Tsakos Energy Navigation Limited (NYSE:TNP) Increases Dividend to $0.15 Per Share

Tsakos Energy Navigation Limited (NYSE:TNPGet Rating) announced a semi-annual dividend on Wednesday, November 23rd, Wall Street Journal reports. Stockholders of record on Wednesday, December 14th will be given a dividend of 0.15 per share by the shipping company on Tuesday, December 20th. This represents a dividend yield of 1.7%. The ex-dividend date is Tuesday, December 13th. This is a positive change from Tsakos Energy Navigation’s previous semi-annual dividend of $0.10.

Tsakos Energy Navigation has decreased its dividend by an average of 48.9% per year over the last three years. Tsakos Energy Navigation has a payout ratio of 2.9% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Tsakos Energy Navigation to earn $6.91 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 2.9%.

Tsakos Energy Navigation Trading Down 3.0 %

Shares of NYSE:TNP traded down $0.53 on Wednesday, hitting $17.19. The company had a trading volume of 1,000,405 shares, compared to its average volume of 277,481. The firm’s 50-day simple moving average is $17.53 and its two-hundred day simple moving average is $13.94. Tsakos Energy Navigation has a 1 year low of $6.95 and a 1 year high of $20.20. The company has a quick ratio of 0.81, a current ratio of 0.90 and a debt-to-equity ratio of 0.94. The firm has a market capitalization of $312.79 million, a price-to-earnings ratio of -3.18 and a beta of 0.14.

Tsakos Energy Navigation (NYSE:TNPGet Rating) last posted its earnings results on Wednesday, September 14th. The shipping company reported $1.31 EPS for the quarter, missing the consensus estimate of $1.53 by ($0.22). The company had revenue of $153.96 million during the quarter, compared to analysts’ expectations of $163.51 million. Tsakos Energy Navigation had a positive return on equity of 1.70% and a negative net margin of 11.80%. During the same period in the prior year, the business posted ($1.18) earnings per share. Equities analysts anticipate that Tsakos Energy Navigation will post 5.74 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Tsakos Energy Navigation

Several large investors have recently added to or reduced their stakes in the company. Royal Bank of Canada lifted its holdings in Tsakos Energy Navigation by 100.9% during the third quarter. Royal Bank of Canada now owns 4,182 shares of the shipping company’s stock valued at $64,000 after purchasing an additional 2,100 shares in the last quarter. Renaissance Technologies LLC lifted its holdings in Tsakos Energy Navigation by 4.0% during the third quarter. Renaissance Technologies LLC now owns 210,280 shares of the shipping company’s stock valued at $3,211,000 after purchasing an additional 8,100 shares in the last quarter. UBS Group AG raised its position in shares of Tsakos Energy Navigation by 157.2% during the first quarter. UBS Group AG now owns 18,109 shares of the shipping company’s stock valued at $158,000 after buying an additional 11,067 shares during the last quarter. Engineers Gate Manager LP bought a new stake in shares of Tsakos Energy Navigation during the first quarter valued at approximately $108,000. Finally, Bank of America Corp DE raised its position in shares of Tsakos Energy Navigation by 167.2% during the first quarter. Bank of America Corp DE now owns 20,460 shares of the shipping company’s stock valued at $180,000 after buying an additional 12,804 shares during the last quarter. Hedge funds and other institutional investors own 32.50% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently issued reports on TNP shares. StockNews.com started coverage on shares of Tsakos Energy Navigation in a research note on Wednesday, October 12th. They issued a “hold” rating for the company. Jefferies Financial Group upgraded shares of Tsakos Energy Navigation from a “hold” rating to a “buy” rating and increased their price target for the stock from $12.00 to $25.00 in a research note on Tuesday, September 6th. Finally, Stifel Nicolaus raised their price objective on shares of Tsakos Energy Navigation from $16.00 to $19.00 in a research note on Wednesday.

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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Dividend History for Tsakos Energy Navigation (NYSE:TNP)

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