Tsakos Energy Navigation Ltd $TEN Stock: Foundation Resource Management Inc. Trims Stake

Key Points

• Foundation Resource Management cut its Tsakos Energy Navigation stake by 6.1% in the third quarter, selling 20,429 shares and retaining 316,012 shares valued at approximately $14.9 million. Institutional investors collectively own 19.24% of the company.
• Company insiders sold 20,000 shares worth roughly $1.0 million over the past 90 days, including sales by the CFO and a director. Insiders own 1.41% of Tsakos Energy Navigation.
• TEN reported quarterly earnings of $3.14 per share, exceeding the $2.93 analyst estimate, while revenue of $246.28 million also topped expectations. Despite the stock trading near $50, analysts maintain a consensus “Hold” rating with an average target price of $29.50.

Foundation Resource Management Inc. lessened its stake in Tsakos Energy Navigation Ltd (NYSE:TEN - Free Report) by 6.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 316,012 shares of the company's stock after selling 20,429 shares during the quarter. Tsakos Energy Navigation accounts for approximately 1.2% of Foundation Resource Management Inc.'s holdings, making the stock its 25th biggest position. Foundation Resource Management Inc. owned approximately 1.05% of Tsakos Energy Navigation worth $14,932,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. EverSource Wealth Advisors LLC grew its position in Tsakos Energy Navigation by 56.6% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,055 shares of the company's stock valued at $81,000 after purchasing an additional 743 shares during the last quarter. State Street Corp raised its holdings in Tsakos Energy Navigation by 2.4% in the second quarter. State Street Corp now owns 65,687 shares of the company's stock worth $2,323,000 after buying an additional 1,522 shares during the last quarter. Royal Bank of Canada raised its holdings in Tsakos Energy Navigation by 638.2% in the first quarter. Royal Bank of Canada now owns 2,997 shares of the company's stock worth $118,000 after buying an additional 2,591 shares during the last quarter. R Squared Ltd purchased a new position in Tsakos Energy Navigation in the first quarter worth about $231,000. Finally, Drucker Wealth 3.0 LLC bought a new position in shares of Tsakos Energy Navigation in the first quarter worth approximately $235,000. Institutional investors own 19.24% of the company's stock.

Insider Buying and Selling at Tsakos Energy Navigation

In other Tsakos Energy Navigation news, CFO Theoharrys Kosmatos sold 10,000 shares of the business's stock in a transaction on Friday, September 18th. The shares were sold at an average price of $53.00, for a total transaction of $530,000.00. Following the completion of the sale, the chief financial officer directly owned 14,700 shares in the company, valued at approximately $779,100. The trade was a 40.49% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Clio Hatzimichalis sold 5,000 shares of the stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $41.07, for a total value of $205,350.00. Following the transaction, the director directly owned 5,000 shares in the company, valued at $205,350. The trade was a 50.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 20,000 shares of company stock worth $1,001,350. Insiders own 1.41% of the company's stock.

Tsakos Energy Navigation Stock Performance

Shares of TEN traded down $1.08 during mid-day trading on Monday, hitting $50.09. 427,341 shares of the company traded hands, compared to its average volume of 386,539. 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 50-day moving average price of $46.34 and a two-hundred day moving average price of $41.87. Tsakos Energy Navigation Ltd has a 1 year low of $21.65 and a 1 year high of $56.73. The stock has a market cap of $1.51 billion, a price-to-earnings ratio of 5.08 and a beta of -0.10.

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

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on TEN. Wall Street Zen upgraded shares of Tsakos Energy Navigation from a "buy" rating to a "strong-buy" rating in a report on Saturday, September 19th. Weiss Ratings reissued a "hold (c)" rating on shares of Tsakos Energy Navigation in a research report on Friday, October 2nd. One 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 currently has a consensus rating of "Hold" and an average target price of $29.50.

About Tsakos Energy Navigation

Tsakos Energy Navigation Ltd. is an international marine transportation company focused primarily on the ownership and operation of crude oil and refined petroleum product tankers. Its fleet has historically included a range of vessels serving the global energy industry, including Aframax, Suezmax and other tanker classes, as well as specialized vessels such as shuttle tankers.

The company transports crude oil, petroleum products and other energy-related cargoes for major oil companies, refiners, trading firms and government-affiliated organizations.

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