NAT - Why Nordic American Tankers Stock Dropped Today
Shares of ocean-going oil tanker company Nordic American Tankers (NYSE: NAT) tumbled 12.2% through 2:15 p.m. ET on Tuesday. The company reported its second-quarter earnings results, meeting analyst targets for earnings, but missing badly on revenue.
Heading into the quarterly earnings news, analysts had forecast that Nordic American would lose $0.02 per share on sales of $51.2 million. This morning, the company confirmed that its losses were only $0.02 per share -- but rather shocked the market with its revelation that revenue was only $34.8 million.
And yet, the news wasn't all bad. Although Nordic American lost money for the quarter, for example, it lost a lot less money than it did in Q2 2021, when losses reached $0.14 per share.
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Why Nordic American Tankers Stock Dropped Today