Long Position on TNP @ $21.50 on 2/24/2023 (Momentum)

Tsakos Energy Navigation Limited (TNPprovides seaborne crude oil and petroleum product transportation services worldwide. Stockwinners

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 November 22, 2022, TNP reported 3rd Quarter September 2022 earnings of $1.48 per share on revenue of $223.7 million. The consensus earnings estimate was $2.16 per share on revenue of $150.3 million. Revenue grew 70.1% on a year-over-year basis. Next report is due March 7th. Shares have formed a bullish "cup and handle" and are expected to move higher from this formation.

 

Entry Point: $21.50

Stop Loss: $20.25

Trading Range: $6.95 to $18.80

Targ Price:  $23.60

Position closed on 2/27/2023 at price of $24.08 with a 12.00% gain in 3 days.

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