Tsakos Energy Navigation (NYSE:TNP) Stock Rating Upgraded by Zacks Investment Research

Tsakos Energy Navigation (NYSE:TNP) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Wednesday, Zacks.com reports.

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. “

Several other research firms have also commented on TNP. HC Wainwright assumed coverage on Tsakos Energy Navigation in a research report on Monday, March 29th. They issued a “buy” rating and a $18.00 price objective on the stock. Jefferies Financial Group raised their price objective on Tsakos Energy Navigation from $11.00 to $12.00 and gave the company a “buy” rating in a research report on Wednesday, March 24th. Two research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $12.31.

Shares of Tsakos Energy Navigation stock opened at $8.99 on Wednesday. Tsakos Energy Navigation has a twelve month low of $7.06 and a twelve month high of $14.05. The firm has a market capitalization of $163.58 million, a PE ratio of -9.17 and a beta of 0.50. The company has a quick ratio of 0.78, a current ratio of 0.84 and a debt-to-equity ratio of 0.93. The firm has a fifty day moving average price of $9.30.

Tsakos Energy Navigation (NYSE:TNP) last issued its earnings results on Tuesday, March 23rd. The shipping company reported ($1.27) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.88) by ($0.39). Tsakos Energy Navigation had a net margin of 3.73% and a return on equity of 5.26%. The firm had revenue of $91.73 million during the quarter, compared to analyst estimates of $101.31 million. As a group, analysts predict that Tsakos Energy Navigation will post -1.49 EPS for the current fiscal year.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Arrowstreet Capital Limited Partnership increased its position in shares of Tsakos Energy Navigation by 18.3% during the first quarter. Arrowstreet Capital Limited Partnership now owns 126,329 shares of the shipping company’s stock worth $1,196,000 after acquiring an additional 19,582 shares during the last quarter. Stifel Financial Corp increased its position in shares of Tsakos Energy Navigation by 36.3% during the first quarter. Stifel Financial Corp now owns 106,388 shares of the shipping company’s stock worth $1,008,000 after acquiring an additional 28,320 shares during the last quarter. Renaissance Technologies LLC increased its position in shares of Tsakos Energy Navigation by 14.5% during the first quarter. Renaissance Technologies LLC now owns 311,220 shares of the shipping company’s stock worth $2,947,000 after acquiring an additional 39,350 shares during the last quarter. Acadian Asset Management LLC increased its position in shares of Tsakos Energy Navigation by 10.7% during the first quarter. Acadian Asset Management LLC now owns 506,638 shares of the shipping company’s stock worth $4,797,000 after acquiring an additional 48,995 shares during the last quarter. Finally, Kopernik Global Investors LLC increased its position in shares of Tsakos Energy Navigation by 5.2% during the first quarter. Kopernik Global Investors LLC now owns 1,159,909 shares of the shipping company’s stock worth $10,984,000 after acquiring an additional 56,873 shares during the last quarter. 22.65% of the stock is currently owned by institutional investors and hedge funds.

About Tsakos Energy Navigation

Tsakos Energy Navigation Limited provides seaborne crude oil and petroleum product transportation services worldwide. The company offers marine transportation services for national, major, and other independent oil companies and refiners under long, medium, and short-term charters. As of April 2, 2021, it operated a fleet of 66 double-hull vessels, comprising of 61 conventional tankers, two LNG carriers, and three suezmax DP2 shuttle tankers.

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