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TOP Ships (AMEX:TOPS) Stock, Option Chain

TOP Ships

TOP Ships Inc owns tanker vessels throughout the world. The company focuses on the transportation of petroleum products (clean and dirty) and bulk liquid chemicals. The Company is an international provider of worldwide oil, petroleum products and chemical transportation services. It generates revenue from the Time Charter agreements.

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TOP Ships Shares Resume

TOP Ships Announces 7-Year Charter Extensions For M/T Eco Yosemite Park And M/T Eco Joshua Park At Higher Rates; New Daily Hire Rate Of $19,500 Effective August 1, 2024; Expected Revenue Of $100M For Firm Period

TOPS Ships Halted Pending News

The most oversold stocks in the energy sector presents an opportunity to buy into undervalued companies.
The RSI is a momentum indicator, which compares a stock&#8217;s strength on days when prices go up to its strength on days when prices go down. When compared to a stock&#8217;s price action, it can give traders a better sense of how a stock may perform in the short term. An asset is typically considered oversold when the <a href="https://www.benzinga.com/topic/rsi">RSI is below 30</a>, according to <a href="https://pro.benzinga.com/">Benzinga Pro</a>.
Here's the latest list of major oversold players in this sector, having an RSI near or below 30.
<h3 class="wp-block-heading">TOP SHIPS Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TOPS#NYSE">TOPS</a>)</h3>
<ul>
<li>On May 2, TOP Ships announced commencement of time charter at very strong rate an increase of 36% over previous time charter. The company's stock fell around 17% over the past month and has a <a href="https://www.benzinga.com/quote/TOPS">52-week low of $5.51</a>.</li>
<li>RSI Value: 25.60</li>
<li>TOPS Price Action: Shares of TOP SHIPS fell 0.9% to close at $11.04 on Tuesday.</li>
<li>Benzinga Pro's real-time newsfeed alert<a href="http://www.benzinga.com/pro/register/?utm_source=BZprocontent070324&amp;t=be2bearmibe3na1">ed to latest TOPS ne</a>ws.</li>
</ul>
<figure class="wp-block-image size-full is-resized"><a href="http://www.benzinga.com/pro/register/?utm_source=BZprocontent070324&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="680" height="746" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/02222840/Screenshot-2024-07-03-at-9.28.35-AM.png" alt="" class="wp-image-417461" style="width:430px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/02222840/Screenshot-2024-07-03-at-9.28.35-AM.png 680w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/02222840/Screenshot-2024-07-03-at-9.28.35-AM-273x300.png 273w" sizes="(max-width: 680px) 100vw, 680px" /></a></figure>
<h3 class="wp-block-heading">Opal Fuels Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OPAL#NASDAQ">OPAL</a>)</h3>
<ul>
<li>On June 7, B. Riley Securities analyst Ryan Pfingst maintained OPAL Fuels with a Buy and maintained a price target of $10. The company's stock fell around 18% over the past month. It <a href="https://www.benzinga.com/quote/OPAL">has a 52-week low</a> of $3.98.</li>
<li>RSI Value: 26.98</li>
<li>OPAL Price Action: Shares of Opal Fuels fell 2% to close at $3.99 on Tuesday.</li>
<li><a href="http://www.benzinga.com/pro/register/?utm_source=BZprocontent070324&amp;t=be2bearmibe3na1">Benzinga Pro's charting tool</a> helped identify the trend in Opal Fuels stock.</li>
</ul>
<figure class="wp-block-image size-full is-resized"><a href="http://www.benzinga.com/pro/register/?utm_source=BZprocontent070324&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="693" height="753" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/02222935/Screenshot-2024-07-03-at-9.29.30-AM.png" alt="" class="wp-image-417462" style="width:460px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/02222935/Screenshot-2024-07-03-at-9.29.30-AM.png 693w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/02222935/Screenshot-2024-07-03-at-9.29.30-AM-276x300.png 276w" sizes="(max-width: 693px) 100vw, 693px" /></a></figure>
<h3 class="wp-block-heading">Vertex Energy Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VTNR#NASDAQ">VTNR</a>)</h3>
<ul>
<li>On May 9, Vertex Energy posted a wider-than-expected quarterly loss. Mr. Benjamin P. Cowart, Vertex&#8217;s Chief Executive Officer, stated, &#8220;We had a strong operational and financial quarter, as we maintained our commitment to operating safely and reliably. We saw an improved crack spread environment, which drove our Adjusted EBITDA higher by over $50 million compared to the fourth quarter of 2023. Additionally, we saw conventional throughput above our guidance and managed direct operating costs and capital expenditures below our guidance.&#8221; The company's stock fell around 42% over the past five days and has a 52-week <a href="https://www.benzinga.com/quote/VTNR">low of $0.58</a>.</li>
<li>RSI Value: 24.75</li>
<li>VTNR Price Action: Shares of Vertex Energy fell 21.8% to close at $0.61 on Tuesday.</li>
<li>Benzinga Pro's signals feature notified of a potential breakout in <a href="http://www.benzinga.com/pro/register/?utm_source=BZprocontent070324&amp;t=be2bearmibe3na1">Vertex Energy's shares</a>.</li>
</ul>
<figure class="wp-block-image size-full is-resized"><a href="http://www.benzinga.com/pro/register/?utm_source=BZprocontent070324&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="664" height="725" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/02223035/Screenshot-2024-07-03-at-9.30.30-AM.png" alt="" class="wp-image-417463" style="width:484px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/02223035/Screenshot-2024-07-03-at-9.30.30-AM.png 664w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/02223035/Screenshot-2024-07-03-at-9.30.30-AM-275x300.png 275w" sizes="(max-width: 664px) 100vw, 664px" /></a></figure>
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TOP Ships Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TOPS#NYSE">TOPS</a>) (the "Company"), an international owner and operator of modern, fuel efficient "ECO" tanker vessels, announced today that it has commenced its previously announced time charter employment contract with a high-quality counterparty for its product/chemical tanker M/T Eco Marina Del Rey. The new time charter will have a firm duration of 3 years with an additional year at the charterer's option. &nbsp;
The revenue backlog expected to be generated by this fixture is about $22.4 million for the firm period and about $30.7 million if the charterer exercises the option to extend for one additional year.

Contracts

TOP Ships Inc. Announces Commencement Of Time Charter At Very Strong Rate An Increase Of 36% Over Previous Time Charter; Revenue Backlog Expected To Be Generated By This Fixture Is About $22.4M For The Firm Period And About $30.7M If The Charterer Exercises The Option To Extend For One Additional Year

TOP Ships To Transfer Listing From Nasdaq To NYSE American

As of Dec. 18, 2023, two stocks in the energy sector could be flashing a real warning to investors who value momentum as a key criteria in their trading decisions.
The RSI is a momentum indicator, which compares a stock&#39;s strength on days when prices go up to its strength on days when prices go down. When compared to a stock&#39;s price action, it can give traders a better sense of how a stock may perform in the short term. An asset is typically considered overbought when the <a href="https://www.benzinga.com/topic/rsi"> RSI is above 70</a>, according to <a href="https://pro.benzinga.com/"> Benzinga Pro</a>.
Here&rsquo;s the latest list of major overbought players in this sector.
<h3>Imperial Petroleum Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/impp#NASDAQ">IMPP</a>)</h3>
<ul>
<li>On Dec. 6, Imperial Petroleum agreed to repurchase 3.2 million warrants. The company&rsquo;s stock jumped around 42% over the past month and has a <a href="https://www.benzinga.com/quote/IMPP">52-week high of $5.7150</a>.</li>
<li>RSI Value: 79.96</li>
<li>IMPP Price Action: Shares of Imperial Petroleum closed at $2.14 on Friday.</li>
</ul>
<h3>Top Ships Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tops#NASDAQ">TOPS</a>)</h3>
<ul>
<li>On Dec. 14, TOP Ships announced a $4 million share repurchase program for a period of three months. The company&rsquo;s stock gained around 115% over the past month and <a href="https://www.benzinga.com/quote/TOPS"> has a 52-week high </a> of $25.80.</li>
<li>RSI Value: 74.57</li>
<li>TOPS Price Action: Shares of Top Ships fell 0.4% to close at $17.43 on Friday.</li>
</ul>
&nbsp;
Read More: <a href="https://www.benzinga.com/trading-ideas/long-ideas/23/12/36256926/2u-and-3-other-stocks-under-4-insiders-are-buying"> 2U And 3 Other Stocks Under $4 Insiders Are Buying </a>

<a href="https://www.sec.gov/Archives/edgar/data/1296484/000117184323007570/exh_991.htm" title="https://www.sec.gov/Archives/edgar/data/1296484/000117184323007570/exh_991.htm">https://www.sec.gov/Archives/edgar/data/1296484/000117184323007570/exh_991.htm</a>

Buybacks

TOP Ships Announced Today A $4M Share Repurchase Program For A Period Of Three Months; Timing And Amount Not Disclosed

TOP Ships Inc. (the "Company" or "Top Ships") (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TOPS#NASDAQ">TOPS</a>), an international owner and operator of modern, fuel efficient "ECO" tanker vessels, announced today that after taking into account the most recent charter free vessel value estimates from a third party international broker, debt outstanding and cash, management estimates the Company's net asset value ("NAV") as of December 12, 2023 to be $344 million, increased from the previously-announced estimate of $285 million as of June 30, 2023. This translates into a NAV of $74.36 per common share (based on number of common shares currently outstanding) and $61.15 per common share on a fully diluted basis (assuming exercise of all the 1,488,478 outstanding warrants for cash). &nbsp;
Additionally, the Company announced today that following the latest charter fixtures of its two VLCCs, and after taking into account the maximum duration of the firm period of all charters, the previously-announced gross revenue backlog for the firm time charter period, including 50% of the Company's JV vessels, as of June 30, 2023, has increased to $400 million.
The Company further announced that its Board of Directors is currently considering and reviewing the adoption of shareholder friendly measures, potentially including a share buyback plan.
The Company's CEO said:
"As per yesterday's market close, we are trading at a 71% discount to our current estimate of the fully-diluted Net Asset Value of the Company.
Top Ships has one of the most modern tanker fleets in the industry, with an average age of about three years, consisting of state-of-the-art vessels equipped with the latest eco-friendly and fuel-efficient specifications and features. Our time charters with high quality customers have been generating positive cashflow and income for the past two years and we expect that we will continue in the same way for 2023 and onwards.
The contracted revenue backlog of about $400 million is about 5 times the revenues for the entire year of 2022 and about 1.9 times our debt as presented on our balance sheet, net of cash, on June 30, 2023.
The Company's charter coverage currently stands as follows:
<figure class="table"> 
<table>
<tbody>
<tr>
<td>Year</td>
<td>Operating fleet</td>
</tr>
<tr>
<td>2023</td>
<td>100%</td>
</tr>
<tr>
<td>2024</td>
<td>87%</td>
</tr>
<tr>
<td>2025</td>
<td>76%</td>
</tr>
<tr>
<td>2026</td>
<td>100%</td>
</tr>
<tr>
<td>2027</td>
<td>59%</td>
</tr>
<tr>
<td>2028</td>
<td>27%</td>
</tr>
<tr>
<td>2029 to 2037</td>
<td>17%</td>
</tr>
</tbody>
</table>
</figure>
 &nbsp;

Top Ships Announces Increase From Previously Announced Management Estimate Of Net Asset Value To $344M And Contracted Revenue Backlog Of $400M

TOP Ships Announces Extension Of Time Charter Employment For Two VLCC Tankers; Extended ~3 Years At Daily Rate Of $41,500 Per Vessel With Two Additional Years At Charter's Option

TOP Ships Inc. (the "Company"), an international owner and operator of modern, fuel efficient "ECO" tanker vessels, announced today that NASDAQ notified the Company that it has regained compliance with the minimum bid price requirement for the Nasdaq Capital Market, set forth in Nasdaq Listing Rule 5550(a)(2). &nbsp;

Top Ships Inc. Announces Compliance With NASDAQ Minimum Bid Price Requirement

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The reverse stock split is expected to take effect, and the Company&#39;s common stock will begin trading on a split-adjusted basis&nbsp;as of the opening of trading on Friday, September 29, 2023.

Stock Split

TOP Ships Plans 1-For-12 Reverse Stock Split

TOP Ships (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TOPS#NASDAQ">TOPS</a>) reported quarterly earnings of $0.10 per share. The company reported $41.10 million in sales this quarter.

Earnings

TOP Ships H1 EPS $0.10, Sales $41.10M

TOP Ships Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TOPS#NASDAQ">TOPS</a>) (the &quot;Company&quot;), an international owner and operator of modern, fuel efficient &quot;ECO&quot; tanker vessels, announced today that it has agreed to extend for up to 36 months the time charter agreements with Clearlake Shipping Pte Ltd. for its two Suezmax vessels, M/T Eco West Coast and M/T Eco Malibu. 
&nbsp;
The extended period, which starts after the expiration of the present time charters in&nbsp;Q1&nbsp;of 2024, has a firm duration of a minimum of 30 months and a maximum of 36 months at a gross daily rate of&nbsp;$32,850. All other main terms of the contracts that had been previously announced, including the charterer&#39;s option to extend the charters for 2 additional years at a gross daily rate of&nbsp;$34,750&nbsp;for the first year and&nbsp;$36,750&nbsp;for the second year, remain unchanged.
The additional revenue backlog expected to be generated by this time charter extension is about&nbsp;$72 million&nbsp;for the maximum firm period.&nbsp;&nbsp;
Evangelos Pistiolis, the President, Chief Executive Officer and Director of the Company, said:
&quot;We are very pleased to have concluded this time charter extension more than half a year ahead of the firm period expiration of the present employment of our 2 vessels, taking advantage of the strong rates prevailing in the current tanker market.
&quot;This is an attestation, from a top-class charterer, of the high level of quality of our vessels as well as the services that we offer.
&quot;After considering the maximum firm duration of this fixture, the total gross revenue backlog as of December 31, 2022 for the firm time charter period of our operating vessels, including&nbsp;50%&nbsp;of our joint venture vessels, that was previously announced at&nbsp;$280 million&nbsp;is increased to about&nbsp;$352 million.
&quot;The Company&#39;s charter coverage currently stands as follows:
<table>
<tbody>
<tr>
<td>Year</td>
<td>Operating fleet</td>
</tr>
<tr>
<td>2023</td>
<td>100%</td>
</tr>
<tr>
<td>2024</td>
<td>98%</td>
</tr>
<tr>
<td>2025</td>
<td>55%</td>
</tr>
<tr>
<td>2026</td>
<td>55%</td>
</tr>
<tr>
<td>2027</td>
<td>20%</td>
</tr>
<tr>
<td>2028 to&nbsp;Q1&nbsp;2037</td>
<td>17%&quot;</td>
</tr>
</tbody>
</table>

TOP Ships Inc. Announces Time Charters At Very Strong Rates And Revenue Backlog Of $352M, 26% Higher Than Previously Reported

The most oversold stocks in the energy sector presents an opportunity to buy into undervalued companies.
The RSI is a momentum indicator, which compares a stock&#39;s strength on days when prices go up to its strength on days when prices go down. When compared to a stock&#39;s price action, it can give traders a better sense of how a stock may perform in the short term. An asset is typically considered oversold when the <a href="https://www.benzinga.com/topic/rsi"> RSI is below 30.</a>
Here&rsquo;s the latest list of major oversold players in this sector, having an RSI near or below 30.
<h3>Camber Energy, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cei#NYSE">CEI</a>)</h3>
<ul>
<li>Camber Energy announced NYSE American acceptance of continued listing compliance plan. The company&rsquo;s stock has a <a href="https://www.benzinga.com/quote/CEI">52-week low of $0.6259 </a>.</li>
<li>RSI Value: 22.30</li>
<li>CEI Price Action: Shares of Camber Energy rose 4.8% to close at $0.6532 on Wednesday.</li>
</ul>
<h3>Top Ships Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tops#NASDAQ">TOPS</a>)</h3>
<ul>
<li>Top Ships announced proposed spin-off of one of its Suezmax Tanker Vessels. It <a href="https://www.benzinga.com/quote/TOPS"> has a 52-week low </a> of $0.5600.</li>
<li>RSI Value: 25.60</li>
<li>TOPS Price Action: Shares of Top Ships rose 0.6% to close at $0.5799 on Thursday.</li>
</ul>
<h3>Recon Technology, Ltd. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/rcon#NASDAQ">RCON</a>)</h3>
<ul>
<li>Recon Technology was awarded a $1 million contract for ground control project in deep shale gas field. The company&rsquo;s stock has a 52-week <a href="https://www.benzinga.com/quote/RCON"> low of $0.28.</a></li>
<li>RSI Value: 26.83</li>
<li>RCON Price Action: Shares of Recon Technology rose 0.5% to close at $0.3472 on Thursday.</li>
</ul>
&nbsp;
Read More: <a href="https://www.benzinga.com/news/23/06/33058127/122m-bet-on-occidental-petroleum-check-out-these-3-stocks-insiders-are-buying"> $122M Bet On Occidental Petroleum? Check Out These 3 Stocks Insiders Are Buying </a>

Top Ships Inc. Announces Proposed Spin-Off Of One Of Its Suezmax Tanker Vessels

TOP Ships Announces Receipt of Nasdaq Notice

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Warning: TOPS is at high risk of performing badly

Top Ships (TOPS) has released an update. Top Ships Inc. has expanded its fleet with the acquisition of the 47-meter megayacht ‘PARA BELLUM' for $20...

Top Ships Acquires New Megayacht 'PARA BELLUM'

Top Ships (TOPS) has released an update. Top Ships Inc., an international shipping company, announced robust charter extensions for two of its tank...

Top Ships Secures Lucrative Charter Extensions

Top Ships (TOPS) has released an update. TOP Ships Inc., an international shipping company, has filed a report with the U.S. Securities and Exchang...

TOP Ships Inc. Reports Mid-Year Financials

Top Ships (TOPS) has released an update. Top Ships Inc. has announced its 2024 Annual Meeting of Shareholders, scheduled for December 6 in Athens, ...

Top Ships Inc. Prepares for 2024 Annual Shareholders Meeting

Top Ships (TOPS) has released an update. Top Ships Inc. announced the election of Paolo Javarone and Konstantinos Karelas as Class II Directors to ...

Top Ships Inc. Announces Board and Auditor Updates

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