Nordic American Q3 miss driven by weaker spot market, says Jefferies

After Nordic American Tankers (NAT) reported Q3 earnings that missed the consensus analyst estimate, Jefferies analyst Omar Nokta said the Q3 earnings miss reflects a weaker spot tanker market. While spot rates have improved since their Q3 lows, Q4 is shaping up to be “softer as well,” says the analyst, who keeps a Hold rating and $3.50 price target on Nordic American shares.