Why Tanker Stocks Sank This Week
10
Why Tanker Stocks Sank This Week Photo Credit: Flickr/Thangaraj Kumaravel
-
Upload
the-motley-fool -
Category
Business
-
view
2.275 -
download
0
description
Shares of GasLog, Nordic American Tanker and Navios Maritime all sunk last week. Here's why.
Transcript of Why Tanker Stocks Sank This Week
Why Tanker Stocks Sank This Week
Photo Credit: Flickr/Thangaraj Kumaravel
Investors in oil tanker stocks saw those
investments go up in flames this past week. Overall, three oil tanker
stocks were in the bottom 20 performing energy
stocks.
Photo credit: Flickr/TaxRebate.org.uk
GasLog (NYSE: GLOG)
The owner of LNG carriers hit a rough patch this week as its stock was down more than 11%.
Why GasLog’s stock dropped
Shares of GasLog gave up some ground this week after surging ahead for the past month.
Even after this week’s plunge the stock is still up nearly 14% over the past month.
Basically, this past week’s plunge was nothing more than profit taking by investors.
Navios Maritime (NYSE: NNA)
Shares of the owner and operator of tanker vessels sank more than 8% this week.
Why Navios Maritime’s stock dropped
Research firm Canaccord Genuity initiated coverage on Navios Maritime Acquisition Corp. this week.
The company was rated a “hold” with a price target of $3.75.
Some investors, however, decided that with that rating, holding on to the stock was no longer an option.
Nordic American Tankers (NYSE: NAT)
Shares of the oil tanker company sank more than 6% this week.
Why Nordic American Tankers’ stock dropped
Research firm Canaccord Genuity also initiated coverage of Nordic American Tankers this week.
Nordic American Tankers was given a “sell” rating with a $7 price target.
In addition to that, a shareholder letter from the Chairman was released, which said that the company’s second-quarter results won’t be at the same level as the first quarter.
The Chairman noted that the “market has fallen back.”
Which tanker stock might have further to fall.
Nordic American Tanker’s revelation that its second-quarter results will sink is troubling.
Further, while its Chairman does see an “undercurrent in the market which may lead to increased rates again,” he ended that statement by saying “time will tell.”
That’s not exactly a bullish sentiment, suggesting that this stock might have further to sink. Photo credit: Flickr/TaxCredits.net
A FREE report detailing our top dividend stocks!
