Nordic American Tankers Ltd (NAT)

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Nordic American Tankers extends gains as BTIG upgrades

Oct. 8, 2019 1:07 PM ET|About: Nordic American Tankers Lim... (NAT)|By: Carl Surran, SA News Editor

Nordic American Tankers (NAT +10.4%) adds to recent strong gains on heavy volume as BTIG Research upgrades shares to Buy from Neutral with a $4 price target, as Suezmax prices have spiked past $70K/day from $30K/day just last month and $16K/day from 2017 through this year's H1.

Tanker rates suffered a "nuclear winter" over the past two years, BTIG's Gregory Lewis writes, but are finally showing tangible signs of recovery, driven by disruptions from the attacks on Saudi Arabia and the sanctioning of some Chinese shipping entities, but the analyst still sees the net cash being generated by higher prices as "real."

NAT shares recently hit a YTD high; its average Sell Side Rating is Hold.