Tsakos Energy Navigation (NYSE:TNP) Lowered to Strong Sell at Zacks Investment Research

Zacks Investment Research cut shares of Tsakos Energy Navigation (NYSE:TNP) from a hold rating to a strong sell rating in a report issued on Wednesday, Zacks.com reports.

According to Zacks, “Tsakos Energy Navigation is a leading provider of international seaborne crude oil and petroleum product transportation services. It was incorporated in 1993 as an exempted company under the laws of Bermuda under the name Maritime Investment Fund Limited. In 1996, Maritime Investment Fund Limited was renamed MIF Limited. Their common shares were listed in 1993 on the Oslo Stock Exchange and the Bermuda Stock Exchange although they delisted from the OSE in March 2005 due to limited trading. The Company’s shares are no longer actively traded on the Bermuda exchange. In July 2001, the Company’s name was changed to Tsakos Energy Navigation to enhance their brand recognition in the tanker industry, particularly among charterers. “

Separately, HC Wainwright reissued a buy rating and issued a $18.00 price objective on shares of Tsakos Energy Navigation in a research note on Friday, October 8th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of Hold and an average target price of $12.44.

NYSE TNP opened at $9.22 on Wednesday. The company has a current ratio of 0.84, a quick ratio of 0.78 and a debt-to-equity ratio of 0.93. Tsakos Energy Navigation has a 1-year low of $6.75 and a 1-year high of $12.29. The company has a 50 day moving average of $8.43 and a 200-day moving average of $8.68. The company has a market cap of $167.77 million, a price-to-earnings ratio of -3.87 and a beta of 0.44.

Tsakos Energy Navigation (NYSE:TNP) last released its quarterly earnings results on Wednesday, October 6th. The shipping company reported ($1.18) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.25) by $0.07. Tsakos Energy Navigation had a negative net margin of 0.34% and a positive return on equity of 1.38%. On average, equities research analysts forecast that Tsakos Energy Navigation will post -1.65 earnings per share for the current year.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Cambridge Investment Research Advisors Inc. bought a new stake in shares of Tsakos Energy Navigation during the first quarter worth $118,000. Squarepoint Ops LLC bought a new stake in shares of Tsakos Energy Navigation during the second quarter worth $154,000. Wells Fargo & Company MN grew its stake in shares of Tsakos Energy Navigation by 46.4% during the second quarter. Wells Fargo & Company MN now owns 24,981 shares of the shipping company’s stock worth $215,000 after buying an additional 7,917 shares during the last quarter. Morgan Stanley grew its stake in shares of Tsakos Energy Navigation by 200.2% during the second quarter. Morgan Stanley now owns 25,700 shares of the shipping company’s stock worth $221,000 after buying an additional 17,140 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its stake in shares of Tsakos Energy Navigation by 132,862.0% during the second quarter. JPMorgan Chase & Co. now owns 105,040 shares of the shipping company’s stock worth $903,000 after buying an additional 104,961 shares during the last quarter. 23.90% of the stock is currently owned by hedge funds and other institutional investors.

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.

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