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Is Nordic American Tankers Ltd (NYSE:NAT) the Best High-Dividend Penny Stock to Buy Now?

Attiya Zainib
·2 min read

Dividend stocks are gaining momentum following major technology companies announcing their first-ever dividends this year. Americans are also starting to prefer dividend equities during the current inflation storm and expectations of a higher-for-longer scenario. In this environment affordable stocks that pay high dividends are in the limelight.

We recently covered some of the best high-yield penny dividend stocks to buy according to hedge funds. Nordic American Tankers Ltd (NYSE:NAT), being a notable name in the oil tanker industry, deserves special analysis since tanker stocks are famous for their high yields but notorious when it comes to dividend safety.

Nordic American Tankers Ltd (NYSE:NAT)

Number of Hedge Fund Investors: 16

Headquartered in Bermuda, oil tanker company Nordic American Tankers Ltd (NYSE:NAT) is a high-yield dividend stock popular among the elite money managers tracked by Insider Monkey. In February, Nordic American Tankers Ltd (NYSE:NAT) rewarded investors by doubling its dividend to $0.12 per share.

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Insider Monkey's database of 933 hedge funds shows that 16 funds had stakes in Nordic American Tankers Ltd (NYSE:NAT) as of the end of 2023. The biggest stakes in Nordic American Tankers Ltd (NYSE:NAT) are owned by John Overdeck and David Siegel's Two Sigma Advisors, Ben Levine, Andrew Manuel and Stefan Renold's LMR Partners and Israel Englander's Millennium Management.

Best High-Dividend Penny Stocks to Buy Now
Best High-Dividend Penny Stocks to Buy Now

Photo by Dan Dennis on Unsplash

Nordic American Tankers' 12-month price target set by Wall Street analysts is $6.12, while its current price is $4.22. This shows that the stock has an upside potential of about 44%.

 

Nordic American Tankers Ltd (NYSE:NAT) Is Not The Best High-Dividend Penny Stock 

Insider Monkey’s research shows that Nordic American Tankers Ltd (NYSE:NAT)  is not the best high-dividend penny stock right now according to Insider Monkey’s research.     Click to see 10 Best High-Dividend Penny Stocks Better Than Nordic American.     Disclosure: None.