FBR Upgrades NAT to Outperform, Downgrades GMR, FRO, OSG to Market Perform

FBR Capital struck a cautious tone on the Dry Bulk/Tanker stocks Wednesday morning, saying investors should pare holdings amid recently increased volatility.

The firm said, "While these companies have leverage to a rising day rate environment, macroeconomic risks could depress demand and slow the tightening of the tanker market..."

FBR downgraded shares of General Maritime (NYSE: GMR), Frontline (NYSE: FRO) and Overseas Shipholdings (NYSE: OSG) from Outperform to Market Perform.

The firm upgraded shares of Nordic American Tanker (NYSE: NAT) from Market Perform to Outperform and called the stock it's "top pick" in the group. FBR likes Nordic American Tanker amid a "healthy dividend yield, firm fiscal footing, and disciplined management."

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