TSAKOS ENERGY N/SH (NYSE:TNP) Cut to Sell at Zacks Investment Research

Zacks Investment Research cut shares of TSAKOS ENERGY N/SH (NYSE:TNP) from a hold rating to a sell rating in a research note released on Thursday, 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. “

TNP traded down $0.02 on Thursday, reaching $2.81. The company’s stock had a trading volume of 110,057 shares, compared to its average volume of 241,898. The business has a 50 day simple moving average of $3.23. The company has a quick ratio of 0.99, a current ratio of 1.06 and a debt-to-equity ratio of 0.94. TSAKOS ENERGY N/SH has a fifty-two week low of $2.56 and a fifty-two week high of $3.73.

TSAKOS ENERGY N/SH (NYSE:TNP) last announced its quarterly earnings results on Thursday, June 6th. The shipping company reported $0.01 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.01. The firm had revenue of $115.48 million during the quarter, compared to the consensus estimate of $122.78 million. TSAKOS ENERGY N/SH had a negative return on equity of 0.64% and a negative net margin of 13.80%. On average, equities analysts anticipate that TSAKOS ENERGY N/SH will post -0.03 EPS for the current fiscal year.

Several hedge funds have recently bought and sold shares of TNP. Camarda Financial Advisors LLC boosted its holdings in shares of TSAKOS ENERGY N/SH by 3.1% in the first quarter. Camarda Financial Advisors LLC now owns 621,703 shares of the shipping company’s stock valued at $1,927,000 after acquiring an additional 18,574 shares during the period. Stephens Inc. AR boosted its holdings in shares of TSAKOS ENERGY N/SH by 43.3% in the first quarter. Stephens Inc. AR now owns 32,348 shares of the shipping company’s stock valued at $100,000 after acquiring an additional 9,778 shares during the period. Foundation Resource Management Inc. boosted its holdings in shares of TSAKOS ENERGY N/SH by 0.9% in the second quarter. Foundation Resource Management Inc. now owns 480,816 shares of the shipping company’s stock valued at $1,582,000 after acquiring an additional 4,339 shares during the period. NEXT Financial Group Inc acquired a new stake in shares of TSAKOS ENERGY N/SH in the second quarter valued at approximately $271,000. Finally, Envestnet Asset Management Inc. lifted its holdings in shares of TSAKOS ENERGY N/SH by 42.1% during the second quarter. Envestnet Asset Management Inc. now owns 24,151 shares of the shipping company’s stock worth $79,000 after purchasing an additional 7,159 shares during the period. 22.54% of the stock is owned by institutional investors and hedge funds.

About TSAKOS ENERGY N/SH

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 20, 2018, it operated a fleet of 64 double-hull vessels, including 59 conventional tankers, 2 liquefied natural gas carriers, and 3 suezmax DP2 shuttle tankers.

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