Tsakos Energy Navigation Limited (TNP) 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 21, 2022, it operated a fleet of 66 double-hull vessels, comprising of 60 conventional tankers, three LNG carriers, and three suezmax DP2 shuttle tankers. The company was formerly known as MIF Limited and changed its name to Tsakos Energy Navigation Limited in July 2001.
On June 30th, 2022, Tsakos reported a 1st Quarter March 2022 loss of $0.12 per share on revenue of $149.7 million. The consensus estimate was a loss of $0.21 per share on revenue of $132.8 million. Revenue grew 7.7% on a year-over-year basis. Since the report, shares have formed a bullish "cup and handle" and are expected to move higher from this formation.
Entry Point: $18.50
Stop Loss: $17.50
Trading Range: $6.95 to $18.80
Targ Price: $20.40