UPDATE: DNB Markets Upgrades Tsakos Energy Navigation on Multiple Positive Factors

In a report published Wednesday, DNB Markets analyst Nicolay Dyvik upgraded Tsakos Energy Navigation (NYSE: TNP) from Sell to Hold, and raised the price target from $2.50 to $5.30.

In the report, DNB Markets noted, “We have upgraded the stock from SELL to HOLD and raised our estimates, taking us above consensus for both Q2 and 2013. The recent capital raising, contract announcements, and improved product tanker market should ensure sufficient liquidity despite the company's crude exposure.”

Tsakos Energy Navigation closed on Tuesday at $4.70.