Tsakos Energy Navigation (NYSE:TEN) Announces Earnings Results, Beats Expectations By $0.08 EPS

Key Points

• Tsakos Energy Navigation reported a quarterly earnings of $0.67 EPS, exceeding estimates by $0.08.
• The company declared a semi-annual dividend of $0.60, equating to a remarkable 570.0% dividend yield.
• Analysts have varied views on the stock, with ratings ranging from Strong Buy to Sell, and an average target price set at $30.50.

Tsakos Energy Navigation (NYSE:TEN - Get Free Report) released its quarterly earnings results on Wednesday. The company reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.08, Zacks reports. Tsakos Energy Navigation had a return on equity of 18.25% and a net margin of 14.17%.The company had revenue of $161.39 million for the quarter, compared to analyst estimates of $163.62 million.

Tsakos Energy Navigation Stock Up 4.8%

NYSE:TEN traded up $1.08 during trading hours on Monday, reaching $23.37. 533,979 shares of the company traded hands, compared to its average volume of 332,672. The business's 50-day moving average price is $20.63 and its two-hundred day moving average price is $18.50. The stock has a market capitalization of $704.17 million, a P/E ratio of 8.35 and a beta of -0.07. Tsakos Energy Navigation has a 1 year low of $13.40 and a 1 year high of $26.90. The company has a current ratio of 1.11, a quick ratio of 1.06 and a debt-to-equity ratio of 0.85.

Tsakos Energy Navigation Announces Dividend

The business also recently disclosed a semi-annual dividend, which was paid on Friday, July 18th. Shareholders of record on Monday, July 14th were paid a dividend of $0.60 per share. The ex-dividend date was Monday, July 14th. This represents a yield of 570.0%. Tsakos Energy Navigation's payout ratio is presently 42.86%.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on TEN shares. Zacks Research lowered Tsakos Energy Navigation from a "strong-buy" rating to a "hold" rating in a research report on Monday, August 25th. Jefferies Financial Group reiterated a "hold" rating and set a $22.00 price objective on shares of Tsakos Energy Navigation in a research note on Wednesday, September 10th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $31.00.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Osaic Holdings Inc. raised its stake in shares of Tsakos Energy Navigation by 9.6% in the second quarter. Osaic Holdings Inc. now owns 7,821 shares of the company's stock worth $150,000 after purchasing an additional 684 shares during the last quarter. Tidal Investments LLC raised its stake in shares of Tsakos Energy Navigation by 13.2% in the second quarter. Tidal Investments LLC now owns 12,733 shares of the company's stock worth $244,000 after purchasing an additional 1,482 shares during the last quarter. Balyasny Asset Management L.P. raised its stake in shares of Tsakos Energy Navigation by 42.6% in the second quarter. Balyasny Asset Management L.P. now owns 33,606 shares of the company's stock worth $645,000 after purchasing an additional 10,038 shares during the last quarter. Raymond James Financial Inc. purchased a new position in shares of Tsakos Energy Navigation in the second quarter worth $58,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Tsakos Energy Navigation by 602.2% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 829,437 shares of the company's stock worth $15,917,000 after purchasing an additional 711,313 shares during the last quarter. Hedge funds and other institutional investors own 19.24% of the company's stock.

About Tsakos Energy Navigation

Tsakos Energy Navigation Ltd. engages in the provision of seaborne crude oil and petroleum product transportation services. Its activities include the operation of crude tankers, product tankers, and liquefied natural gas carriers. The company was founded by Nikolas P. Tsakos and Michael Gordon Jolliffee in July 1993 and is headquartered in Athens, Greece.