Tsakos Energy Navigation Ltd. (TNP) Cut to Strong Sell at Zacks Investment Research
Tsakos Energy Navigation Ltd. (NYSE:TNP) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a note issued to investors on Wednesday.
According to Zacks, “Tsakos Energy Navigation is a leading provider of international seaborne crude oil and petroleum product transportation services. It was incorporated in 1993 as an exempted company under the laws of Bermuda under the name Maritime Investment Fund Limited. In 1996, Maritime Investment Fund Limited was renamed MIF Limited. Their common shares were listed in 1993 on the Oslo Stock Exchange and the Bermuda Stock Exchange although they delisted from the OSE in March 2005 due to limited trading. The Company’s shares are no longer actively traded on the Bermuda exchange. In July 2001, the Company’s name was changed to Tsakos Energy Navigation to enhance their brand recognition in the tanker industry, particularly among charterers. “
TNP has been the topic of a number of other reports. Credit Suisse Group AG reiterated an “outperform” rating on shares of Tsakos Energy Navigation in a research note on Wednesday, June 1st. Morgan Stanley reiterated an “overweight” rating and issued a $6.50 target price (down from $8.00) on shares of Tsakos Energy Navigation in a research note on Friday, August 26th. Finally, Jefferies Group reiterated a “buy” rating and issued a $9.00 target price on shares of Tsakos Energy Navigation in a research note on Wednesday, July 6th. One research analyst has rated the stock with a sell rating and five have issued a buy rating to the company’s stock. Tsakos Energy Navigation presently has a consensus rating of “Buy” and a consensus target price of $8.65.
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Tsakos Energy Navigation (NYSE:TNP) traded up 1.22% on Wednesday, reaching $4.97. 336,639 shares of the company’s stock traded hands. The firm’s 50-day moving average is $4.97 and its 200 day moving average is $5.59. The stock has a market capitalization of $424.98 million, a PE ratio of 4.07 and a beta of 1.89. Tsakos Energy Navigation has a 52-week low of $4.48 and a 52-week high of $9.63.
Tsakos Energy Navigation (NYSE:TNP) last posted its earnings results on Friday, September 9th. The company reported $0.15 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.15. Tsakos Energy Navigation had a net margin of 23.06% and a return on equity of 8.60%. The business had revenue of $119.85 million for the quarter. During the same quarter in the previous year, the business posted $0.45 earnings per share. The business’s quarterly revenue was down 22.1% compared to the same quarter last year. Analysts forecast that Tsakos Energy Navigation will post $0.79 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 10th. Stockholders of record on Friday, November 4th will be issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 6.44%. The ex-dividend date is Wednesday, November 2nd. Tsakos Energy Navigation’s payout ratio is 26.02%.
Several institutional investors have recently added to or reduced their stakes in the company. LSV Asset Management increased its position in Tsakos Energy Navigation by 123.5% in the second quarter. LSV Asset Management now owns 2,010,674 shares of the company’s stock worth $9,430,000 after buying an additional 1,110,999 shares during the last quarter. Emerald Acquisition Ltd. acquired a new position in Tsakos Energy Navigation during the second quarter worth approximately $4,668,000. Kopernik Global Investors LLC increased its position in Tsakos Energy Navigation by 16.3% in the second quarter. Kopernik Global Investors LLC now owns 2,571,145 shares of the company’s stock worth $12,061,000 after buying an additional 360,416 shares during the last quarter. Highbridge Capital Management LLC acquired a new position in Tsakos Energy Navigation during the second quarter worth approximately $1,204,000. Finally, Goldman Sachs Group Inc. increased its position in Tsakos Energy Navigation by 58.8% in the first quarter. Goldman Sachs Group Inc. now owns 507,899 shares of the company’s stock worth $3,139,000 after buying an additional 187,989 shares during the last quarter. 31.29% of the stock is owned by institutional investors.
About Tsakos Energy Navigation
Tsakos Energy Navigation Limited is a provider of international seaborne crude oil and petroleum product transportation services. The Company operates through maritime transportation of liquid energy related products segment. It operates a fleet of approximately 50 modern crude oil and petroleum product tankers that provide marine transportation services for national and other independent oil companies and refiners under long, medium and short-term charters.
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