Gratia Capital LLC Sells 34,796 Shares of Tsakos Energy Navigation Ltd $TEN

Key Points

• Gratia Capital reduced its Tsakos Energy Navigation stake by 34.8% in the second quarter, selling 34,796 shares and retaining 65,232 shares valued at approximately $2.3 million.
• Several hedge funds increased or initiated positions in TEN, while institutional investors collectively own 19.24% of the company. A company director also sold 5,000 shares, reducing their holdings by 50%.
• Tsakos shares recently traded at $44.27, near their 52-week high, while analysts maintain a consensus “Hold” rating with an average price target of $29.50. The company paid a $1.00 dividend, though the article’s reported yield of 507.0% appears anomalous.

Gratia Capital LLC reduced its stake in Tsakos Energy Navigation Ltd (NYSE:TEN - Free Report) by 34.8% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 65,232 shares of the company's stock after selling 34,796 shares during the quarter. Tsakos Energy Navigation makes up approximately 1.4% of Gratia Capital LLC's investment portfolio, making the stock its 19th biggest position. Gratia Capital LLC owned approximately 0.22% of Tsakos Energy Navigation worth $2,307,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. EverSource Wealth Advisors LLC grew its stake in shares of Tsakos Energy Navigation by 312.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,311 shares of the company's stock valued at $25,000 after acquiring an additional 993 shares during the period. Barclays PLC purchased a new position in Tsakos Energy Navigation during the fourth quarter valued at approximately $36,000. Smartleaf Asset Management LLC boosted its position in shares of Tsakos Energy Navigation by 186.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 2,435 shares of the company's stock worth $54,000 after purchasing an additional 1,585 shares during the period. Summit Securities Group LLC bought a new position in shares of Tsakos Energy Navigation in the fourth quarter worth approximately $56,000. Finally, Raymond James Financial Inc. bought a new stake in shares of Tsakos Energy Navigation during the 2nd quarter valued at $58,000. Institutional investors own 19.24% of the company's stock.

Insider Activity

In other news, Director Clio Hatzimichalis sold 5,000 shares of the company's stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $41.07, for a total transaction of $205,350.00. Following the transaction, the director owned 5,000 shares of the company's stock, valued at approximately $205,350. This represents a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 1.41% of the stock is owned by company insiders.

Tsakos Energy Navigation Trading Up 1.7%

Shares of TEN opened at $44.27 on Thursday. The company's fifty day simple moving average is $40.38 and its 200-day simple moving average is $39.16. The company has a market cap of $1.33 billion, a P/E ratio of 7.21 and a beta of -0.26. The company has a current ratio of 0.95, a quick ratio of 0.92 and a debt-to-equity ratio of 0.87. Tsakos Energy Navigation Ltd has a twelve month low of $20.50 and a twelve month high of $45.85.

Tsakos Energy Navigation Announces Dividend

The company also recently disclosed a dividend, which was paid on Thursday, July 30th. Shareholders of record on Thursday, July 23rd were paid a $1.00 dividend. The ex-dividend date of this dividend was Thursday, July 23rd. This represents a yield of 507.0%. Tsakos Energy Navigation's dividend payout ratio (DPR) is presently 32.57%.

Analysts Set New Price Targets

Separately, Weiss Ratings reaffirmed a "hold (c)" rating on shares of Tsakos Energy Navigation in a report on Monday, July 6th. One equities research analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, Tsakos Energy Navigation currently has a consensus rating of "Hold" and an average target price of $29.50.

Tsakos Energy Navigation Profile

Tsakos Energy Navigation Ltd. NYSE: TEN is an international shipping company specializing in the transportation of crude oil and refined petroleum products. Founded in 1993 by Nikolas P. Tsakos, the company has built a reputation for operating a modern, well-maintained fleet of double-hull tankers. Tsakos Energy Navigation is organized around both ownership and technical management of vessels, offering chartering, commercial operations and crew services under one umbrella.

The company’s fleet consists primarily of very large crude carriers (VLCCs), Suezmax and Aframax tankers, as well as medium-range (MR) and Handy product carriers.

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