Cleaves Securities Upgrades Tsakos Energy (TNP) to Hold

By Austin Angelo

Tsakos Energy (TNPResearch Report) received a Hold rating and a $2.10 price target from Cleaves Securities analyst Joakim Hannisdahl yesterday. The company’s shares closed last Monday at $1.98, close to its 52-week low of $1.70.

According to TipRanks.com, Hannisdahl is a 1-star analyst with an average return of -1.5% and a 50.9% success rate. Hannisdahl covers the Services sector, focusing on stocks such as Nordic American Tanker, International Seaways, and Eagle Bulk Shipping.

Currently, the analyst consensus on Tsakos Energy is a Hold with an average price target of $2.77, representing a 38.5% upside. In a report issued on June 18, Stifel Nicolaus also downgraded the stock to Hold with a $2.50 price target.

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Based on Tsakos Energy’s latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $175 million and net profit of $13.12 million. In comparison, last year the company earned revenue of $154 million and had a GAAP net loss of $63.15 million.

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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.