NAT - Nordic American Tankers: Bet On A Strong Suezmax Market For Dividend Seekers
2024-03-28 18:21:02 ET
Summary
- The crude tanker market remains strong due to limited supply and growing tonne-mile demand for crude oil transportation.
- FY23 NAT realized $262 million net voyage revenue, $127 million net operating income, and $98.7 million net income. The impressive results are due to improved TCE rates and stable OPEX.
- NAT has a 56% total debt-to-equity ratio and 38.8% total liabilities to total assets. The company has $31.1 million cash and $301 million total debt.
- The company trades at a 15% discount to its NAV and scores a 26% LTV. NAT pays dividends with attractive yields at 11.9% TTM and 12.4% FWD.
- NAT is still part of my portfolio. I have added more shares since my previous report. I give NAT a buy rating.