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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
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
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
That’s not exactly a bullish sentiment,
suggesting that this stock might have
further to sink.
Photo credit: Flickr/TaxCredits.net
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