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 (NYSE: TNP ) 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.
Interested in more info on Tsakos Energy? Add it to your watchlist by clicking here.