Tsakos Energy Navigation Ltd (NYSE:TEN) Short Interest Down 37.7% in August

Key Points

• Short interest fell 37.7% to 204,453 shares as of August 14, representing 0.7% of outstanding shares and a days-to-cover ratio of 1.0.
• Analysts maintain a consensus “Hold” rating, with one Buy and two Hold ratings and an average price target of $29.50. TEN opened at $42.52 and has traded between $20.50 and $45.85 over the past year.
• Institutional ownership stands at 19.24%, with several major funds increasing their positions, while director Clio Hatzimichalis sold 5,000 shares at an average price of $41.07.

Tsakos Energy Navigation Ltd (NYSE:TEN - Get Free Report) saw a large decrease in short interest in the month of August. As of August 14th, there was short interest totaling 204,453 shares, a decrease of 37.7% from the July 30th total of 328,207 shares. Currently, 0.7% of the company's shares are short sold. Based on an average trading volume of 209,472 shares, the days-to-cover ratio is presently 1.0 days.

Analyst Ratings Changes

Separately, Weiss Ratings restated 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 company. According to MarketBeat.com, the company has an average rating of "Hold" and an average target price of $29.50.

Tsakos Energy Navigation Stock Performance

NYSE TEN opened at $42.52 on Monday. The firm has a market cap of $1.28 billion, a price-to-earnings ratio of 6.93 and a beta of -0.28. The company has a quick ratio of 0.92, a current ratio of 0.95 and a debt-to-equity ratio of 0.87. Tsakos Energy Navigation has a twelve month low of $20.50 and a twelve month high of $45.85. The business has a 50-day moving average price of $39.46 and a 200-day moving average price of $38.33.

Tsakos Energy Navigation Announces Dividend

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

Insider Activity

In other Tsakos Energy Navigation news, Director Clio Hatzimichalis sold 5,000 shares of the business's 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 transaction, the director owned 5,000 shares in the company, valued at approximately $205,350. The trade was a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 1.41% of the company's stock.

Hedge Funds Weigh In On Tsakos Energy Navigation

A number of large investors have recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Tsakos Energy Navigation by 602.2% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 829,437 shares of the company's stock worth $15,917,000 after buying an additional 711,313 shares during the period. Cooper Creek Partners Management LLC acquired a new stake in shares of Tsakos Energy Navigation during the 1st quarter valued at about $15,688,000. Walleye Capital LLC increased its position in shares of Tsakos Energy Navigation by 654.1% in the first quarter. Walleye Capital LLC now owns 286,314 shares of the company's stock valued at $11,298,000 after buying an additional 248,345 shares in the last quarter. Millennium Management LLC increased its holdings in Tsakos Energy Navigation by 347.1% in the 3rd quarter. Millennium Management LLC now owns 287,149 shares of the company's stock worth $6,380,000 after acquiring an additional 222,931 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its stake in shares of Tsakos Energy Navigation by 22.8% during the first quarter. Arrowstreet Capital Limited Partnership now owns 813,845 shares of the company's stock worth $32,114,000 after purchasing an additional 151,195 shares in the last quarter. 19.24% of the stock is currently owned by institutional investors.

About Tsakos Energy Navigation

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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