • Jun 05
Consensus EPS estimates fall by 22%, revenue upgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from US$260.4m to US$274.2m. EPS estimate fell from US$0.595 to US$0.465 per share. Net income forecast to grow 52% next year vs 14% growth forecast for Oil and Gas industry in the US. Consensus price target down from US$5.28 to US$5.15. Share price rose 6.5% to US$4.11 over the past week. Announcement • Jun 02
Nordic American Tankers Limited Announces Cash Dividend for the First Quarter Ended March 31, 2024, Payable on July 18, 2024 Nordic American Tankers Limited announced cash dividend for the first quarter ended March 31, 2024 of 12 cent ($0.12) per share has been declared. This is 107th consecutive quarterly dividend. Payment of the dividend will be on July 18, 2024, to shareholders of record on June 28, 2024. New Risk • May 31
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 13% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (13% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Payout ratio: 134% Cash payout ratio: 257% Reported Earnings • May 30
First quarter 2024 earnings released: EPS: US$0.072 (vs US$0.23 in 1Q 2023) First quarter 2024 results: EPS: US$0.072 (down from US$0.23 in 1Q 2023). Revenue: US$60.6m (down 31% from 1Q 2023). Net income: US$15.1m (down 68% from 1Q 2023). Profit margin: 25% (down from 54% in 1Q 2023). The decrease in margin was primarily driven by lower revenue. Revenue is expected to decline by 5.5% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in the US are expected to grow by 2.3%. Over the last 3 years on average, earnings per share has increased by 86% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Announcement • May 16
Nordic American Tankers Limited to Report Q1, 2024 Results on May 29, 2024 Nordic American Tankers Limited announced that they will report Q1, 2024 results Pre-Market on May 29, 2024 Reported Earnings • May 01
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: US$0.47 (up from US$0.075 in FY 2022). Revenue: US$391.7m (up 15% from FY 2022). Net income: US$98.7m (up US$83.6m from FY 2022). Profit margin: 25% (up from 4.5% in FY 2022). The increase in margin was primarily driven by higher revenue. Revenue missed analyst estimates by 2.9%. Earnings per share (EPS) also missed analyst estimates by 10%. Revenue is expected to decline by 10% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in the US are expected to grow by 2.2%. Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Mar 24
Consensus EPS estimates increase by 14% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from US$0.55 to US$0.625. Revenue forecast unchanged at US$273.5m. Net income forecast to shrink 3.7% next year vs 3.1% decline forecast for Oil and Gas industry in the US. Consensus price target of US$5.40 unchanged from last update. Share price fell 3.2% to US$3.93 over the past week. Upcoming Dividend • Mar 12
Upcoming dividend of US$0.12 per share Eligible shareholders must have bought the stock before 19 March 2024. Payment date: 10 April 2024. Payout ratio is on the higher end at 97%, and the cash payout ratio is above 100%. Trailing yield: 11%. Within top quartile of American dividend payers (4.7%). Higher than average of industry peers (4.2%). Reported Earnings • Mar 03
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: US$0.47 (up from US$0.075 in FY 2022). Revenue: US$262.2m (down 23% from FY 2022). Net income: US$98.7m (up US$83.6m from FY 2022). Profit margin: 38% (up from 4.5% in FY 2022). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 2.9%. Earnings per share (EPS) also missed analyst estimates by 10%. Revenue is forecast to grow 5.6% p.a. on average during the next 3 years, compared to a 1.7% growth forecast for the Oil and Gas industry in the US. Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Announcement • Mar 02
Nordic American Tankers Limited Announces Dividend for the Fourth Quarter of 2023, Payable April 10, 2024 Nordic American Tankers Limited announced dividend for the fourth quarter of 2023 will be 12 cents ($0.12) per share, up from 6 cents in the previous quarter. The Dividend is payable April 10, 2024 to shareholders on record as of March 20, 2024. Major Estimate Revision • Mar 01
Consensus EPS estimates fall by 15% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from US$297.9m to US$284.9m. EPS estimate also fell from US$0.65 per share to US$0.55 per share. Net income forecast to shrink 2.8% next year vs 2.1% decline forecast for Oil and Gas industry in the US. Consensus price target of US$5.40 unchanged from last update. Share price rose 3.5% to US$4.16 over the past week. Announcement • Feb 16
Nordic American Tankers Limited to Report Q4, 2023 Results on Feb 29, 2024 Nordic American Tankers Limited announced that they will report Q4, 2023 results Pre-Market on Feb 29, 2024 Upcoming Dividend • Dec 12
Upcoming dividend of US$0.06 per share at 16% yield Eligible shareholders must have bought the stock before 19 December 2023. Payment date: 17 January 2024. Payout ratio is on the higher end at 87%, however this is supported by cash flows. Trailing yield: 16%. Within top quartile of American dividend payers (4.8%). Higher than average of industry peers (4.5%). Reported Earnings • Dec 01
Third quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2023 results: EPS: US$0.036 (down from US$0.048 in 3Q 2022). Revenue: US$48.0m (up 1.4% from 3Q 2022). Net income: US$7.49m (down 25% from 3Q 2022). Profit margin: 16% (down from 21% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.0%. Earnings per share (EPS) missed analyst estimates by 33%. Revenue is forecast to decline by 10% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in the US are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Nov 30
Consensus EPS estimates fall by 14% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from US$282.6m to US$273.9m. EPS estimate also fell from US$0.62 per share to US$0.533 per share. Net income forecast to shrink 2.5% next year vs 6.2% growth forecast for Oil and Gas industry in the US . Consensus price target of US$5.40 unchanged from last update. Share price fell 12% to US$3.88 over the past week. Announcement • Nov 30
Nordic American Tankers Limited Announces Dividend for the Third Quarter of 2023, Payable on January 17, 2023 Nordic American Tankers Limited announced dividend for the third quarter of 2023 is 6 cents ($0.06) per share. The dividend is payable January 17, 2024 to shareholders of record as of December 20, 2023. Higher earnings will result in higher dividends. Price Target Changed • Nov 11
Price target increased by 8.0% to US$5.40 Up from US$5.00, the current price target is an average from 4 analysts. New target price is 18% above last closing price of US$4.58. Stock is up 40% over the past year. The company is forecast to post earnings per share of US$0.62 for next year compared to US$0.075 last year. Valuation Update With 7 Day Price Move • Oct 27
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to US$4.77, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 9x in the Oil and Gas industry in the US. Total returns to shareholders of 97% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$4.27 per share. Announcement • Oct 05
Nordic American Tankers Limited, Annual General Meeting, Nov 16, 2023 Nordic American Tankers Limited, Annual General Meeting, Nov 16, 2023, at 14:00 Coordinated Universal Time. Location: Le Castellara, 9, avenue J.F Kennedy Monaco Monaco Agenda: To consider and elect a total of four directors to serve until the next Annual General Meeting of Shareholders; to consider and approve the appointment of KPMG AS as the Company’s independent auditors until the close of the next Annual General Meeting of Shareholders; to consider and lay before the shareholders the Company’s audited financial statements for the year-ended December 31, 2022, of which the balance sheet has been signed by two directors; and to transact such other business as may properly come before the Meeting or any adjournment thereof. Reported Earnings • Oct 01
Second quarter 2023 earnings: EPS in line with analyst expectations despite revenue beat Second quarter 2023 results: EPS: US$0.13 (up from US$0.02 loss in 2Q 2022). Revenue: US$133.4m (up 23% from 2Q 2022). Net income: US$26.8m (up US$30.8m from 2Q 2022). Profit margin: 20% (up from net loss in 2Q 2022). The move to profitability was primarily driven by higher revenue. Revenue is expected to fall by 18% p.a. on average during the next 3 years compared to a 2.8% decline forecast for the Oil and Gas industry in the US. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Upcoming Dividend • Sep 06
Upcoming dividend of US$0.13 per share at 16% yield Eligible shareholders must have bought the stock before 13 September 2023. Payment date: 05 October 2023. Payout ratio is on the higher end at 84%, however this is supported by cash flows. Trailing yield: 16%. Within top quartile of American dividend payers (4.8%). Higher than average of industry peers (4.3%). Announcement • Aug 30
Nordic American Tankers Limited Announces Dividend for the Second Quarter of 2023, Payable on October 5, 2023 Nordic American Tankers Limited announced dividend for the second quarter of 2023 will be 13 cents ($0.13) per share. The Dividend is payable on October 5, 2023 to shareholders of record as of September 14, 2023. So far in 2023 NAT has declared 43 cents in dividends per share. Higher earnings will result in higher dividends. Reported Earnings • Aug 30
Second quarter 2023 earnings: EPS in line with analyst expectations despite revenue beat Second quarter 2023 results: EPS: US$0.13 (up from US$0.02 loss in 2Q 2022). Revenue: US$67.8m (down 38% from 2Q 2022). Net income: US$26.8m (up US$30.8m from 2Q 2022). Profit margin: 40% (up from net loss in 2Q 2022). The move to profitability was driven by lower expenses. Revenue is expected to fall by 19% p.a. on average during the next 3 years compared to a 2.3% decline forecast for the Oil and Gas industry in the US. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Announcement • Aug 29
Nordic American Tankers Limited Declares Dividend for the Second Quarter of 2023, Payable on October 5, 2023 Nordic American Tankers Limited announced dividend for the second quarter of 2023 will be 13 cents ($0.13) per share, up from a 3 cent dividend in the same quarter last year. The dividend is payable October 5, 2023 to shareholders of record as of September 14, 2023. Announcement • Aug 24
Nordic American Tankers Limited to Report First Half, 2023 Results on Aug 28, 2023 Nordic American Tankers Limited announced that they will report first half, 2023 results on Aug 28, 2023 
