(TNP) - Tsakos Energy Navigation Limited - Profit forecasts for the full years of 2006 and 2007 are up 11.0% and 14.3%

Consensus estimates for Tsakos Energy Navigation Limited (TNP), which was introduced as a Value stock on Mar 8, continue to climb higher. In early August, the company crushed the second-quarter consensus earnings estimate by 21.8%. TNP is currently yielding 4.9%. This Zacks #1 Rank stock has a price-to-book ratio of only 1.4, compared to 5.3 for the market. Full Analysis Tsakos Energy Navigation Limited is a provider of international seaborne crude oil and petroleum product transportation services worldwide. The company owns a fleet of modern tankers providing worldwide marine transportation services for national, state and international oil majors and refineries under long, medium and short-term charters. TNP, which was first featured as a Value stock on Mar 8, continues to trade at a highly-discounted valuation. Moreover, thanks to earnings estimates trending higher, coupled with positive earnings surprises, the stock still holds the title of a Zacks #1 Rank (strong buy). On Aug 4, TNP reported second-quarter profits of $33.03 million, or $1.73 per share. This represented a 21.8% surprise with analysts calling for $1.42. Furthermore, it marked a 55.9% year-over-year improvement when compared to earnings of $1.11 achieved in the second quarter of 2005. Revenues soared 60.3% to $105.0 million, compared to $65.5 million last year. Chairman D. John Stavropoulos stated, “The first seven months of 2006 have been the most active and dynamic in the company's history.” TNP increased profits for the past three years, most recently by 12.9% in 2005. Consensus estimates for this quarter and next have risen 12.6% and 4.4%, respectively, when compared to estimates of 60 days earlier. Profit forecasts for the full years of 2006 and 2007 are up 11.0% and 14.3%, respectively, over the same period of time. The Board of Directors boosted its semi-annual cash dividend by 15 cents to $1.25 per share. The dividend is payable Oct 26 to shareholders of record as of Oct 20. Stavropoulos stated, “We are proud to announce our dividend based on our financial performance in the first half of 2006 and the encouraging prospects for the remainder of the year.” The company is currently yielding 4.9%. On Oct 16, TNP announced that it received two new vessels and placed both on charters that could produce at least $37 million in revenues over three years. The company's pro-forma fleet consists of 53 vessels. TNP is currently trading at a valuation of 5.6x both trailing 12-month earnings and current fiscal-year estimated earnings. The market, as represented by the S&P 500, is trading at a valuation of 17.2x trailing 12-month earnings and at 16.2x its current fiscal-year estimated earnings. The company has a price-to-book ratio of only 1.4, compared to 5.3 for the market. Its return on equity of 25% easily surpasses the industry average of 15%. Content Courtesy: Zacks Investment Research #1 Ranked Stocks Highlight Archive To truly take advantage of the Zacks Rank, you need to first understand how it works. That is why we created the free special report: Zacks Rank Guide: Harnessing the Power of Earnings Estimate Revisions. | Blog Home| VitalStocks Home