Tsakos Energy Navigation Ltd. (TNP) Given “Buy” Rating at Maxim Group
Tsakos Energy Navigation Ltd. (NYSE:TNP)‘s stock had its “buy” rating restated by analysts at Maxim Group in a research report issued on Tuesday. They currently have a $7.00 target price on the stock. Maxim Group’s price objective indicates a potential upside of 44.93% from the stock’s previous close.
The analysts wrote, “TNP continues to be our Top Pick in the tanker space as 4Q16 earnings outpaced the market. We believe further upside in the stock remains due to fleet expansion in 2017 (fully chartered) and increasing sentiment for a tanker recovery. However, due to lagging asset values, we are lowering our price target to $7 from $9. Based on our regression analyses, we expect increased asset prices to occur in early 2018. Our thesis of new crude trade routes ex-North America could be developing. Recently, there have been Canadian crude fixtures from the Atlantic to China and India.””
TNP has been the subject of several other reports. Clarkson Capital reaffirmed a “buy” rating on shares of Tsakos Energy Navigation in a report on Tuesday, January 10th. Credit Suisse Group AG reaffirmed a “neutral” rating on shares of Tsakos Energy Navigation in a report on Wednesday, February 22nd. Zacks Investment Research downgraded Tsakos Energy Navigation from a “hold” rating to a “sell” rating in a report on Wednesday, February 1st. Finally, JPMorgan Chase & Co. decreased their price target on Tsakos Energy Navigation from $8.00 to $7.50 and set an “overweight” rating for the company in a report on Wednesday, November 30th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $7.08.
Shares of Tsakos Energy Navigation (NYSE:TNP) opened at 4.83 on Tuesday. The stock has a market cap of $404.66 million, a price-to-earnings ratio of 6.13 and a beta of 1.87. Tsakos Energy Navigation has a 12-month low of $3.92 and a 12-month high of $6.79. The stock’s 50 day moving average is $4.65 and its 200-day moving average is $4.77.
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A number of large investors have recently added to or reduced their stakes in TNP. WealthTrust Axiom LLC increased its stake in Tsakos Energy Navigation by 11.9% in the third quarter. WealthTrust Axiom LLC now owns 230,860 shares of the company’s stock worth $1,112,000 after buying an additional 24,627 shares during the period. Allianz Asset Management AG increased its stake in Tsakos Energy Navigation by 10.0% in the fourth quarter. Allianz Asset Management AG now owns 290,367 shares of the company’s stock worth $1,362,000 after buying an additional 26,365 shares during the period. Kopernik Global Investors LLC increased its stake in 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 worth $16,168,000 after buying an additional 783,364 shares during the period. Renaissance Technologies LLC increased its stake in Tsakos Energy Navigation by 1.9% in the fourth quarter. Renaissance Technologies LLC now owns 2,479,600 shares of the company’s stock worth $11,629,000 after buying an additional 45,400 shares during the period. Finally, Russell Investments Group Ltd. acquired a new stake in Tsakos Energy Navigation during the fourth quarter worth approximately $5,212,000. 27.25% of the stock is owned by institutional investors.
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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