Tsakos Energy Navigation (NYSE:TEN) Shares Gap Up – Here’s Why

Tsakos Energy Navigation Ltd (NYSE:TEN) gapped up prior to trading on Monday. The stock had previously closed at $53.48, but opened at $55.98. Tsakos Energy Navigation shares last traded at $54.9810, with a volume of 37,724 shares trading hands.

Analyst Ratings Changes

A number of equities research analysts have recently commented on TEN shares. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Tsakos Energy Navigation in a report on Friday, October 2nd. Wall Street Zen raised Tsakos Energy Navigation from a “buy” rating to a “strong-buy” rating in a report on Saturday, September 19th. One equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $29.50.

Tsakos Energy Navigation Trading Up 3.2%

The business’s 50-day moving average is $47.54 and its two-hundred day moving average is $42.29. The company has a debt-to-equity ratio of 0.91, a quick ratio of 1.35 and a current ratio of 1.40. The stock has a market capitalization of $1.66 billion, a PE ratio of 5.59 and a beta of -0.10.

Tsakos Energy Navigation (NYSE:TEN) last announced its quarterly earnings data on Thursday, September 10th. The company reported $3.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.93 by $0.21. The company had revenue of $246.28 million for the quarter, compared to analysts’ expectations of $238.87 million. Tsakos Energy Navigation had a net margin of 33.81% and a return on equity of 29.44%.

Insider Activity

In other news, Director Clio Hatzimichalis sold 5,000 shares of Tsakos Energy Navigation stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $41.07, for a total value of $205,350.00. Following the sale, the director owned 5,000 shares of the company’s stock, valued at $205,350. The trade was a 50.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Theoharrys Kosmatos sold 10,000 shares of the business’s stock in a transaction dated Friday, September 18th. The stock was sold at an average price of $53.00, for a total transaction of $530,000.00. Following the transaction, the chief financial officer owned 14,700 shares in the company, valued at approximately $779,100. This trade represents a 40.49% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 20,000 shares of company stock valued at $1,001,350 over the last quarter. Corporate insiders own 1.00% of the company’s stock.

Institutional Investors Weigh In On Tsakos Energy Navigation

A number of hedge funds have recently added to or reduced their stakes in the company. Counterpoint Mutual Funds LLC acquired a new position in Tsakos Energy Navigation during the 3rd quarter worth approximately $785,000. Envestnet Asset Management Inc. purchased a new stake in shares of Tsakos Energy Navigation in the second quarter valued at approximately $346,000. State Street Corp boosted its stake in shares of Tsakos Energy Navigation by 2.4% in the second quarter. State Street Corp now owns 65,687 shares of the company’s stock valued at $2,323,000 after buying an additional 1,522 shares in the last quarter. Squarepoint Ops LLC acquired a new position in Tsakos Energy Navigation during the second quarter worth $669,000. Finally, Navellier & Associates Inc. grew its holdings in Tsakos Energy Navigation by 297.0% during the second quarter. Navellier & Associates Inc. now owns 96,633 shares of the company’s stock worth $3,418,000 after acquiring an additional 72,293 shares during the period. Institutional investors and hedge funds own 19.24% of the company’s stock.

Tsakos Energy Navigation Company Profile

Tsakos Energy Navigation Ltd. (NYSE: TEN) is an international energy transportation company engaged primarily in the ownership and operation of oceangoing tankers. Its fleet has transported crude oil, refined petroleum products, and other energy-related cargoes for major oil companies, commodity traders, and other commercial customers.

The company has operated a diversified fleet that has included crude oil tankers, product tankers, shuttle tankers, and liquefied natural gas carriers. Through its vessels and shipping services, Tsakos Energy Navigation serves global energy markets and supports the movement of petroleum and related products between major production, refining, storage, and consumption centers.

Founded in 1993, the company is part of the Tsakos maritime group, which has roots in Greece and a broader international shipping presence.