Tsakos Energy Navigation Ltd (NYSE:TEN) Stock Short Interest Report for October

Key Points

• Short interest nearly doubled: Shares sold short rose 98.5% to 578,195 as of October 15, representing 1.9% of the float and a days-to-cover ratio of 1.2.
• Analyst sentiment is moderately bullish: Two analysts rate Tsakos Energy Navigation a Buy and one rates it Hold, producing an average “Moderate Buy” rating and a $29.50 target price.
• Recent financial results exceeded expectations: The company reported quarterly earnings of $3.14 per share versus the $2.93 consensus estimate, while revenue of $246.28 million also topped forecasts.

Tsakos Energy Navigation Ltd (NYSE:TEN - Get Free Report) was the recipient of a large increase in short interest in October. As of October 15th, there was short interest totaling 578,195 shares, an increase of 98.5% from the September 30th total of 291,215 shares. Based on an average daily volume of 488,645 shares, the days-to-cover ratio is presently 1.2 days. Currently, 1.9% of the company's stock are short sold.

Analyst Upgrades and Downgrades

TEN has been the subject of a number of recent analyst reports. Weiss Ratings raised Tsakos Energy Navigation from a "hold (c)" rating to a "buy (b-)" rating in a research report on Monday, October 26th. Wall Street Zen upgraded shares of Tsakos Energy Navigation from a "buy" rating to a "strong-buy" rating in a research note on Saturday, September 19th. Two research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Tsakos Energy Navigation has an average rating of "Moderate Buy" and an average target price of $29.50.

Insiders Place Their Bets

In other news, Director Clio Hatzimichalis sold 5,000 shares of the stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $41.07, for a total transaction of $205,350.00. Following the sale, the director owned 5,000 shares in the company, valued at $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 is available through the SEC website. Also, CFO Theoharrys Kosmatos sold 10,000 shares of the stock in a transaction on Friday, September 18th. The shares were sold at an average price of $53.00, for a total value of $530,000.00. Following the sale, the chief financial officer owned 14,700 shares in the company, valued at approximately $779,100. This represents a 40.49% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 20,000 shares of company stock valued at $1,001,350. 1.41% of the stock is currently owned by corporate insiders.

Institutional Trading of Tsakos Energy Navigation

A number of hedge funds have recently bought and sold shares of TEN. EverSource Wealth Advisors LLC lifted its stake in shares of Tsakos Energy Navigation by 56.6% in the 1st quarter. EverSource Wealth Advisors LLC now owns 2,055 shares of the company's stock worth $81,000 after purchasing an additional 743 shares during the period. Royal Bank of Canada boosted its holdings in shares of 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. Ascent Group LLC purchased a new position in shares of Tsakos Energy Navigation in the third quarter worth approximately $249,000. R Squared Ltd bought a new stake in Tsakos Energy Navigation during the first quarter valued at approximately $231,000. Finally, Entropy Technologies LP bought a new stake in Tsakos Energy Navigation during the first quarter valued at approximately $240,000. Hedge funds and other institutional investors own 19.24% of the company's stock.

Tsakos Energy Navigation Trading Down 1.2%

NYSE:TEN opened at $53.88 on Friday. The company has a current ratio of 1.40, a quick ratio of 1.35 and a debt-to-equity ratio of 0.91. Tsakos Energy Navigation has a 12 month low of $21.65 and a 12 month high of $56.73. The company has a market cap of $1.62 billion, a PE ratio of 5.46 and a beta of -0.10. The company has a 50 day simple moving average of $48.70 and a two-hundred day simple moving average of $39.69.

Tsakos Energy Navigation (NYSE:TEN - Get Free Report) last announced its earnings results 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. The business had revenue of $246.28 million during the quarter, compared to analyst estimates of $238.87 million. Tsakos Energy Navigation had a net margin of 33.81% and a return on equity of 29.44%.

About Tsakos Energy Navigation

Tsakos Energy Navigation Ltd. NYSE: TEN is an international energy transportation company engaged primarily in the ownership and operation of oceangoing tankers. Its fleet has transported crude oil, refined petroleum products, and other energy-related cargoes for major oil companies, commodity traders, and other commercial customers.

The company has operated a diversified fleet that has included crude oil tankers, product tankers, shuttle tankers, and liquefied natural gas carriers. Through its vessels and shipping services, Tsakos Energy Navigation serves global energy markets and supports the movement of petroleum and related products between major production, refining, storage, and consumption centers.

Founded in 1993, the company is part of the Tsakos maritime group, which has roots in Greece and a broader international shipping presence.

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