Tsakos Energy Navigation Limited (TNP) is a Greek tanker company founded in 1993 that provides international seaborne crude oil and petroleum product transportation services worldwide. It offers marine transportation services to national, major, and other independent oil companies and refiners under long, medium, and short-term charters.

As of April 5, 2016, it operated a fleet of 50 vessels, including 47 crude oil and petroleum product tankers, 1 liquefied natural gas carrier, and 2 shuttle suezmax tankers. Tsakos Energy Navigation Limited (TNP) has a strategic partnership with Statoil for the crude oil tanker new buildings. The company was formerly known as MIF Limited but in July 2001 its name was changed to Tsakos Energy Navigation Limited.

Investors are always looking out for stocks that are assured to beat at earnings season and Taskos Energy Navigation Limited  has proven to be one of such companies. It gave a report of its financial results for the first quarter of the year on Tuesday the 31st of May 2016; these results topped analysts’ estimates.

Late Tuesday afternoon, following the company’s better than expected results for the first quarter of the year 2016, shares of Tsakos Energy Navigation are climbing by 3.07% to $6.38 on heavy trading volume.

Before today, the Athens-based oil and gas shipping company reported earnings of 25 cents per diluted share, topping analysts’ expectations by a penny.

Tsakos Energy Navigation net income for the first quarter of this year was $21.5 million, or $0.25 per share; down from $35.2 million or $0.42 earnings per share in Q1 2015. Revenues were $122.1 million, down from $148.9 million reported for the same period last year but higher than the $102.2 million Street estimate.  Shares were marginally higher pre-bell, near the low end of the 52-week range of $4.79 – $10.50. Its revenue for the quarter was $122 million, surpassing analysts’ estimates of $109.5 million.

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“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 versus its average volume of 550,879 shares per day; over a 100% in sales of shares.

The first quarter 2016 revenues, net of voyage expenses (bunker, port expenses and commissions) amounted to $99.6 million. TEN operated an average of 49.6 vessels during the period ended March 31, 2016 compared to 50.0 in the first quarter of 2015. Two modern suezmax crude carriers, Pentathlon and Decathlon, were delivered to the Company in November, 2015 and February, 2016, respectively. Going forward, the two new suezmaxes, which earned healthy rates in the spot market in the first quarter of 2016, are expected to make a significant contribution to revenue.

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The company’s strengths can be seen in areas such as its revenue growth, compelling growth in net income and attractive valuation levels. However, its stock has had a generally disappointing performance in the past year.