JPMorgan Chase & Co. Trims Tsakos Energy Navigation Ltd. (TNP) Target Price to $7.50
Tsakos Energy Navigation Ltd. (NYSE:TNP) had its price objective dropped by JPMorgan Chase & Co. from $8.00 to $7.50 in a research note issued on Wednesday. The brokerage currently has an “overweight” rating on the stock. JPMorgan Chase & Co.’s price target indicates a potential upside of 70.84% from the stock’s current price.
Other equities analysts have also recently issued research reports about the company. Zacks Investment Research raised Tsakos Energy Navigation from a “sell” rating to a “hold” rating in a report on Tuesday, November 15th. Morgan Stanley reiterated an “overweight” rating and issued a $6.50 price target (down previously from $8.00) on shares of Tsakos Energy Navigation in a research report on Friday, August 26th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $7.63.
Tsakos Energy Navigation (NYSE:TNP) traded up 0.46% during midday trading on Wednesday, hitting $4.39. The stock had a trading volume of 691,072 shares. The company’s 50 day moving average price is $4.62 and its 200-day moving average price is $5.07. The stock has a market capitalization of $369.44 million, a price-to-earnings ratio of 3.60 and a beta of 2.13. Tsakos Energy Navigation has a 52 week low of $3.92 and a 52 week high of $8.12.
Tsakos Energy Navigation (NYSE:TNP) last issued its earnings results on Friday, September 9th. The company reported $0.15 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.15. Tsakos Energy Navigation had a return on equity of 8.59% and a net margin of 23.06%. The business earned $119.85 million during the quarter. During the same period in the previous year, the company earned $0.45 EPS. Tsakos Energy Navigation’s revenue for the quarter was down 22.1% on a year-over-year basis. Equities analysts anticipate that Tsakos Energy Navigation will post $0.62 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 22nd. Investors of record on Friday, December 16th will be given a dividend of $0.05 per share. The ex-dividend date is Wednesday, December 14th. This represents a $0.20 annualized dividend and a dividend yield of 4.56%. Tsakos Energy Navigation’s payout ratio is 26.02%.
Several large investors have recently made changes to their positions in TNP. LSV Asset Management raised its stake in shares of Tsakos Energy Navigation by 123.5% in the second quarter. LSV Asset Management now owns 2,010,674 shares of the company’s stock valued at $9,430,000 after buying an additional 1,110,999 shares during the last quarter. Emerald Acquisition Ltd. acquired a new stake in shares of Tsakos Energy Navigation during the second quarter valued at approximately $4,668,000. Kopernik Global Investors LLC raised its stake in shares of Tsakos Energy Navigation by 30.5% in the third quarter. Kopernik Global Investors LLC now owns 3,354,509 shares of the company’s stock valued at $16,168,000 after buying an additional 783,364 shares during the last quarter. York Capital Management Global Advisors LLC acquired a new stake in shares of Tsakos Energy Navigation during the third quarter valued at approximately $2,336,000. Finally, Highbridge Capital Management LLC acquired a new stake in shares of Tsakos Energy Navigation during the second quarter valued at approximately $1,204,000. Institutional investors own 26.00% of the company’s stock.
About Tsakos Energy Navigation
Tsakos Energy Navigation Limited 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 50 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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