Highland Capital Management LLC acquired a new stake in Nordic American Offshore Ltd (NYSE:NAO) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 100,000 shares of the shipping company’s stock, valued at approximately $125,000. Highland Capital Management LLC owned approximately 0.16% of Nordic American Offshore as of its most recent SEC filing.
Other hedge funds have also recently modified their holdings of the company. DnB Asset Management AS purchased a new stake in shares of Nordic American Offshore during the first quarter valued at approximately $8,800,000. Laurion Capital Management LP purchased a new stake in shares of Nordic American Offshore during the first quarter valued at approximately $1,587,000. Mackenzie Financial Corp purchased a new stake in shares of Nordic American Offshore during the first quarter valued at approximately $1,140,000. Shah Capital Management purchased a new stake in shares of Nordic American Offshore during the first quarter valued at approximately $871,000. Finally, LMR Partners LLP bought a new stake in Nordic American Offshore during the first quarter valued at about $285,000. 31.18% of the stock is owned by institutional investors.
Nordic American Offshore Ltd (NAO) remained flat at $1.24 during mid-day trading on Friday. 124,783 shares of the stock were exchanged. The stock’s market cap is $27.96 million. Nordic American Offshore Ltd has a 1-year low of $0.80 and a 1-year high of $4.19. The firm has a 50 day moving average of $1.20 and a 200-day moving average of $1.28.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 31st. Shareholders of record on Thursday, August 17th will be paid a dividend of $0.02 per share. The ex-dividend date is Tuesday, August 15th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 6.45%. Nordic American Offshore’s payout ratio is currently -6.35%.
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Separately, Zacks Investment Research raised Nordic American Offshore from a “hold” rating to a “buy” rating and set a $1.00 price target for the company in a report on Tuesday, April 25th.
About Nordic American Offshore
Nordic American Offshore Limited (NAO) operates platform supply vessels (PSV). The Company owns approximately eight vessels. The Company operates in the offshore support vessel market segment. The Company has approximately two vessels under construction. The Company’s vessels operate in the North Sea in both the term and spot market.
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