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Crude Tanker Updates and Analyst Recommendations for September

PART:
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Part 4
Crude Tanker Updates and Analyst Recommendations for September PART 4 OF 8

Analyst Recommendations for Tsakos Energy Navigation in September

2Q17 results

In September 2017, Tsakos Energy Navigation (TNP) released its 2Q17 results. The company recorded net revenues of $104 million—9.7% higher than its revenues in 2Q16. For the first half of 2017, TNP’s EBITDA1 and net income were $115.4 million and $21.1 million, respectively. 

On the cost side, Tsakos Energy Navigation achieved a 3% reduction in daily vessel operating expenses in 1H17. TNP has secured 22 new charters since the start of the year. This brings the company’s long-term coverage to 75%, and the total contracted fleet revenue is at minimum $1.4 billion, excluding profit sharing. 

On June 30, 2017, TNP had cash liquidity of $258 million. The company declared a dividend of $0.05 per share, which is scheduled to be paid in November 2017.

Analyst Recommendations for Tsakos Energy Navigation in September

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Revisions

Maxim Group reduced the target price to $6 from $7 for Tsakos Energy Navigation after the company released its 2Q17 results. Since the start of the year, only one analyst has revised the recommendation on Tsakos Energy Navigation. In January 2017, Credit Suisse downgraded the stock to “neutral.”

Consensus recommendations

The consensus rating for TNP is ~2.1, which indicates a “buy.” DHT Holdings (DHT), Euronav (EURN), and Gener8 Maritime (GNRT) also have consensus “buy” ratings.

Eleven analysts give recommendations on Tsakos Energy Navigation. Out of these, two analysts give “strong buy” recommendations, and six analysts give “buy” recommendations. Three analysts gave the company a “hold.” None of the analysts are bearish on TNP.

The consensus 12-month target price on Tsakos Energy Navigation is $5.95. Compared to the price of $4.50 on September 22, the target price implies a potential upside of 32.2%.

In the next article, we’ll see analyst recommendations for Frontline (FRO).

  1. earnings before interest, tax, depreciation, and amortization
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