Tsakos Energy Navigation: Getting Cautious On The Preferred Stock

Tsakos Energy Navigation delivered strong Q4 2025 results, with operating income nearly doubling to $81M and EPS of $1.70. TNP's preferred shares remain well-covered, backed by $1.6B in common equity, but face a likely call in July 2028, limiting upside. Common shares are positioned to benefit from sector tailwinds, with over $4B in locked-in contract revenue and ongoing fleet optimization.