Why Nordic American Tankers Is A 'Buy' Amid Global Crude Recovery: Analyst On Q2 Performance And Market Trends
Portfolio Pulse from Nabaparna Bhattacharya
B. Riley Securities analyst Liam Burke reiterated a Buy rating on Nordic American Tankers Limited (NYSE:NAT), raising the price target to $6 from $5.50. The company's Q2 FY23 revenue was $67.80 million, missing the consensus of $68.32 million. EPS improved to $0.13 from a loss per share of $(0.02) in Q2 FY22, also missing the consensus of $0.14. The company's Suezmax fleet benefited from the EU ban on Russian oil and production cut from Saudi Arabia, and is expected to benefit from increased production out of Guyana.
August 29, 2023 | 6:43 pm
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Nordic American Tankers' Q2 FY23 revenue and EPS missed consensus, but the company's Suezmax fleet is well positioned to benefit from global crude oil consumption recovery and production shifts.
Despite missing Q2 FY23 revenue and EPS consensus, Nordic American Tankers is expected to benefit from the global recovery in crude oil consumption and production shifts due to the EU ban on Russian oil and production cut from Saudi Arabia. The company's Suezmax fleet is well positioned for these changes, and the raised price target by B. Riley Securities indicates positive market sentiment.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100