Why Tsakos Energy Navigation's Shares Popped
Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of energy transporter Tsakos Energy Navigation Limited jumped 17% today after the company released earnings.
So what: Voyage revenues fell 4.4% to $97.7 million but that was far better than the $67.7 million analysts expected. The company was able to control costs as well, which resulted in a $1 million profit and earnings of $0.02 per share versus the $0.08 analysts expected it to lose.
Now what: Management thinks the product and crude markets have "turned the corner" and Tsakos is well positioned to take advantage. Management is focusing on keeping the fleet flexible so it is able to take advantage of higher rates for short and medium term contracts. This was a solid beat but the company barely made a profit, and until we see profit tick higher consistently, I'll sit on the sidelines of this stock.
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The article Why Tsakos Energy Navigation's Shares Popped originally appeared on Fool.com.Motley Fool contributor Travis Hoium has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.