Pale Fire Capital SE Cuts Stock Position 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 lessened its holdings in Tsakos Energy Navigation Ltd (NYSE:TEN - Free Report) by 26.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 353,057 shares of the company's stock after selling 126,231 shares during the quarter. Tsakos Energy Navigation accounts for approximately 0.7% of Pale Fire Capital SE's holdings, making the stock its 15th largest holding. Pale Fire Capital SE owned 1.17% of Tsakos Energy Navigation worth $6,023,000 as of its most recent SEC filing.

Separately, Moors & Cabot Inc. lifted its holdings in shares of Tsakos Energy Navigation by 1.0% during the first quarter. Moors & Cabot Inc. now owns 104,285 shares of the company's stock worth $1,779,000 after purchasing an additional 1,000 shares during the period. Institutional investors and hedge funds own 19.24% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on TEN shares. Wall Street Zen downgraded Tsakos Energy Navigation from a "hold" rating to a "sell" rating in a report on Thursday, May 15th. Jefferies Financial Group lifted their target price on Tsakos Energy Navigation from $18.00 to $21.00 and gave the stock a "hold" rating in a report on Tuesday, June 17th. Finally, Zacks Research downgraded Tsakos Energy Navigation from a "strong-buy" rating to a "hold" rating in a report on Monday. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have given a Hold rating to the company. According to MarketBeat, Tsakos Energy Navigation currently has an average rating of "Moderate Buy" and a consensus price target of $30.50.

Tsakos Energy Navigation Stock Performance

TEN stock traded up $0.30 during trading on Friday, hitting $22.08. 233,499 shares of the company traded hands, compared to its average volume of 311,003. The stock's 50-day simple moving average is $20.18 and its 200 day simple moving average is $18.11. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.11 and a quick ratio of 1.06. The company has a market cap of $665.27 million, a PE ratio of 4.92 and a beta of -0.09. Tsakos Energy Navigation Ltd has a 1 year low of $13.40 and a 1 year high of $26.90.

Tsakos Energy Navigation (NYSE:TEN - Get Free Report) last announced its quarterly earnings results on Tuesday, June 17th. The company reported $0.92 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.63. The company had revenue of $153.51 million during the quarter, compared to analysts' expectations of $154.01 million. Tsakos Energy Navigation had a return on equity of 14.17% and a net margin of 20.00%.During the same period last year, the business earned $1.05 earnings per share. On average, equities analysts expect 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 declared a semi-annual dividend, which was paid on Friday, July 18th. Investors of record on Monday, July 14th were given a dividend of $0.60 per share. This represents a yield of 570.0%. The ex-dividend date was Monday, July 14th. Tsakos Energy Navigation's dividend payout ratio (DPR) is currently 26.73%.

Tsakos Energy Navigation Company 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.