Tanker company Tsakos Energy (TEN) announced Q2 2024 results on 09/11/24. Among the items
- Voyage rev of $214M
- Net Income of $77.6M (Net Income to Common shareholders $69.6M)
- Dividend payment is semi-annual
Back in 2020, there had been an opportunity to acquire mis-priced TEN-preferred shares, and I took a position in the TEN-preferred E shares. In 2024, those shares have traded over par, so I have redeemed some of my TEN-preferred shares.
One of the slides (Slide 11) suggests that TEN will pay an increased dividend in 2024 ($1.50 er share). As the company paid out 60c/sh for H1 2024, that means the H2 payout should be 90c/sh. Not saying it won’t happen. But, it will be a challenge if tanker rates don’t improve significantly during Q4 2024