Tsakos Energy Navigation Sails Past Revenue Estimates Despite Choppy Waters In Q4
Portfolio Pulse from Lekha Gupta
Tsakos Energy Navigation Ltd (NYSE:TNP) reported Q4 FY23 Voyage revenue of $220.2 million, surpassing consensus estimates but down from the previous year. EPS was $0.85, below last year's $3.17 and the consensus of $1.72. The company operated six fewer vessels than in 2022, impacting its adjusted EBITDA, which was $124 million compared to $159 million in the prior year. Fleet utilization increased to 98.3%, and the average daily TCE rate per vessel was $35,565. TNP announced a semi-annual dividend of $0.60 per share for June 2024, double the amount from 2023. Additionally, TNP has contracted to build a new suezmax DP2 Shuttle Tanker for delivery in 2026. TNP shares dropped 0.39% to $25.51. Investors can also gain exposure through AADR and GREK ETFs.
March 27, 2024 | 5:24 pm
News sentiment analysis
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NEGATIVE IMPACT
Tsakos Energy Navigation reported higher than expected Q4 revenue but lower EPS. Announced a doubled semi-annual dividend for June 2024 and a new vessel contract for 2026. Shares fell 0.39%.
Despite surpassing revenue estimates, the drop in EPS and the decrease in share price indicate a negative short-term impact. The dividend increase and new vessel contract may provide long-term benefits but are unlikely to offset the immediate negative sentiment.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
NEUTRAL IMPACT
AdvisorShares Dorsey Wright ADR ETF offers exposure to Tsakos Energy Navigation, which reported mixed Q4 results and announced a dividend increase.
As an ETF that includes TNP, AADR may see some impact from TNP's performance. However, the diversified nature of ETFs means the direct impact on AADR's price will be diluted.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 50
NEUTRAL IMPACT
Global X MSCI Greece ETF, which includes Tsakos Energy Navigation, may be indirectly affected by TNP's Q4 performance and dividend announcement.
GREK, as an ETF with exposure to TNP, might experience indirect effects from TNP's earnings report and dividend news. The impact is likely to be minimal due to the ETF's diversified portfolio.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 50