Tsakos Energy Navigation (NYSE:TEN) Shares Climb 3.8% - Here's What Happened

Key Points

• Tsakos Energy Navigation shares rose 3.8% to $51.69 in mid-day trading, despite trading volume falling 87% below its average.
• Analyst sentiment remained cautious overall: the stock carries an average “Hold” rating and a $29.50 average price target, although Wall Street Zen upgraded it to “strong buy.”
• The company beat quarterly expectations, reporting $3.14 in EPS and $246.28 million in revenue; meanwhile, two insiders sold shares, reducing their holdings substantially.

Tsakos Energy Navigation Ltd (NYSE:TEN - Get Free Report)'s stock price was up 3.8% during mid-day trading on Thursday. The company traded as high as $52.23 and last traded at $51.69. Approximately 48,131 shares changed hands during trading, a decline of 87% from the average session volume of 378,902 shares. The stock had previously closed at $49.79.

Analyst Upgrades and Downgrades

A number of research analysts have commented on TEN shares. Wall Street Zen raised shares of Tsakos Energy Navigation from a "buy" rating to a "strong-buy" rating in a research report on Saturday, September 19th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Tsakos Energy Navigation in a research report on Friday, October 2nd. One equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $29.50.

Tsakos Energy Navigation Price Performance

The stock's 50 day simple moving average is $44.41 and its 200-day simple moving average is $41.14. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.40 and a quick ratio of 1.35. The company has a market capitalization of $1.56 billion, a PE ratio of 5.23 and a beta of -0.10.

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, topping the consensus estimate 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 firm had revenue of $246.28 million for the quarter, compared to the consensus estimate of $238.87 million.

Insiders Place Their Bets

In related news, CFO Theoharrys Kosmatos sold 10,000 shares of Tsakos Energy Navigation stock in a transaction on Friday, September 18th. The stock was sold at an average price of $53.00, for a total value of $530,000.00. Following the completion of the transaction, the chief financial officer directly owned 14,700 shares in the company, valued at approximately $779,100. This trade represents a 40.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Clio Hatzimichalis sold 5,000 shares of the business's stock in a transaction on Thursday, August 13th. The stock was 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 of the company's stock, 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. Company insiders own 1.41% of the company's stock.

Institutional Trading of Tsakos Energy Navigation

A number of large investors have recently made changes to their positions in TEN. EverSource Wealth Advisors LLC lifted its stake in Tsakos Energy Navigation by 56.6% in the first quarter. EverSource Wealth Advisors LLC now owns 2,055 shares of the company's stock worth $81,000 after acquiring an additional 743 shares during the last quarter. Royal Bank of Canada lifted its position in shares of Tsakos Energy Navigation by 638.2% during the 1st quarter. Royal Bank of Canada now owns 2,997 shares of the company's stock worth $118,000 after purchasing an additional 2,591 shares during the last quarter. R Squared Ltd purchased a new stake in shares of Tsakos Energy Navigation during the 1st quarter worth $231,000. Drucker Wealth 3.0 LLC acquired a new position in shares of Tsakos Energy Navigation during the first quarter worth $235,000. Finally, Entropy Technologies LP purchased a new position in Tsakos Energy Navigation in the first quarter valued at $240,000. 19.24% of the stock is currently owned by hedge funds and other institutional investors.

Tsakos Energy Navigation Company Profile

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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