TNP Dividend Type Payments

Tsakos Energy Navigation Ltd Common Shares dividend

Although TNP has no upcoming (meaning, Board-approved and announced) dividends, you can sell covered calls on Tsakos Energy Navigation Ltd Common Shares to create 12 extra dividend type payments per year to boost its yield. Let's look at some recent prices (last updated Wed 4:16 PM ET):

Tsakos Energy Navigation Ltd Common Shares (TNP)
Bid Ask Last Change Volume P/E Market Cap
24.21 26.90 24.79 +0.05 220K - 0.4B

TNP Dividend-Like Income Using Covered Calls

With TNP at 24.79, here's a table showing how big the annual "dividend" (i.e. total annual call premium received) would need to be to attain 3%, 5%, and 10% annual yields. Also shown is the equivalent number of cents/day necessary to achieve each yield:

Annual Yield Annual Premium Cents/Day
3% 0.74 0.2
5% 1.24 0.3
10% 2.48 0.7

So now we need to find out of the money covered calls that pay at least the prescribed cents/day amount of time premium. That will generate income and, because they are out of the money, leave room for some upside potential on the stock. Here are some examples:

3% Yield On TNP Using Covered Calls
Expiration Strike Call Bid Days Cents/Day Upside Potential
Jun 21 30.00 0.15 59 0.3 3.10 (12.5%)
Sep 20 30.00 0.75 150 0.5 3.10 (12.5%)
5% Yield On TNP Using Covered Calls
Expiration Strike Call Bid Days Cents/Day Upside Potential
Sep 20 30.00 0.75 150 0.5 3.10 (12.5%)
Dec 20 30.00 1.30 241 0.5 3.10 (12.5%)

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Want more examples? TNK Dividend | TOK Dividend