Tsakos Energy Navigation (TNP) Reaches New 12-Month Low on Disappointing Earnings
Tsakos Energy Navigation Ltd. (NYSE:TNP)’s share price reached a new 52-week low on Thursday after the company announced weaker than expected quarterly earnings. The company traded as low as $3.91 and last traded at $4.14, with a volume of 455600 shares trading hands. The stock had previously closed at $4.17.
The shipping company reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.10) by ($0.02). The company had revenue of $96.92 million during the quarter, compared to analyst estimates of $101.62 million. Tsakos Energy Navigation had a return on equity of 2.39% and a net margin of 6.86%.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Thursday, December 21st will be given a $0.05 dividend. The ex-dividend date is Wednesday, December 20th. This represents a $0.20 annualized dividend and a yield of 4.69%. Tsakos Energy Navigation’s dividend payout ratio is 100.00%.
Several analysts have recently weighed in on TNP shares. Stifel Nicolaus set a $7.00 target price on shares of Tsakos Energy Navigation and gave the company a “buy” rating in a research report on Sunday, October 29th. 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 report on Monday, September 18th. Jefferies Group reiterated a “buy” rating and set a $6.00 target price on shares of Tsakos Energy Navigation in a research report on Tuesday, September 12th. Maxim Group set a $6.00 target price on shares of Tsakos Energy Navigation and gave the company a “buy” rating in a research report on Friday, November 17th. Finally, BidaskClub upgraded shares of Tsakos Energy Navigation from a “strong sell” rating to a “sell” rating in a research report on Friday, August 25th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $5.50.
Hedge funds have recently made changes to their positions in the stock. Ameriprise Financial Inc. lifted its holdings in Tsakos Energy Navigation by 7.7% during the 2nd quarter. Ameriprise Financial Inc. now owns 29,339 shares of the shipping company’s stock valued at $141,000 after purchasing an additional 2,104 shares during the last quarter. KCG Holdings Inc. lifted its holdings in Tsakos Energy Navigation by 74.6% during the 1st quarter. KCG Holdings Inc. now owns 31,543 shares of the shipping company’s stock valued at $151,000 after purchasing an additional 13,473 shares during the last quarter. Creative Planning lifted its holdings in Tsakos Energy Navigation by 59.1% during the 2nd quarter. Creative Planning now owns 42,160 shares of the shipping company’s stock valued at $202,000 after purchasing an additional 15,660 shares during the last quarter. WFG Advisors LP lifted its holdings in Tsakos Energy Navigation by 0.3% during the 2nd quarter. WFG Advisors LP now owns 51,763 shares of the shipping company’s stock valued at $248,000 after purchasing an additional 156 shares during the last quarter. Finally, Virtu KCG Holdings LLC lifted its holdings in Tsakos Energy Navigation by 65.2% during the 2nd quarter. Virtu KCG Holdings LLC now owns 52,120 shares of the shipping company’s stock valued at $250,000 after purchasing an additional 20,577 shares during the last quarter. 26.07% of the stock is owned by hedge funds and other institutional investors.
The stock has a market cap of $358.16, a price-to-earnings ratio of 19.86, a PEG ratio of 2.98 and a beta of 1.61. The company has a current ratio of 1.03, a quick ratio of 0.99 and a debt-to-equity ratio of 1.02.
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Tsakos Energy Navigation Company Profile
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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