Nordic American Tankers (NYSE: NAT ) is presenting a calm sea to its stockholders by keeping its upcoming dividend level with the previous payout. The company has declared a distribution of $0.16 per share of its common stock for its Q1, which its expects to hand out "on or about" May 14. It expects that the record date will be April 30.
That preceding dividend was paid in late January. Before that, the company had disbursed $0.30 per share every quarter dating back to May 2011.
In the press release announcing the Q1 payout, the company seemed to address potential disappointment at the lack of an increase by writing: "the level of the declared dividend should be seen in the context of planned fleet expansion. Expansion is essentially the same as investing in the future."
It added that the upcoming distribution is to be its 63rd consecutive quarterly dividend payment, dating to the fall of 1997.
The dividend annualizes to $0.64 per share. That yields 6.9% at Nordic American's current stock price of $9.24.