S&P MAINTAINS BUY OPINION ON SHARES OF TSAKOS ENERGY NAVIGATION
(S&P Capital IQ)
Ahead of Q3 earnings expected on November 6, the Capital IQ consensus estimates are a loss per share of $0.19 for Q3 '12, a loss of $0.62 for '13, and a loss of $0.04 for '13, before special items. The previous consensus forecasts were a loss per share of $0.18 for Q3 '12, a loss of $0.65 for '12 and EPS of $0.04 for '13. We keep our target price of $7.00 based on a multiple of 8.5X the Capital IQ consensus '13 EBITDA per share estimate, in line with its 6-year historical average. We see TNP's product tankers benefiting from the shipping of refined products.