Tsakos Energy Navigation Limited (TNP)

Tsakos Energy Navigation Stock (TNP) dropped by 6.62% from $21.31 to $19.90 in the trading on Tuesday November 21, 2023. The reason why TNP stock down today is due to the mixed Q3 FY23 results. The company's third-quarter results were impacted by the seasonal downturn in the tanker market, which had reached high levels in the previous quarters due to many refineries undergoing maintenance in preparation for the upcoming winter season.

• Voyage revenue of $186.659 million, beating the consensus of $166.139 million.
• EPS of $0.83 missed the $1.24 street view.
• Adjusted EBITDA was $92 million versus $103 million in the year-ago period.
• Operating income decreased to $53.01 million from $67 million a year ago.