By market close, shares had added 7% to $7.01.
UBS initiated coverage of the deep sea freighter with a "buy" rating and a $9 price target.
In the report, analyst Joshua Katzeff said the Greece-based shipper had "diversified exposure fairly evenly split between crude and product tankers."
"Although TNP owns a seemingly diversified fleet of crude, product, LNG and shuttle tankers, the company's core exposure is in the more commoditized crude and product tanker segments. Given our bullish outlook on crude and product, we view TNP's 0.98x P/NAV, the lowest in our tanker sector, as a highly attractive entry point," said Katzeff.
The investment firm anticipates revenue of $288 million for fiscal 2014 with a net loss of 13 cents a share.
Analysts surveyed by Thomson Reuters forecast revenue of $288.68 million and a net loss of 16 cents a share.
The company is due to report fourth-quarter and full-year earnings before the bell March 17.
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TheStreet Ratings team rates TSAKOS ENERGY NAVIGATION LTD as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:
"We rate TSAKOS ENERGY NAVIGATION LTD (TNP) a HOLD. The primary factors that have impacted our rating are mixed -- some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, solid stock price performance and impressive record of earnings per share growth. However, as a counter to these strengths, we find that the company has favored debt over equity in the management of its balance sheet."