Core Insights - The analyst team has demonstrated a strong track record, achieving an annualized return of almost 40% over the past decade, with a long-only model portfolio return exceeding 23 times [1]. Group 1: Investment Focus - The company offers income-focused investment options for those preferring lower-risk firms with consistent dividend payouts [1]. - The analyst has expanded coverage to include the offshore drilling and supply industry, as well as the shipping industry, which encompasses tankers, containers, and dry bulk [2]. Group 2: Analyst Background - The analyst has a background in auditing with PricewaterhouseCoopers and has transitioned to day trading for nearly 20 years, successfully navigating significant market events such as the dotcom bubble and the subprime crisis [2].

Core Insights - U.S. stock markets are experiencing early trading gains despite a technical outage at CME Group, with major indexes set for significant weekly advances but monthly declines in November [1][4][5] Premarket Activity and Futures Movements - U.S. stock futures indicated slight gains before a technical issue at CME Group halted trading, with Nasdaq 100 futures up 0.2% to 0.3%, S&P 500 futures rising 0.1% to 0.2%, and Dow futures gaining 0.1% to 0.2% [2] - ETFs tracking major indices also showed premarket gains, with SPY, QQQ, and DIA up 0.7%, 0.8%, and 0.7% respectively [2] Commodity Markets - WTI crude futures rose 0.7% to $59.10 per barrel, while gold futures increased by 0.5% to around $4,220 to $4,221 per ounce [3] - Bitcoin continued its upward trend, trading between $91,300 and $91,450, with Coinbase Global seeing a premarket jump of 2.6% to 2.7% [3] Major Market Indexes - Major U.S. equities indexes are on track for their most significant weekly gains since June, with Nasdaq Composite up 4.2%, S&P 500 up approximately 3.2%, and Dow Jones Industrial Average up about 2.6% [4] - Despite these weekly gains, all three major indexes are expected to end November in negative territory, with Nasdaq down 2.15% to 2.2%, S&P 500 down 0.4%, and Dow down 0.29% to 0.3% [5] Market Sentiment - Market sentiment is driven by optimism regarding AI stocks and expectations of a Federal Reserve interest rate cut in December, with futures pricing reflecting over 80% probability of a quarter-point cut [5] Upcoming Market Events - Key economic releases to watch include the Manufacturing Conditions ISM for November on December 1 and the Services Conditions ISM on December 3 [6] - Core Private Final Consumption Deflator inflation data and Personal Spending data for September are expected on December 5 [6] Major Stock News and Corporate Developments - CME Group shares ticked lower in premarket trading following the technical outage [12] - Robinhood Markets shares gained 1.5% in premarket trading, building on an almost 11% surge earlier in the week [12] - Alphabet shares rose 1% to 1.5% after unveiling its advanced Gemini 3 AI model, nearing a $4 trillion market capitalization [12] - Jefferies Financial Group stock edged lower after reports of an SEC investigation [12] - Deere & Co. shares tumbled 5.7% after missing earnings estimates and providing a cautious outlook [12] - HP Inc. shares fell 1.4% following fourth-quarter revenues that lagged behind estimates [12] - Nutanix Inc. shares plunged 17.8% after revenues came in below expectations [12] - Workday Inc. plummeted 7.9% after failing to meet revenue guidance [12] - Symbotic shares jumped 12.95% after analysts raised price targets [12] - Zscaler declined 13.03% following price target cuts and cautious guidance [12] - Micron Technology gained 3.24% amid continued activity in AI and semiconductor sectors [12] - Nordic American Tankers reported a net book loss but announced a consistent dividend [12] - Wipro announced a multi-year partnership to revamp its IT landscape [12] - Tata Consultancy Services signed a five-year agreement with SAP for modernization [12] - Adani Enterprises subsidiary assumed operational control of AGHPort Aviation Services [12] - Refex Industries secured a significant order worth ₹100 crore [12]

Core Viewpoint - The US stock markets are operating on shortened hours for Black Friday, but trading in futures and options is halted due to a cooling issue at a CME Group data center [1][2]. Market Operations - Regular stock trading is proceeding with the NYSE, Nasdaq, and over-the-counter markets opening at 9:30 a.m. ET and closing at 1 p.m. ET, while eligible options will remain open until 1:15 p.m. ET and bond markets opened at 8 a.m. ET, closing at 2 p.m. ET [3][11]. - CME Group confirmed that only BrokerTec EU markets are open, while all other CME markets remain halted [2][10]. Market Performance - Prior to the CME outage, futures were subdued with Dow Jones futures rising 0.11%, S&P 500 futures adding 0.1%, Nasdaq 100 futures gaining 0.18%, and Russell 2000 futures up 0.13% [1][11]. - In early trading, SPY rose 0.28%, QQQ gained 0.43%, and DIA added 0.24% [1][11]. Company-Specific Updates - Tesla (TSLA) shares increased by 0.4% pre-market as the company began offering free Full Self-Driving rides in several European countries [6]. - Security Matters (SMX) shares surged 71% pre-market after showcasing its molecular identity technology at a conference [6]. - Tilray Brands (TLRY) shares dropped nearly 14% pre-market following a 1-for-10 reverse stock split [7]. Global Market Context - Foreign stock exchanges, including those in Shanghai, Hong Kong, Tokyo, and London, are open, along with banks and postal services in the US [8][10]. Historical Trends - The S&P 500 has historically risen during the period from the Wednesday before Thanksgiving through one week after Black Friday, gaining 1.5% last year, 0.8% in 2023, and 1.1% in 2022, while it fell 3.5% in 2021 [9][12].

Core Viewpoint - The company is experiencing positive momentum, focusing on crew and ship safety, as well as maintaining dividends, while the reduction of the grey/black fleet enhances its market position [1] Financial Performance - The dividend for Q3 2025 is set at $0.13 per share, marking the 113th consecutive quarterly cash dividend, payable on December 22, 2025, to shareholders on record as of December 8, 2025 [2] - The average time charter equivalent (TCE) for the fleet in Q3 2025 was $27,490 per day per ship, with operating costs at $9,000 per day per ship [2] - The adjusted EBITDA for Q3 2025 was $21.4 million, while a net book loss of -$2.8 million was recorded [2] - The company's cash position exceeds $70 million as of the report date [2] Market and Operational Insights - Strong demand for oil persists, with rates holding steady during a slow Q3 compared to Q2, and the fourth quarter is starting positively, allowing for cash accumulation [2] - A preliminary agreement has been made with a South Korean shipyard to construct two new Suezmax tankers for delivery in the second half of 2028, with a firm contract expected to be signed in early 2026 [2] - The fleet currently consists of 20 well-maintained Suezmax tankers [2] - The high quality of the vessels is demonstrated through favorable vetting performance by major oil companies [2] - Emissions have been reduced through careful voyage planning and speed adjustments of the ships [2]

Core Insights - Nordic American Tankers Limited (NAT) focuses on acquiring and chartering double-hull tankers, operating a fleet of 24 Suezmax crude oil tankers, and has established a niche in maritime transportation of crude oil [1] Price Target Analysis - The consensus price target for NAT's stock has remained stable at $3 over the past year, indicating a consistent valuation expectation from analysts [2][5] - Jefferies analyst Omar Nokta has set a higher price target of $5, suggesting potential for growth beyond the consensus [2][5] Investment Rating and Growth Potential - NAT holds a strong buy rating due to its attractive dividend policy and modern fleet, with significant earnings growth potential driven by rising spot market dayrates, as 70% of its vessels are exposed to these rates [3][5] - The structural shortages in the tanker market and strong oil demand further position NAT for earnings growth [3] Market Monitoring - Investors should monitor updates from NAT, as changes in the global oil market, fleet adjustments, and financial performance can impact stock target prices [4] - The aging global fleet and strong oil demand support higher rates, offering long-term upside potential for NAT [4]

Core Points - Nordic American Tankers Limited held its Annual General Meeting of Shareholders on November 21, 2025, with a high turnout and all resolutions approved [1][2] - The company expressed confidence in the current market conditions and future prospects [1] Company Actions - Election of Herbjorn Hansson, Alexander Hansson, Jenny Chu, and Jim Kelly to serve as Directors of the Board [2] - Approval of KPMG as the Company's independent auditors [2]

Core Insights - The article emphasizes a contrarian investment strategy for cyclical companies, suggesting to buy when prices appear high and sell when valuations seem attractive [1]. Company Analysis - Nordic American Tankers Limited (NAT) is highlighted as a prime example of a cyclical company that investors should consider following this investment strategy [1]. Analyst Background - The author has over a decade of experience in financial markets, primarily in a hedge fund, focusing on sectors like technology, particularly SaaS and cloud businesses, which are noted for their growth potential [1].

Core Points - The company has agreed to a letter of intent (LOI) for the construction of two Suezmax tankers at a South Korean shipyard, with deliveries planned for the second half of 2028 [1] - The price for each tanker is set at USD 86 million, and the final contract is expected to be signed in early 2026 [1] Company Overview - The announcement was made by Herbjorn Hansson, the Founder, Chairman, and CEO of Nordic American Tankers Ltd [3] - The company aims to leverage the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 in its communications [4]

Core Points - The company has agreed to a letter of intent (LOI) for the construction of two Suezmax tankers at a South Korean shipyard, with deliveries planned for the second half of 2028 [1] - The price for each tanker is set at USD 86 million, and the final contract is expected to be signed in early 2026 [1] Company Overview - Nordic American Tankers Ltd is led by Herbjorn Hansson, who serves as the Founder, Chairman, and CEO [2] - The company aims to leverage the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 to provide forward-looking statements regarding its business [3] Forward-Looking Statements - The forward-looking statements are based on various assumptions, including management's examination of historical operating trends and data from third parties [4] - The company acknowledges that these assumptions are subject to significant uncertainties and contingencies that are difficult to predict [4] Factors Affecting Performance - Important factors that could cause actual results to differ from forward-looking statements include global economic conditions, fluctuations in charter rates and vessel values, and changes in demand in the tanker market [5] - Other factors include operating expenses, availability of financing, regulatory changes, and potential disruptions in shipping routes [5][6]

Group 1 - Nordic American Tankers Inc. stock price is currently at $3.65, reflecting a 1.35% decrease in the current market session, but has increased by 10.82% over the past month and 13.90% over the past year [1] - The company's P/E ratio stands at 52.86, significantly higher than the industry average P/E ratio of 13.51 for the Oil, Gas & Consumable Fuels sector, suggesting that investors may expect better future performance from Nordic American Tankers [6] - A higher P/E ratio may indicate that the stock is overvalued, as it reflects investor expectations for future performance, but it could also suggest optimism regarding potential dividend increases [5][6] Group 2 - The P/E ratio is a useful metric for assessing market performance, but it has limitations; a lower P/E may indicate undervaluation or lack of expected growth, and should not be used in isolation [10] - Other factors such as industry trends and business cycles should be considered alongside the P/E ratio for a comprehensive analysis of a company's stock price [10]