Credit Suisse Reinstates Tsakos Energy (TNP) at Neutral (Earlier)

Credit Suisse earlier reinstated coverage on Tsakos Energy (NYSE: TNP) with a Neutral rating and a price target of $9.00.

Analyst Gregory Lewis sad, "We are coming off restriction and reinstating coverage with a Neutral rating and a $9 target price. Our $9 TP is 10x our 2015 EBITDA estimate. Our 2015 EPS estimate of $0.50 is 30% below consensus of $0.71 and our 2016 EPS estimate of $1.20 is 9% above consensus of $1.10.

"With VLCC, Suezmax, and Aframax average crude tanker rates all above $40k/d the winter rally is well underway. Since the end of September spot crude tanker rates have more than doubled for all major asset classes. The last time rates for all three asset types were above $40k/d was last January. As long as OPEC does not cut production in the coming months we expect the 2014/15 winter rally to be the best since 2008," he added.

For an analyst ratings summary and ratings history on Tsakos Energy click here. For more ratings news on Tsakos Energy click here.

Shares of Tsakos Energy closed at $7.28 yesterday.

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