Nordic American Tanker Stock Is Trading Lower On Q2 Revenue Decline

Nordic American Tanker Ltd NAT reported a second-quarter revenue decline of 82.1% year-over-year to $16.74 million.
The company recorded a net operating loss of $(21.76) million, compared to a profit of $57.65 million a year ago.
EPS decreased to $(0.18) from $0.33 in 2Q20.
Vessel Operating Expenses increased to $17.6 million from $15.72 million a year ago.
Nordic American cash used in operating activities year-to-date was $20.93 million, compared to cash generated $110.94 million a year ago.
EBITDA was $(4.64) million, compared to $73.77 million in 2Q20.
The company has slimmed its fleet to 25 tankers, with a cargo lifting capacity of 1 million barrels of crude oil each.
The average time charter equivalent (TCE) came in at $7,800 per day per ship for Q2, down from 1Q at $9,400. The same quarter last year gave a TCE of $48,400 per day per vessel.
Nordic American Tanker's Long Term Debt, including the current portion, stood at $345.7 million, net of transaction costs, as of June 30, 2021.
In Q2, the company issued 5.14 million shares, with gross proceeds of $17.5 million under its $60 million ATM.
The company declared a Q2 cash dividend of $0.01 per share payable on or about October 14, 2021, to shareholders of record on September 24, 2021. For Q1, it paid a dividend of $0.02 per share.
Price Action: NAT shares are trading lower by 1.50% at $2.295 on the last check Monday.

Momentum18.12

Growth49.75

Quality11.84

Value85.30

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