Tsakos Energy Navigation Ltd. (TNP) reported quarterly earnings results on Tuesday, May-31-2016. The company said it had a profit of $0.25 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.01. Analysts had a consensus of $0.24. The company posted revenue of $122.10 million in the period, compared to analysts expectations of $102.21 million. The company’s revenue was down -18.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.42 EPS.
Tsakos Energy Navigation Ltd. opened for trading at $5.99 and hit $6.2 on the upside on Friday, eventually ending the session at $6.19, with a gain of 2.82% or 0.17 points. The heightened volatility saw the trading volume jump to 3,97,780 shares. Company has a market cap of $541 M.
Tsakos Energy Navigation Limited is a provider of international seaborne crude oil and petroleum product transportation services. As of April 8 2015 the Company operated a fleet of 47 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. The Company’s fleet also includes one liquefied natural gas (LNG) carrier and two shuttle suezmax tankers with dynamic positioning technology (DP2) as well as VLCC aframax panamax handysize handymax tankers and the two DP2 shuttle tankers. Its fleet is managed by Tsakos Energy Management Limited (Tsakos Energy Management). Tsakos Energy Management provides the Company with advisory financial accounting and administrative services. Its tanker fleet’s technical management including crewing maintenance and repair and voyage operations is subcontracted to Tsakos Columbia Shipmanagement (TCM).