Category: Holdings

Teekay Tankers Ltd. provides crude oil and other marine transportation services to oil industries in Bermuda and internationally.

The company offers voyage and time charter services; offshore ship-to-ship transfer services of commodities primarily crude oil and refined oil products; and tanker commercial and technical management services.

It also engages management of vessels, procurement, and equipment rental businesses. Teekay Tankers Ltd. was incorporated in 2007 and is headquartered in Hamilton, Bermuda.

TNK generated $1,364 million in revenue in 2023, which translated to a net income of $513 million, or $14.14 in EPS. With a current price of $70 per share, the company trades at an earnings yield of 20.2%.

Dorian LPG Ltd. is a leading owner and operator of modern very large gas carriers (VLGCs), specializing in the transportation of liquefied petroleum gas (LPG). In 2023, the company reported revenues of $560 million, driven by increased charter rates and fleet utilization. Dorian LPG achieved a net income of $307 million, translating to earnings per share (EPS) of $7.60, for an earnings yield of 17.6%.

Euronav NV (EURN), together with its subsidiaries, engages in the transportation and storage of crude oil worldwide. The company offers floating, storage, and offloading (FSO) services. It also owns and operates a fleet of vessels. The company was incorporated in 2003 and is headquartered in Antwerp, Belgium.

EURN generated 2023 revenues of $1,631 million, and a net income of $858 million. The company’s shares trade at $15.95, with EPS of $5.84, which translates to an earnings yield of 36.6%. Over the TTM the company has issued dividends at a yield equal to 36.7%.

CVR Energy Inc. is a diversified holding company involved in petroleum refining and nitrogen fertilizer manufacturing. In 2023, the company reported net sales of $8.3 billion and a net income of $769 million. The Petroleum Segment achieved a refining margin of $1.7 billion, processing crude oil into products like gasoline and diesel. The Nitrogen Fertilizer Segment generated an operating income of $201 million, producing ammonia and urea ammonium nitrate fertilizers. CVR Energy declared total cash dividends of $4.50 from earnings of $7.65 per share (28.5% earnings yield).

Petróleo Brasileiro S.A. (Petrobras), a state-owned Brazilian oil and gas giant, reported robust financial performance for 2023 with a revenue of $102.41 billion and a net income of $24.88 billion. The company’s earnings per share (EPS) were $3.82, and its shares are trading at approximately $14.09, yielding an earnings yield of 27.1%. Recent year’s dividend yields (in excess of 30%) led to the ouster of the CEO by Brazil’s president over disagreements on dividend policies and management direction.

In 2023, Petrobras made significant investments totaling $12.7 billion, facilitating the deployment of four new production platforms. The company also demonstrated strong cash flow, with an operating cash flow of $43.2 billion and free cash flow of $31.1 billion. Petrobras is valued at a market capitalization of $89 billion.

Scorpio Tankers Inc. is a leading provider of marine transportation for petroleum products, operating a fleet of 110 tankers, including 39 LR2 (Long Range 2), 57 MR (Medium Range), and 14 Handymax vessels. The company was founded by Emanuele A. Lauro on July 1, 2009, and is headquartered in Monaco.

In 2023, Scorpio Tankers generated $1.35 billion in revenue, with a net income of $567.85 million, translating to earnings per share (EPS) of $10.81. The company’s fleet consists of wholly owned, finance leased, and bareboat chartered-in tankers, divided into four segments: MR, LR2, Handymax, and LR1 (Long Range 1).

FINANCIAL HIGHLIGHTS

(all figures in million, except for per share data)

Market cap:	$4,840
Share price:	$82.10
Shares outstanding:	54.5
Revenue:	$1,350m
Net income:	$567m
EPS:	$10.81
Earnings yield:	13.2%