Group 1: Value Stocks Performance - Value stocks have underperformed growth peers in recent quarters, potentially making some companies in the value category more attractive due to deeper discounts relative to intrinsic value [1] - Current market volatility and economic uncertainty may present a favorable opportunity for long-term investors in value stocks [2] Group 2: Tsakos Energy Navigation (TEN) - Tsakos Energy Navigation Ltd. provides sea-based crude oil and petroleum transportation services, with a current stock price of $19.44 and a dividend yield of 6.17% [2][4] - The company reported mixed earnings for Q1, with EPS exceeding analyst predictions but revenue falling short by approximately $0.5 million; however, it has a significant backlog of $3.7 billion with an average contract duration of over 12 years [2][3] - Tsakos is on track to sell six older vessels by year-end, following the sale of 14 vessels, which will free up about $100 million for new builds and dividends [3] - The stock's P/E ratio of 4.5 is substantially lower than the transportation sector average of 13.1, indicating potential undervaluation despite a 12% increase in shares this year [4] Group 3: Gray Media (GTN) - Gray Media Inc. operates in television broadcasting and has recently engaged in a station swap with The E.W. Scripps Co., which is expected to enhance growth by creating a duopoly in certain markets [5] - The company refinanced $700 million in debt, extending maturities to 2032, alleviating near-term financial pressure [6] - GTN shares have surged by approximately 58% YTD, but with a P/E ratio of 2.3 compared to the sector average of 21.6, it may still be considered a value play [7] Group 4: NCR Voyix (VYX) - NCR Voyix Corp. specializes in digital commerce technology, reporting a 13% year-over-year revenue decline in Q1, yet still outperforming analyst expectations [9][10] - The company's annual recurring revenue (ARR) now constitutes two-thirds of total sales, indicating a positive shift towards a subscription model with the upcoming launch of its cloud-native Voyage Commerce Platform [10] - VYX shares have increased by about 9% YTD, supported by stock repurchase actions potentially totaling $200 million, while maintaining an attractive price-to-sales ratio of 0.71 [11]

Group 1 - Tsakos Energy (TEN) shares have increased by 12.5% over the past four weeks, closing at $20.11, with a mean price target of $31 indicating a potential upside of 54.2% [1] - The mean estimate includes three short-term price targets with a standard deviation of $9.54, where the lowest estimate is $21.00 (4.4% increase) and the highest is $40.00 (98.9% increase) [2] - Analysts show strong agreement on TEN's ability to report better earnings, with a positive trend in earnings estimate revisions suggesting potential upside [4][9] Group 2 - The Zacks Consensus Estimate for the current year has risen by 41.6% over the past month, with one estimate increasing and no negative revisions [10] - TEN holds a Zacks Rank 1 (Strong Buy), placing it in the top 5% of over 4,000 ranked stocks based on earnings estimates [11] - While consensus price targets may not be reliable for predicting exact gains, they can indicate the direction of price movement [12]

Core Insights - Zacks Premium offers various tools for investors to enhance their stock market engagement and confidence [1] - The Zacks Style Scores are designed to help investors select stocks with the highest potential to outperform the market in the short term [2] Zacks Style Scores Overview - The Style Scores categorize stocks into four types: Value Score, Growth Score, Momentum Score, and VGM Score, each focusing on different investment strategies [3][4][5][6] - Value Score identifies undervalued stocks using financial ratios [3] - Growth Score assesses stocks based on their future earnings and financial health [4] - Momentum Score tracks price trends to identify optimal buying opportunities [5] - VGM Score combines the three styles to highlight stocks with the best overall potential [6] Zacks Rank and Style Scores Interaction - The Zacks Rank utilizes earnings estimate revisions to aid in stock selection [7] - Stocks rated 1 (Strong Buy) have historically achieved an average annual return of +25.41% since 1988, significantly outperforming the S&P 500 [8] - To maximize returns, investors should focus on stocks with a Zacks Rank of 1 or 2 and Style Scores of A or B [9] - Stocks with lower ranks but high Style Scores may still face downward price pressure due to negative earnings outlooks [10] Company Spotlight: Tenneco Inc. (TEN) - Tenneco Inc. is a prominent manufacturer of clean air, powertrain, and ride performance products for various vehicle types [11] - TEN holds a Zacks Rank of 3 (Hold) and has a VGM Score of A, indicating solid performance potential [12] - The stock has shown a 13.4% increase over the past four weeks, with a positive earnings estimate revision for fiscal 2025 [12] - With strong Momentum and VGM Style Scores, TEN is recommended for investors' consideration [13]

Company Overview - TEN Ltd. is a leading diversified crude, product, and LNG tanker operator, founded in 1993 and celebrating 32 years as a public company [2] - The company operates a diversified energy fleet consisting of 82 vessels, including various types of tankers, totaling 10.1 million deadweight tonnage (dwt) [2] Recent Developments - The Thirty-Second General Annual Meeting of Shareholders was held on June 12, 2025, in Athens, with a quorum present and all proposed resolutions approved by at least 94.6% of the votes cast [1]

Financial Data and Key Metrics Changes - The company reported gross revenue of $197.1 million for Q1 2025, slightly down from $220.1 million in Q1 2024 [27] - Net income for Q1 2025 was $37.7 million, leading to earnings per share of $1.04, compared to $60.1 million in Q1 2024 [28] - Adjusted EBITDA for Q1 2025 was $99.3 million, almost identical to $100.5 million in the previous year [29] - Total debt was reduced to approximately $1.7 billion, with a debt-to-capital ratio of 40.6% [29] Business Line Data and Key Metrics Changes - The fleet operated 62 vessels in Q1 2025, with 80% of fleet employment towards secure revenue contracts, up from 73% in Q1 2024 [25][26] - The fleet's pure spot exposure decreased from 19% to 18% year-over-year, while profit-sharing contracts increased the fleet's ability to capture market fit from 44% to 47% [26] - The company has extended or secured new business for 29 out of 62 vessels in the first half of the year [15] Market Data and Key Metrics Changes - The tanker market remains strong, with high demand for both new and older vessels, despite geopolitical uncertainties [10][11] - The company has seen a significant demand for time charter business from energy majors, indicating a robust market environment [17] Company Strategy and Development Direction - The company is focused on fleet renewal, divesting older vessels and replacing them with modern, energy-efficient ships [22] - There is an ongoing strategy to explore opportunities in underrepresented segments like VLCCs and LNG [13][32] - The company aims to maintain a healthy dividend while reducing debt and growing its business [29][44] Management's Comments on Operating Environment and Future Outlook - Management highlighted the challenges posed by geopolitical events but emphasized the company's ability to navigate these turbulent waters profitably [9][10] - The underlying market conditions are described as strong, with significant demand for vessels, even older ones [11][12] - The company believes its stock is undervalued compared to its net asset value and future income potential [14][56] Other Important Information - The company has a backlog of approximately $3.7 billion in future contracted revenue [17] - The fleet is transitioning to greener and dual-fuel vessels, with a focus on sustainability [22] Q&A Session Summary Question: What will the second quarter new build cost be? - The second quarter new build cost is expected to be just under $130 million, with additional payments scheduled [36][37] Question: Can you characterize the bid-ask in the S&P market for VLCCs? - The company is actively looking to build ships against clients and is monitoring the market for good quality vessels [41][42] Question: Will the company continue to sell older assets? - The company plans to sell at least half a dozen ships by the end of the year to enhance cash flow and support dividends [43] Question: What is the outlook for the second half dividend? - While specific guidance cannot be provided, the company hopes to maintain a similar dividend to the first half [44] Question: How can the company close the gap between stock price and NAV? - Management believes that demonstrating the company's industrial model and potential cash flows will help investors understand its value [45][56]

Financial Data and Key Metrics Changes - The company reported gross revenue of $197.1 million for Q1 2025, slightly down from $220.1 million in Q1 2024 [27] - Net income for Q1 2025 was $37.7 million, leading to earnings per share of $1.04, compared to $60.1 million in Q1 2024 [28] - Adjusted EBITDA for Q1 2025 was $99.3 million, almost identical to $100.5 million in the previous year [29] - Total debt was reduced to approximately $1.7 billion, with a debt-to-capital ratio of 40.6% [29] Business Line Data and Key Metrics Changes - The fleet operated 62 vessels in Q1 2025, with 80% of fleet employment towards secure revenue contracts, up from 73% in Q1 2024 [25][26] - The fleet's pure spot exposure decreased from 19% to 18% year-over-year [26] - 29 vessels have been extended or secured new business within the first six months of the year, indicating strong demand [16] Market Data and Key Metrics Changes - The company noted a strong demand for older ships, with some vessels being chartered for up to 15 years [12] - The tanker market remains robust, with energy majors approaching the company for time charter business [18] - Global oil demand continues to grow, positively affecting the tanker market and freight rates [24] Company Strategy and Development Direction - The company is focusing on fleet renewal, having sold 14 older vessels and replaced them with 30 contracted new buildings [23] - There is an ongoing strategy to explore opportunities in underrepresented segments like VLCCs and LNG [14][32] - The company aims to maintain a healthy dividend and reduce debt while growing its business [29][44] Management's Comments on Operating Environment and Future Outlook - Management highlighted the challenges posed by geopolitical events but emphasized the company's ability to navigate these turbulent waters profitably [10][11] - The underlying market conditions are strong, with a significant demand for vessels despite uncertainties [11][32] - The company believes its stock is undervalued compared to its net asset value, which is estimated to be over $60 [15][46] Other Important Information - The company has a backlog of contracted revenue amounting to approximately $3.7 billion [18] - The fleet is transitioning to greener and dual-fuel vessels, with six LNG-powered tankers in operation [23] - The company has a strong balance sheet with cash reserves and a fair market value of the fleet at $3.6 billion [22] Q&A Session Summary Question: What will the second quarter new build cost be? - The cost for the second quarter is expected to be just under $130 million for one DP2 vessel, with additional payments for new buildings scheduled [37][38] Question: Can you characterize the bid-ask in the S&P market for VLCCs? - The company is looking to build ships against clients and is monitoring the market for good quality Korean or Japanese ships [41][42] Question: Will the company continue to sell older assets? - The company plans to sell at least half a dozen ships by the end of the year, which will enhance cash flow and support dividend payments [43] Question: What is the outlook for the second half dividend? - The company hopes to maintain at least a similar dividend to the first half, with discussions taking place in October [44] Question: How to close the gap between stock price and NAV? - Management believes that demonstrating the company's value through consistent dividends and operational performance is key, rather than focusing solely on NAV [46][56]

Financial Performance & Fleet Data - Q1 2025 net income attributable to Tsakos Energy Navigation Limited was $37711000, compared to $54034000 in Q1 2024[45,47] - Adjusted EBITDA for Q1 2025 was $99291000, slightly lower than $100538000 in Q1 2024[47] - Fleet utilization was 972% in Q1 2025, compared to 913% in Q1 2024[46] - Average TCE per ship per day was $30741 in Q1 2025, down from $33403 in Q1 2024[46] Fleet Composition & Strategy - The company has been actively renewing its fleet, contracting or acquiring 30 vessels since January 1, 2023, with an average age of 06 years and a total DWT of 37 million[25] - Simultaneously, 14 vessels were sold, averaging 173 years old with a total DWT of 12 million[25] - As of June 12, 2025, 46% of the vessels in the water have market exposure (spot + TC P/S), while 83% are in secured revenue contracts (TC + TC P/S)[14] Market Dynamics & Outlook - World oil demand reached a record 1028 million barrels per day in 2024, with growth expected to be around 074 million barrels per day in 2025[32] - The global GDP is expected to grow by 33% in 2024 and 28% in 2025[32] - The total NB orderbook is 808 tankers over the next three years, versus 2585 vessels aged over 15 years[38] Dividends & Valuation - The company aims for semi-annual dividend distributions, with a total dividend payment of $150 per common share in 2024 versus $100 for 2023 operations[31] - A dividend of $060 per common share is to be paid in July 2025[31] - The company has paid $591 million in common stock dividend payments since 2002, averaging approximately $25 million per year, with an average yield of 525%[31]

Financial Performance - For Q1 2025, the company reported revenues of $197.1 million and operating income of $60.6 million, with net income reaching $37.7 million and earnings per share of $1.04 [2][28] - EBITDA for the first quarter of 2025 was $103 million, reflecting a solid operational performance [1][28] - Average fleet utilization increased to 97.2% in Q1 2025, up from 91.3% in the same period of 2024, due to fewer vessels in drydock and more days under fixed contracts [2][29] Cost Management - Vessel operating expenses totaled $49.6 million in Q1 2025, remaining consistent with the previous year, resulting in daily operating expenses per vessel of $9,502 [3][29] - Voyage expenses decreased by 14.2% to $36.1 million in Q1 2025, down from $42.0 million in Q1 2024, primarily due to reduced exposure to spot-related trades [4][28] Debt and Cash Position - As of March 31, 2025, the company's bank debt was slightly lower at $1.7 billion compared to the end of 2024, with interest costs at $24.0 million, reflecting a lower debt level and interest rate environment [5][28] - The company maintained solid cash reserves of approximately $350 million, an increase of $1.3 million from the end of 2024 [6][28] Fleet Expansion and Contracts - The company has a robust growth program with 21 new vessels planned, including the recent award to build nine DP2 shuttle tankers for Transpetro/Petrobras, which will enhance its position in the Brazilian offshore sector [9][13] - The total fleet contracted revenue backlog reached approximately $3.7 billion, indicating strong future revenue potential [1][9] Dividend Distribution - The company plans to distribute a semi-annual dividend of $0.60 per share on July 18, 2025, bringing total dividends distributed since its NYSE listing in 2002 to over $900 million [10][28] Market Outlook - The tanker market remains resilient, with strong rates and asset prices supporting profitable operations, despite recent tariffs and port charges [11][12] - The decision to unwind portions of OPEC+ production cuts is expected to positively impact freight rates going forward [12][13]

Group 1 - Tenneco's Clevite Elastomers business is participating in a research consortium to explore domestic production of natural rubber, aiming to reduce reliance on imports and enhance supply chain security [1][3] - The TARDISS project, funded by a $26 million grant from the U.S. National Science Foundation, involves multiple universities and focuses on crops like guayule, Russian dandelion, and mountain gum [4][5] - Clevite Elastomers is a significant consumer of natural rubber from Southeast Asia and is involved in testing domestically produced rubber for manufacturing [2][5] Group 2 - The project addresses challenges in the current natural rubber supply chain, which is heavily dependent on Southeast Asian countries and faces issues like high costs and environmental risks [3][4] - Tenneco's Executive Vice President emphasized the importance of science in securing supply chains for U.S. industry [3] - The collaboration includes experts from various institutions, indicating a broad approach to solving the supply chain issues [4]

Core Insights - TEN Ltd. has secured total future revenues of approximately $3.7 billion through long-term charters with major energy companies [1][3] - The company continues to expand its fleet with the delivery of eco-friendly vessels, enhancing its operational capacity and commitment to sustainable energy transportation [2][5] Company Developments - The delivery of the eco-friendly scrubber-fitted suezmax tanker Dr Irene Tsakos and the naming of its sister vessel Silia T mark significant milestones in TEN's fleet renewal strategy [2][6] - The Dr Irene Tsakos has secured a five-year charter, while Silia T has a three-year charter with options to extend, contributing to the company's revenue backlog [3][6] - TEN currently has 19 vessels under construction, with deliveries scheduled between Q3 2025 and Q4 2028, including a mix of shuttle tankers, crude carriers, and product tankers [4][9] Fleet and Capacity Expansion - Since initiating the 'Greenship' program in January 2023, TEN has divested 14 older vessels totaling 1.2 million dwt and replaced them with 30 new eco-friendly vessels totaling 3.7 million dwt [5] - The company's fleet now consists of 82 vessels, with 63 currently in operation, reflecting a significant increase in total carrying capacity [4][9]