Texas investment firm Dimensional Fund Advisors has for the first time revealed a stake in Herbjorn Hansson’s Nordic American Tankers.
The Austin, Texas-based firm, which has close to $800bn in assets under management, said it had acquired 12.1m shares in the suezmax tanker specialist, good for a 5.8% stake.
The holding would place Dimensional neck-and-neck with giant US investment firm BlackRock, the world’s largest asset manager, as top holder in NAT.
BlackRock held 5.86% at NAT’S last annual report in April.
NAT has been known for its high concentration of ownership in the hands of retail investors, although the family of founder and chief executive Hansson also reports more than a 3% stake.
Dimensional has been a frequent player in public shipping stocks. Earlier this year it reported significant minority holdings in at least eight names: Teekay Corp, International Seaways, Ardmore Shipping, SFL Corp, Scorpio Tankers, Costamare and the former Eagle Bulk Shipping.
The eighth company was Overseas Shipholding Group, the US-flag tanker player that earlier this year was acquired by private Saltchuk Resources and delisted from the New York Stock Exchange in July.
Dimensional’s filing on OSG this week formalised the sale of its entire holding through the tender.
NAT shares found a 52-week low on Friday at $3.23 per share, down from its year-to-date high of $4.78 in January. Like many of its tanker peers, NAT traded off in the third quarter. falling by 7.8%, according to a recent research note by B Riley Securities analyst Liam Burke.
“Despite seasonally weaker spot rates, we expect a steady recovery with year-to-date ton-mile demand higher, and the order book remaining low which sets up NAT shares for a healthy recovery,” Burke told clients, assigning a “buy” rating and a $6 price target to the stock.
