Tsakos Energy Navigation (NYSE:TEN) Shares Gap Up - Here's Why

Key Points

• Tsakos Energy Navigation shares gapped higher, opening at $55.98 versus a prior close of $53.48 and later trading near $54.98.
• Analyst sentiment remains mixed: one analyst rates the stock Buy and two rate it Hold, resulting in a consensus Hold rating and a $29.50 price target, despite Wall Street Zen upgrading it to Strong Buy.
• The company reported quarterly EPS of $3.14, beating estimates by $0.21, while revenue of $246.28 million also exceeded expectations; however, insiders sold 20,000 shares worth about $1.0 million during the quarter.

Tsakos Energy Navigation Ltd (NYSE:TEN - Get Free Report) gapped up before the market opened on Monday. The stock had previously closed at $53.48, but opened at $55.98. Tsakos Energy Navigation shares last traded at $54.9810, with a volume of 37,724 shares.

Analysts Set New Price Targets

A number of equities research analysts have commented on the stock. 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 reissued a "hold (c)" rating on shares of Tsakos Energy Navigation in a report on Friday, October 2nd. One analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat, Tsakos Energy Navigation presently has an average rating of "Hold" and a consensus price target of $29.50.

Tsakos Energy Navigation Stock Performance

The firm has a 50 day moving average of $47.54 and a two-hundred day moving average of $42.29. 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 stock has a market cap of $1.66 billion, a PE ratio of 5.59 and a beta of -0.10.

Tsakos Energy Navigation (NYSE:TEN - Get Free Report) last announced its quarterly earnings results on Thursday, September 10th. The company reported $3.14 EPS for the quarter, beating 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 company had revenue of $246.28 million for the quarter, compared to analyst estimates of $238.87 million.

Insider Activity

In related 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 value of $530,000.00. Following the completion of the sale, the chief financial officer directly owned 14,700 shares of the company's stock, valued at $779,100. The trade was a 40.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Clio Hatzimichalis sold 5,000 shares of the company's stock in a transaction 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 completion of the transaction, the director owned 5,000 shares of the company's stock, valued at $205,350. This represents a 50.00% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 20,000 shares of company stock worth $1,001,350. Corporate insiders own 1.00% of the company's stock.

Hedge Funds Weigh In On Tsakos Energy Navigation

Several hedge funds have recently made changes to their positions in TEN. Counterpoint Mutual Funds LLC acquired a new stake in shares of Tsakos Energy Navigation in the third quarter valued at approximately $785,000. Envestnet Asset Management Inc. acquired a new position in shares of Tsakos Energy Navigation in the 2nd quarter valued at $346,000. State Street Corp increased its holdings in shares of Tsakos Energy Navigation by 2.4% in the 2nd quarter. State Street Corp now owns 65,687 shares of the company's stock valued at $2,323,000 after acquiring an additional 1,522 shares during the period. Squarepoint Ops LLC purchased a new stake in Tsakos Energy Navigation in the 2nd quarter valued at $669,000. Finally, Navellier & Associates Inc. raised its position in Tsakos Energy Navigation by 297.0% in the 2nd quarter. Navellier & Associates Inc. now owns 96,633 shares of the company's stock valued at $3,418,000 after purchasing an additional 72,293 shares during the last quarter. Hedge funds and other institutional investors own 19.24% of the company's stock.

Tsakos Energy Navigation Company Profile

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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