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Tsakos Energy Navigation (TEN)
NYSE:TEN
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Tsakos Energy Navigation
(NYSE:TEN)
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Rating:77Outperform
Price Target:
$24.50
â–²(12.33% Upside)
Tsakos Energy Navigation's stock is supported by strong technical indicators and attractive valuation metrics, despite financial performance challenges. The positive outlook from the earnings call further bolsters confidence in the company's future prospects.
Tsakos Energy Navigation (TEN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$671.24M
Dividend Yield6.88%
Average Volume (3M)439.35K
Price to Earnings (P/E)8.0
Beta (1Y)0.81
Revenue Growth-5.32%
EPS Growth-50.38%
CountryUS
Employees77
SectorEnergy
Sector Strength52
IndustryOil & Gas Midstream
Share Statistics
EPS (TTM)0.67
Shares Outstanding30,127,604
10 Day Avg. Volume284,442
30 Day Avg. Volume439,348
Financial Highlights & Ratios
PEG Ratio-0.07
Price to Book (P/B)0.30
Price to Sales (P/S)0.64
P/FCF Ratio-1.49
Enterprise Value/Market Cap3.23
Enterprise Value/Revenue2.71
Enterprise Value/Gross Profit7.89
Enterprise Value/Ebitda6.09
Forecast
1Y Price Target
$24.50Price Target Upside12.33% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
Tsakos Energy Navigation Business Overview & Revenue Model
Company DescriptionTsakos Energy Navigation Limited 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. It also operates a fleet of double-hull vessels, comprising of conventional tankers, LNG carriers, and suezmax DP2 shuttle tankers. The company was formerly known as MIF Limited and changed its name to Tsakos Energy Navigation Limited in July 2001. The company was incorporated in 1993 and is based in Athens, Greece.
How the Company Makes MoneyTEN generates revenue primarily through the chartering of its vessels to clients on both fixed and spot market contracts. The company has established long-term relationships with key customers, allowing it to secure stable income streams. Additionally, TEN benefits from a mix of time charters, where vessels are leased for a specified duration, and voyage charters, where payment is made based on the cargo transported. The company also capitalizes on fuel efficiency and advanced vessel technology, which can lead to lower operational costs and increased profitability. Strategic partnerships with oil and gas companies further enhance its market presence and revenue potential.
Tsakos Energy Navigation Earnings Call Summary
Earnings Call Date:Sep 10, 2025
(Q2-2025)
| % Change Since: |
Next Earnings Date:Dec 02, 2025
Earnings Call Sentiment Positive
The earnings call reflects a positive outlook with a series of strategic achievements such as fleet modernization, strong relationships with major energy companies, and high fleet utilization. However, there are challenges in terms of decreased gross revenue, higher interest costs, and reduced capital gains from vessel sales. The overall sentiment remains optimistic due to the company's strong fundamentals and growth potential.Q2-2025 Updates
Positive Updates
Profitable Quarter and Fleet Expansion
Reported another profitable quarter with a pro forma fleet of 82 vessels, including the addition of 3 new VLCCs. Contracted revenue for the fleet backlog stands at approximately $3.7 billion.
Strong Relationships with Major Energy Companies
TEN continues to do repeat business with major energy companies like ExxonMobil, Equinor, Shell, Chevron, Total, and BP, thanks to its modern and diversified fleet.
High Fleet Utilization
Fleet utilization increased to 96.9% in the first half of 2025, up from 91.9% in the first half of 2024.
Commitment to Fleet Modernization
TEN has sold 17 older vessels and replaced them with 33 contracted and modern acquired vessels, focusing on energy-efficient and eco-friendly ships.
Strong Balance Sheet
TEN maintains a solid balance sheet with strong cash reserves and a fair market value of the fleet at $3.8 billion against $1.8 billion debt, resulting in a net debt to capital of 42%.
Negative Updates
Decline in Gross Revenue
Gross revenues for the first half of 2025 were $390 million, down from $415 million in the first half of 2024, due to a shift in employment patterns and a decrease in spot contracts.
Higher Interest and Finance Costs
Interest and finance costs increased to $49 million during the first half of 2025, up from $35.2 million in the same period of 2024.
Reduced Capital Gains from Vessel Sales
Capital gains from vessel sales significantly reduced from nearly $49 million in the first half of 2024 to just $3.5 million in 2025 due to fewer sales.
Company Guidance
During the Tsakos Energy Navigation conference call on September 10, 2025, the company provided guidance indicating a strong performance with significant contracted revenue and strategic fleet management. The company reported a total fleet contracted revenue backlog of approximately $3.7 billion, translating to more than $120 per share. They have a pro forma fleet of 82 vessels, with 87% of the operating fleet under secured revenue contracts. The company has been active in fleet renewal, selling older vessels and ordering new, eco-friendly ships, including three new VLCCs. The financial highlights for the first half of 2025 include generating $390 million in gross revenues with an average daily rate of $30,754 per ship, and a net income of $64.5 million or $1.70 per share. The company expressed optimism about the tanker market, anticipating a solid performance in the coming months, and is considering dividend announcements in November, reflecting confidence in future financial stability.Tsakos Energy Navigation Financial Statement Overview
Summary
Tsakos Energy Navigation shows strong profitability and equity growth, but faces challenges with revenue fluctuations and high leverage. Cash flow management is crucial due to recent high capital expenditures impacting free cash flow.Income Statement
The company's revenue showed notable volatility with a decline in 2024 after strong growth in prior years. Gross profit margin and net profit margin reflect solid profitability in recent years, improving significantly from 2021. However, recent declines in revenue and net income in 2024 highlight potential demand fluctuations or operational challenges.75
Positive
Balance Sheet
The company maintains a stable equity position with a significant improvement in stockholders' equity over recent years. The debt-to-equity ratio remains relatively high, indicating substantial leverage, but a strong equity ratio provides a buffer. The return on equity is strong, reflecting effective use of equity capital despite high leverage.70
Positive
Cash Flow
The company's operating cash flow has been robust, yet free cash flow turned significantly negative in 2024 due to high capital expenditures. The free cash flow to net income ratio was negative, indicating cash flow challenges, but strong operating cash flow provides some comfort. The company must manage capital spending to improve free cash flow stability.65
Positive
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 799.52M | 804.06M | 889.57M | 860.40M | 546.12M | 644.13M |
| Gross Profit | 274.83M | 275.27M | 370.01M | 286.65M | 1.46M | 160.96M |
| EBITDA | 355.60M | 434.74M | 555.78M | 371.39M | 99.15M | 218.00M |
| Net Income | 159.91M | 176.23M | 300.18M | 204.23M | -151.40M | 24.00M |
Balance Sheet | ||||||
| Total Assets | 3.67B | 3.71B | 3.36B | 3.31B | 2.89B | 3.11B |
| Cash, Cash Equivalents and Short-Term Investments | 349.58M | 343.37M | 372.03M | 304.37M | 117.19M | 160.47M |
| Total Debt | 1.71B | 1.37B | 1.60B | 1.67B | 1.47B | 1.57B |
| Total Liabilities | 1.89B | 1.94B | 1.71B | 1.79B | 1.60B | 1.73B |
| Stockholders Equity | 1.78B | 1.73B | 1.62B | 1.47B | 1.24B | 1.35B |
Cash Flow | ||||||
| Free Cash Flow | -417.30M | -342.34M | 96.89M | -44.84M | -8.12M | 17.18M |
| Operating Cash Flow | 232.73M | 307.68M | 395.28M | 288.53M | 53.11M | 205.42M |
| Investing Cash Flow | -244.59M | -441.61M | -137.44M | -301.81M | -8.00M | -94.61M |
| Financing Cash Flow | 16.18M | 105.54M | -190.58M | 195.53M | -89.68M | -136.80M |
Tsakos Energy Navigation Technical Analysis
Neutral
21.81
Price Trends
21.42
Positive
19.99
Positive
18.25
Positive
Market Momentum
0.25
Positive
45.70
Neutral
13.01
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TEN, the sentiment is Neutral. The current price of 21.81 is below the 20-day moving average (MA) of 22.63, above the 50-day MA of 21.42, and above the 200-day MA of 18.25, indicating a neutral trend. The MACD of 0.25 indicates Positive momentum. The RSI at 45.70 is Neutral, neither overbought nor oversold. The STOCH value of 13.01 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for TEN.
Tsakos Energy Navigation Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
81 Outperform | $2.88B | 7.54 | 23.34% | 2.84% | -34.54% | -42.46% | |
78 Outperform | $5.09B | 21.39 | 21.17% | 4.76% | -5.33% | -59.96% | |
77 Outperform | $671.24M | 7.95 | 6.31% | 6.88% | -5.32% | -50.38% | |
76 Outperform | $1.76B | 6.34 | 22.98% | 3.99% | -21.71% | -37.58% | |
76 Outperform | $1.06B | 12.29 | 7.10% | 1.30% | 1.19% | 12.56% | |
75 Outperform | $1.88B | 10.02 | 17.48% | 6.64% | -8.89% | 21.28% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% |
* Energy Sector Average
TEN
Tsakos Energy Navigation
21.81
-2.33
-9.65%
DHT
DHT Holdings
11.74
0.66
5.96%
TNK
Teekay Tankers
50.14
-8.30
-14.20%
NVGS
Navigator Holdings
15.36
-1.08
-6.57%
MARPS
Marine Petroleum
4.69
0.57
13.83%
FLNG
FLEX LNG
25.29
1.85
7.89%
Tsakos Energy Navigation Corporate Events
Tsakos Energy Navigation Reports Strong Q1 2025 Results and Announces Major Fleet Expansion
Jun 25, 2025
On June 17, 2025, Tsakos Energy Navigation (TEN) announced its financial results for the first quarter of 2025, reporting a net income of $37.7 million and an EBITDA of $103 million. The company declared a semi-annual dividend of $0.60 per share and highlighted a robust growth strategy, including a significant contract with Transpetro/Petrobras to build nine DP2 Shuttle Tankers, enhancing its fleet and market position. TEN’s strategic focus on long-term contracts and fleet expansion is set to strengthen its industry standing, with a contracted revenue backlog of approximately $3.7 billion, indicating a positive outlook for stakeholders.
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.