Tsakos Energy Navigation Stock Gains After Q2 Results

Tsakos Energy Navigation Ltd. TNP reported a second-quarter Voyage revenue decline of 28.5% Y/Y to $136.42 million, beating the consensus of $106.14 million.
EPS fell to $(1.49) from $1.07 in 2Q20, missing consensus of $(1.25).
Quarterly utilization was 93%, and the daily average TCE per vessel stood at $17,239.
Vessel operating expenses increased 8.1% to $46.17 million due to the impact of the heightened number of dry-dockings.
Adjusted EBITDA was $29.47 million, compared to $98 million in 2Q20, and margin contracted to 21.6% from 51.4% last year.
Cash and cash equivalent levels stood at $140 million at the end of the quarter.
"With the majority of the vessels able to capture the anticipated upside, TEN is poised to be a primary beneficiary of the tanker upturn and continue to offer investors a mix of secured income, upside potential and dividend payments," commented George Saroglou, COO.
Price Action: TNP shares are trading higher by 6.67% at $10.97 on the last check Thursday.