TNP - Tsakos Energy Remains Bullish On Geopolitical Trade Disruptions

2024-06-25 05:33:31 ET

Summary

• TEN reported lower Q1-2024 revenues but expects long-term growth due high demand for oil transport.
• Geopolitical tension in the Black Sea and Red Sea have caused ongoing disruptions in oil transport.
• The company recently reported Q1-2024 financial results which show that revenues remain elevated due to these disruptions.
• The company's stock price is up 73% over the last year.
• I continue my rating of a Buy.

Tsakos Energy Navigation Limited ( TNP ), known as TEN, recently reported Q1-2024 financial results and updated its 2024 outlook. Although the company reported lower revenues for the quarter, there are important synergies occurring which will make for long-term growth. The company is in the process of renewing its fleet with green energy vessels to fit the demands of its high value customers. The cost of this process is weighing down on the company’s Q1 performance, but the company expects Q3 and Q4 of 2024 to show better results....

For further details see: