Tsakos Energy Navigation (NYSE:TNP) Issues Quarterly Earnings Results, Misses Estimates By $0.22 EPS

Tsakos Energy Navigation (NYSE:TNPGet Rating) announced its quarterly earnings results on Wednesday. The shipping company reported $1.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.53 by ($0.22), Fidelity Earnings reports. Tsakos Energy Navigation had a negative net margin of 11.80% and a positive return on equity of 0.88%. During the same quarter in the prior year, the company earned ($1.18) EPS.

Tsakos Energy Navigation Trading Up 3.6 %

Shares of NYSE:TNP opened at $18.51 on Friday. Tsakos Energy Navigation has a one year low of $6.95 and a one year high of $18.85. The company has a 50 day moving average of $13.67 and a 200-day moving average of $11.44. The company has a current ratio of 0.72, a quick ratio of 0.65 and a debt-to-equity ratio of 0.94.

Tsakos Energy Navigation Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 20th. Stockholders of record on Thursday, July 14th were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 2.16%. The ex-dividend date of this dividend was Wednesday, July 13th. Tsakos Energy Navigation’s dividend payout ratio is -7.17%.

Institutional Investors Weigh In On Tsakos Energy Navigation

Several institutional investors have recently modified their holdings of the business. Millennium Management LLC acquired a new stake in shares of Tsakos Energy Navigation during the 2nd quarter worth approximately $2,124,000. Renaissance Technologies LLC grew its holdings in Tsakos Energy Navigation by 6.8% during the second quarter. Renaissance Technologies LLC now owns 202,180 shares of the shipping company’s stock valued at $1,814,000 after purchasing an additional 12,902 shares during the period. Invesco Ltd. grew its holdings in Tsakos Energy Navigation by 110.5% during the first quarter. Invesco Ltd. now owns 74,887 shares of the shipping company’s stock valued at $658,000 after purchasing an additional 39,309 shares during the period. Credit Suisse AG grew its holdings in Tsakos Energy Navigation by 39.6% during the second quarter. Credit Suisse AG now owns 69,500 shares of the shipping company’s stock valued at $623,000 after purchasing an additional 19,700 shares during the period. Finally, Cubist Systematic Strategies LLC acquired a new position in Tsakos Energy Navigation during the second quarter valued at approximately $394,000. Institutional investors and hedge funds own 32.50% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. StockNews.com raised shares of Tsakos Energy Navigation from a “sell” rating to a “hold” rating in a research note on Friday, July 1st. Jefferies Financial Group raised shares of Tsakos Energy Navigation from a “hold” rating to a “buy” rating and boosted their target price for the stock from $12.00 to $25.00 in a research note on Tuesday, September 6th.

About Tsakos Energy Navigation

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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 21, 2022, it operated a fleet of 66 double-hull vessels, comprising of 60 conventional tankers, three LNG carriers, and three suezmax DP2 shuttle tankers.

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Earnings History for Tsakos Energy Navigation (NYSE:TNP)

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