NAT - Why Nordic American Tankers Stock Popped 10% Today
Shares of ocean-going oil tanker company Nordic American Tankers (NYSE: NAT) soared in afternoon trading Tuesday, rising 10.2% through 1:30 p.m. ET after receiving an upgrade from investment bank Jefferies Group -- more than enough of a gain to reverse the stock's losses after the company reported earnings last week .
As ratings-watcher The Fly reports, Jefferies upgraded Nordic American Tankers stock to buy and raised its price target on the stock by 33%, to $4 per share.
The analyst explained the move by noting that spot rates for chartering both "very large" and "ultra-large" oil tankers have reached "healthy levels" in a market where the supply of tankers is tight, and likely to get tighter as European Union bans on imports of Russian oil disrupt established tanker traffic patterns.
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Why Nordic American Tankers Stock Popped 10% Today