Cantor Fitzgerald Downgrades Tsakos Energy Navigation (TNP) to Hold; Lowers Estimates & PT

October 22, 2009 9:13 AM EDT

Cantor Fitzgerald downgrades Tsakos Energy Navigation (NYSE: TNP) from Buy to Hold. Target Price lowered from $22 to $16.

Cantor analyst says, "We now look for the company to report 2009 EPS and EBITDA of $1.27 and $191 million (from $1.57 and $199 million), respectively, and 2010 EPS and EBITDA of $0.64 and $176 million (from $1.44 and $207 million), respectively...Tsakos' well-balanced mix of crude and product carriers, newbuild program and significant charter coverage (approximately 66% and 44% of its fleet operating days are fixed for 2009 and 2010, respectively) should enable the company to weather any short-term volatility in rates, in our opinion. Furthermore, we suggest that Tsakos maintains a healthy balance sheet, with over $300 million in cash and total debt-to-book capitalization of 61%. However, given current fundamentals and our earnings outlook, we suggest TNP is fairly valued."

To see more analyst ratings on TNP Click Here.

Tsakos Energy Navigation Limited, together with its subsidiaries, provides seaborne crude oil, petroleum products, and liquefied natural gas transportation services.

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• Cantor Fitzgerald
• Crude Oil

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