A Plunging Dividend Takes Nordic American Tanker Ltd. Down With It
Shares of Nordic American Tanker (NYSE: NAT) plunged on Thursday, falling more than 10% at 2:45 p.m. EDT. Driving the sell-off was the declaration of the company's latest dividend.
Nordic American Tanker set its dividend for the third quarter at $0.03 per share. While that marked its 81st consecutive quarterly distribution, it's also the lowest level since Nordic American Tanker started returning cash to investors 20 years ago. Furthermore, it's down significantly from last quarter, when the tanker company paid out $0.15 per share, which included $0.10 in cash and a distribution of shares of its offshore supply vessel subsidiary equivalent to $0.05. Meanwhile, its first two dividends this year were for $0.20 per share.
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Source: Fool.com
Nordic American Tankers Ltd. Stock
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With a target price of 5 € there is a positive potential of 48.32% for Nordic American Tankers Ltd. compared to the current price of 3.37 €.
