NEW YORK (TheStreet) -- Shares of Tsakos Energy Navigation (TNP) - Get Report are climbing by 3.07% to $6.38 on heavy trading volume late Tuesday afternoon, following the company's better-than-expected results for the 2016 first quarter.
Before today's opening bell, the Athens-based oil and gas shipping company reported earnings of 25 cents per diluted share, topping analysts' expectations by a penny.
Revenue for the quarter was $122 million, surpassing analysts' estimates of $109.5 million.
"In a relatively strong market, supported by low oil prices and buoyant demand, the fleet earned healthy rates during the first quarter of 2016," the company said in a statement.
About 1.08 million of the company's shares were traded by late this afternoon vs. its average volume of 550,879 shares per day.
Separately, TheStreet Ratings Team has a "Hold" rating with a score of C+ on the stock.
The primary factors that have impacted the rating are mixed. The company's strengths can be seen in multiple areas, such as its revenue growth, compelling growth in net income and attractive valuation levels.
However, the team finds that the stock has had a generally disappointing performance in the past year.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: TNP