Is Nordic American Tankers Ltd (NYSE:NAT) the Best High-Dividend Penny Stock to Buy Now?

Dividend stocks are becoming more popular as major technology companies announce their first-ever dividends this year. Americans are turning to dividend equities amidst inflation concerns and expectations of a higher-for-longer scenario. Affordable stocks that offer high dividends are gaining attention in this environment.

One notable high-yield dividend stock to consider is Nordic American Tankers Ltd (NYSE:NAT) in the oil tanker industry. The company recently doubled its dividend to $0.12 per share, making it an attractive choice for investors.

According to data from Insider Monkey, 16 hedge funds had stakes in Nordic American Tankers Ltd (NYSE:NAT) at the end of 2023. Some of the biggest investors in the company include Two Sigma Advisors, LMR Partners, and Millennium Management.

Wall Street analysts have set a 12-month price target of $6.12 for Nordic American Tankers, while its current price is $4.22, indicating a potential upside of about 44%.

While Nordic American Tankers Ltd (NYSE:NAT) is a high-dividend penny stock worth considering, Insider Monkey’s research suggests that there are other options that may be even better. It’s always important to do thorough research before making investment decisions.