Maxim Group analyst James Jang maintained a Buy rating on Tsakos Energy (NYSE: TNP) today and set a price target of $4.50. The company’s shares opened today at $3.50.
Jang commented:
“Ahead of 1Q18 results scheduled to be reported tomorrow, pre-open, we are reducing estimates for TNP through 2019 as we expect the current low earnings environment to persist through 2H19. We expect minimal asset value appreciation through the end of 2018 and we are lowering our price target to $4.50, from $5. Although our forecasts for TNP have been lowered, we maintain our expectations of a tanker recovery in 2H19 as the IMO mandated low-sulphur regulations helps to re-balance supply/demand fundamentals; accelerated scrapping of older tanker tonnage should continue through 2019.”
According to TipRanks.com, Jang is a 4-star analyst with an average return of 22.4% and a 47.6% success rate. Jang covers the Services sector, focusing on stocks such as Dynagas LNG Partners LP, Nordic American Tanker, and Eagle Bulk Shipping.
Tsakos Energy has an analyst consensus of Moderate Buy, with a price target consensus of $5.
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The company has a one-year high of $5.27 and a one-year low of $3.11. Currently, Tsakos Energy has an average volume of 202K.
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Tsakos Energy Navigation Ltd. engages in the provision of maritime transportation of crude oil nad other products. Its activities include the operation of crude tankers, product tankers, and liquefied natural gas carriers. The company was founded by Nikolas P. Tsakos and Michael Gordon Jolliffee in July 1993 and is headquartered in Athens, Greece.
