Pale Fire Capital SE Trims Stock Holdings in Tsakos Energy Navigation Ltd $TEN

Key Points

• Pale Fire Capital SE has decreased its stake in Tsakos Energy Navigation Ltd, selling 126,231 shares and now holds 353,057 shares, accounting for 0.7% of its portfolio.
• Tsakos Energy Navigation reported an earnings per share (EPS) of $0.92 for the last quarter, significantly beating the consensus estimate of $0.29.
• The company has declared a semi-annual dividend of $0.60 per share, reflecting a 570% yield based on its payout ratio of 26.73%.

Pale Fire Capital SE reduced its position in Tsakos Energy Navigation Ltd (NYSE:TEN - Free Report) by 26.3% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 353,057 shares of the company's stock after selling 126,231 shares during the period. Tsakos Energy Navigation makes up about 0.7% of Pale Fire Capital SE's investment portfolio, making the stock its 15th biggest position. Pale Fire Capital SE owned approximately 1.17% of Tsakos Energy Navigation worth $6,023,000 at the end of the most recent reporting period.

Separately, Moors & Cabot Inc. raised its holdings in Tsakos Energy Navigation by 1.0% during the first quarter. Moors & Cabot Inc. now owns 104,285 shares of the company's stock valued at $1,779,000 after acquiring an additional 1,000 shares during the period. Hedge funds and other institutional investors own 19.24% of the company's stock.

Tsakos Energy Navigation Trading Down 0.5%

NYSE TEN traded down $0.10 during trading hours on Tuesday, hitting $21.59. 364,631 shares of the company were exchanged, compared to its average volume of 266,069. The stock has a 50-day moving average price of $20.15 and a 200 day moving average price of $18.06. The company has a quick ratio of 1.06, a current ratio of 1.11 and a debt-to-equity ratio of 0.85. Tsakos Energy Navigation Ltd has a 52 week low of $13.40 and a 52 week high of $26.90. The stock has a market cap of $650.37 million, a PE ratio of 4.81 and a beta of -0.09.

Tsakos Energy Navigation (NYSE:TEN - Get Free Report) last issued its quarterly earnings data on Tuesday, June 17th. The company reported $0.92 earnings per share for the quarter, topping the consensus estimate of $0.29 by $0.63. Tsakos Energy Navigation had a return on equity of 14.17% and a net margin of 20.00%.The company had revenue of $153.51 million for the quarter, compared to analysts' expectations of $154.01 million. During the same period in the previous year, the firm posted $1.05 earnings per share. Analysts forecast that Tsakos Energy Navigation Ltd will post 3.44 earnings per share for the current fiscal year.

Tsakos Energy Navigation Dividend Announcement

The business also recently disclosed a semi-annual dividend, which was paid on Friday, July 18th. Shareholders of record on Monday, July 14th were paid a dividend of $0.60 per share. This represents a yield of 570.0%. The ex-dividend date of this dividend was Monday, July 14th. Tsakos Energy Navigation's payout ratio is presently 26.73%.

Analyst Ratings Changes

TEN has been the topic of a number of recent analyst reports. Jefferies Financial Group raised their price target on Tsakos Energy Navigation from $18.00 to $21.00 and gave the company a "hold" rating in a report on Tuesday, June 17th. Wall Street Zen cut Tsakos Energy Navigation from a "hold" rating to a "sell" rating in a report on Thursday, May 15th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Buy" and a consensus price target of $30.50.

Tsakos Energy Navigation Profile

Tsakos Energy Navigation Ltd. engages in the provision of seaborne crude oil and petroleum product transportation services. Its activities include the operation of crude tankers, product tankers, and liquefied natural gas carriers. The company was founded by Nikolas P. Tsakos and Michael Gordon Jolliffee in July 1993 and is headquartered in Athens, Greece.