Tsakos Energy Navigation Ltd (TNP) Announces Quarterly Dividend of $0.05
Tsakos Energy Navigation Ltd (NYSE:TNP) announced a quarterly dividend on Friday, September 15th, Zacks reports. Shareholders of record on Thursday, November 9th will be paid a dividend of 0.05 per share by the shipping company on Wednesday, November 15th. This represents a $0.20 annualized dividend and a yield of 4.42%. The ex-dividend date of this dividend is Wednesday, November 8th.
Tsakos Energy Navigation has raised its dividend payment by an average of 24.6% annually over the last three years. Tsakos Energy Navigation has a dividend payout ratio of 76.9% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings decline. Equities research analysts expect Tsakos Energy Navigation to earn $0.81 per share next year, which means the company should continue to be able to cover its $0.20 annual dividend with an expected future payout ratio of 24.7%.
Tsakos Energy Navigation (NYSE:TNP) last posted its earnings results on Friday, September 15th. The shipping company reported ($0.03) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.05 by ($0.08). Tsakos Energy Navigation had a net margin of 6.86% and a return on equity of 2.39%. The company had revenue of $104.06 million for the quarter, compared to the consensus estimate of $108.51 million.
TNP has been the topic of several recent research reports. Maxim Group reiterated a “buy” rating and issued a $6.00 price objective on shares of Tsakos Energy Navigation in a research note on Monday, September 18th. BidaskClub upgraded shares of Tsakos Energy Navigation from a “strong sell” rating to a “sell” rating in a research note on Friday, August 25th. Jefferies Group LLC reiterated a “buy” rating and issued a $6.00 price objective on shares of Tsakos Energy Navigation in a research note on Tuesday, September 12th. Stifel Nicolaus set a $7.00 target price on shares of Tsakos Energy Navigation and gave the stock a “buy” rating in a research note on Sunday, October 29th. Finally, Morgan Stanley decreased their target price on shares of Tsakos Energy Navigation from $6.00 to $5.50 and set an “overweight” rating on the stock in a research note on Monday, September 18th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $5.75.
A hedge fund recently raised its stake in Tsakos Energy Navigation stock. State Street Corp raised its stake in shares of Tsakos Energy Navigation Ltd (NYSE:TNP) by 15.7% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 112,100 shares of the shipping company’s stock after buying an additional 15,231 shares during the quarter. State Street Corp owned about 0.13% of Tsakos Energy Navigation worth $538,000 as of its most recent filing with the Securities and Exchange Commission (SEC). 25.80% of the stock is currently owned by institutional investors and hedge funds.
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About Tsakos Energy Navigation
Tsakos Energy Navigation Ltd 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 57 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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