Nice dividend! Nordic American Tankers (NYSE:NAT) is among the best dividend stocks under $10. It is worth noting that NAT stock trades at an attractive forward price-to-earnings ratio of 8.1. Further, the stock has a dividend yield of 5.74%. Given the valuations, I would expect high total returns in the next 12 to 24 months. As an overview, Nordic American is an operator of crude oil tankers. With geopolitical tensions, I expect day rates to remain firm. This will continue to benefit Nordic American as the company delivers healthy free cash flows. To put things into perspective, Nordic reported average time charter equivalent (TCE) rates of $31,235 per day per ship for the third quarter of 2023. For the same period, the operating cost per day per ship was $9,000. Therefore, if TCE rates remain around these levels, dividends will be sustained. I must add here that Nordic reported net debt of $170.8 million as of Q3. This translates into debt of $9 million per ship. Leverage is not significant and Nordic intends to reduce debt in the coming years. As credit metrics improve, NAT stock is likely to trend higher.